PLG – Pearl Gull Iron

Pearl Gull Iron’s main undertaking is the exploration for, and future potential production of, iron ore from its 100% held and operated mining lease M04/235 (Mining Lease) which covers a significant portion of Cockatoo Island in Western Australia. Pearl Gull has developed a geological model which has led to the submission of two programs of works with the Department of Mines, Industry Regulation and Safety to explore for high-grade iron ore.

As part of its work, the Company is investigating the potential for:

• high-grade iron ore mineralisation in commercial quantities;
• economic development of lower grade iron ore mineralisation (beneficiation); and
• quartzite building and ballast material to be quarried from the Mining Lease for use in offshore pipelines and infrastructure.

Cockatoo Island has a long history of hosting a high-grade iron ore deposit which was mined intermittently over many years on a separate tenement which adjoins the Mining Lease and which is subject to separate ownership. Whilst historically producing some of the highest grade direct ship iron ore in the world, this adjoining operation has had a number of historical operational issues and its recent past history does not reflect the potential which remains on the Island.

The Company is currently drilling on the Mining Lease and initial results are expected in the second half of calendar year 2021, subject to laboratory assay turnaround times. Overall the drilling program calls for up to 4,000 meters of diamond drilling which will test targets at each of the Magazine Pit, the Switch Pit and the North Bay prospects on the Mining Lease. The initial part of the program is being funded from the Company’s existing cash resources.

It is anticipated that PLG will list on the ASX during September 2021.