When considering investing in IRM remember it is very much a junior iron ore play that is currently sampling tennements to define drill targets, so it will be a couple of months before drilling begins. But saying that often the better investments are when you get in at the ground floor.
Remember DYOR!!
Very well funded with the IPO raising $8million for exploration of some possibly huge iron ore tennements.
Very much under the radar listed just before the focus shifted to iron ore.
Excellent website, with a video presentation outlining the companies vast array of projects.
Capital Structure.
Shares 67,200,003
Options 40,725,000
Undiluted Market Cap $12,768,000
Some of the reasons to hold IRM
-Very well funded $8 million cash
-Not that many shares on issue
-grassroots explorer yet to be discovered by the broader market
-Already sampling projects, with drilling to follow
-All projects close to major infrastructure
-Major projects near tennements owned by companies such as RIO,MGX,PMM,FWL,JMS,CFE
-Already had success in current round of sampling (see announcements below)
-Massive targets Miaree Project has the potential for a Magnetite Deposit of 1.5-2 billion tonnes.
Miaree Project
HAEMATITE ENRICHMENTS IDENTIFIED ON MIAREE
MAGNETITE TREND, KARRATHA REGION, WESTERN
AUSTRALIA.
IRON MOUNTAIN TO PROCEED WITH JOINT VENTURE
• High-grade results including assays up to 61.6% Fe from surface rock chip sampling on the Miaree Magnetite Trend.
• Several zones of haematite enrichment.
• Iron Mountain Mining Limited to proceed with JV covering the Miaree Magnetite Trend.
Iron Mountain Mining Limited (ASX: IRM – “Iron Mountain”) is pleased to announce preliminary surface rock chip sampling, carried out during late May in the Miaree Project area on haematitic iron enrichments within the Cleaverville Formation.
The sampling was carried out by Red River Resources Limited (ASX: RVR.-.Red River Resources) prior to the announcement of the Heads of Agreement between Red River Resources and Iron Mountain Mining covering work on the Miaree Magnetite
Trend near Karratha.The enrichments are located adjacent to the North West Coastal Highway and carry values of up to 61.6% Fe. To the North East the Cleaverville Formation hosts the Cape Lambert Magnetite resource while the Balmoral magnetite project lies a short distance to the south west.
IRON ORE EXPLORATION JOINT VENTURE WITH IRON MOUNTAIN MINING LIMITED
• Agreement for Iron Mountain Mining Limited to earn up to 70% of iron ore rights at two Red River project areas in Western Australia.
• Exploration targets include large-scale magnetite deposits at Miaree, near the Cape Lambert magnetite deposit, and hematite at Wongan Hills.
• Joint Venture consistent with Red River’s focus on its Feral Hematite Prospect in the Mid West region of WA.
Red River Resources Limited (ASX: RVR – “Red River Resources”) is pleased to announce that it has reached agreement with Iron Mountain Mining Limited (“Iron Mountain”) to farm into the iron ore exploration rights at two of Red River’s Western Australian projects.
Under a Heads of Agreement between the companies, Iron Mountain can carry out exploration for iron ore at Red River Resources’ tenements in the following regions of Western Australia:
• the Miaree Magnetite Trend in the Karratha area, Pilbara region; and
• the Wongan Hills Project, located 130 kilometres north-east of Perth in the Mid West region.
Under the terms of the HOA, Iron Mountain can earn up to 70% of the iron ore rights over these tenements for a total expenditure of $4.75 million.
Subject to completion of due diligence and execution of an exclusive option to enter into the Joint Venture, the agreement would enable iron ore exploration within these areas to be significantly accelerated. The Joint Venture is consistent with Red River’s focus on its Feral Hematite Prospect in the Mid West region, where it is preparing to commence drilling later this year.
MIAREE
The Miaree Magnetite Trend lies within the Kaninda East (EL47/1309) and Kaninda West (EL/08/1350) Exploration Licences (see Figure 1). The tenements comprise approximately 30 kilometres strike length of Cleaverville Formation, a magnetite-rich geological unit which also hosts the Cape Lambert magnetite deposit, located approximately 60 kilometres to the east. Significantly, the aeromagnetic field strength at Miaree is similar to that at Cape Lambert.
Published magnetite grades at Cape Lambert are in the range of 40-45% and, based on the geophysical similarity, potential magnetite grades over the Miaree Magnetite Trend are inferred to be at similar levels. An aeromagnetic map of the eastern part of the Miaree Magnetite Trend is displayed in Figure 2.
Modelling of the aeromagnetic data suggests that the Miaree Magnetite Trend hosts mineralised widths of up to 200 metres (see Figure 3). Conceptually, the exploration target for the Miaree Magnetite Trend is 1.5-2 billion tonnes of magnetite-bearing rock grading on average 40-45% magnetite, based on the following parameters:
Strike length
30,000 metres
Average width
100 metres
Mineable depth
200 metres
Bulk density
3
Magnetite grade
40-45%
BLYTHE RIVER PROJECT
The company’s main project, the Blythe River Project, is located near Natone approximately 10km from the deep water port of Burnie in Tasmania. Previous exploration for iron and copper on the Company’s tenements has identified potentially economic
magnetite and haematite mineralisation. The company has entered into a joint venture with Red River Resources Limited, an ASX listed company, to explore this project.
MT RICHARDSON PROJECT
This tenement is located close to Jupiter Mines Ltd’s Mt Mason and Mt Ida projects. The tenement contains known mineralisation for iron and copper. The project area encompasses several ironrich
banded iron formations offering a large prospective target area. Samples of high-grade haematite up to 67% Fe have been recovered. The geological setting also suggests that the tenement is prospective for gold. Systematic testing of structural
targets is planned.
BONA WELL PROJECT
The project is located approximately midway between Mt Gibson Iron Ltd’s Wolla Wolla project and Ferrowest Ltd’s Yogi project. Geological mapping and aeromagnetic imagery of the project area show prospective banded iron formations of up to 7km of
strike. Thrust faulting which has resulted in multiple, sub parallel banded iron formations is a further indication of prospectivity for iron mineralisation. The project is an early stage exploration opportunity to explore for iron ore in an easily accessible and
favourably located area.
WINDARLING EAST PROJECT
Exploration of this tenement, once granted, will focus on the banded iron formations in the Jackson Greenstone belt which elsewhere hosts economic iron deposits. Geological mapping of the project area and aeromagnetic data indicate the possibility of multiple banded iron formations within the tenement covering
up to 5km of strike. The project is located approximately 20km to the east of the haul road linking Portman Mining Ltd’s Windarling resource to its Koolyanobbing plant site.
KUNANALLING PROJECT
Aeromagnetics and Landsat imagery of the project area indicate the possibility of up to a 20km of strike of banded iron formations.
This project is an early stage exploration opportunity to explore for iron ore.
WYLOO PROJECT
This tenement partly covers the Boolgeeda Iron Formation, the uppermost unit of the Hamersley Group and is surrounded by a number of major iron ore projects in the Pilbara region of Western Australia.
Would be interested to hear peoples thoughts!!
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