Iron Glen’s Drilling Program has Commenced
TOWNSVILLE, Australia, Sept. 29 /PRNewswire/ — Iron Glen Holdings Limited is pleased to announce that the drilling program for their highly prospective and extremely well located tenement 40 kilometers south west of Townsville has commenced.
Based upon previous seismic surveys, soil sampling and analysis and fieldwork the company anticipated that this program would involve 6 drill holes drilled to a depth of approximately 100 meters. However, the recently completed Gravity Survey has lead to a significant increase in this program.
The Company’s consulting geologists, Terra Search Pty Ltd, submitted a progress report titled “Iron Glen Gravity Survey and Proposed Drillholes” dated 23rd September 2010.
The following is an extract of that report.
“A drill hole program of 11 holes (1190m) is proposed at Iron Glen. Nine (9) holes are planned along the strike of the magnetite/calc silicate skarn zone northwards from the Iron Glen quarry. These holes are targeting magnetite iron ore bodies and associated base metal sulphide mineralization. Two holes are planned in the area of pyritic rhyolite porphyry 500m west of the Iron Glen Quarry. The target here is intrusive related gold mineralization, with possible associated base metals.
Drilling will be undertaken utilizing All Terrain Drilling’s Reverse circulation Drill rig, depth capability is in the order of 150m.”
The primary exploration focus is on MAGNETITE a form of iron ore that is used to make steel. In a milled form it can be utilized to clean coal because of its very dense nature and then recovered via magnetic separators because of its unique magnetic properties and then reused. Other uses include use in the manufacture of heavy concrete, iron sulfate, toners and paints.
Associated with the magnetite are various levels of other metals including copper, lead, zinc, silver and gold.
In addition the tenement contains high grade limestone deposits suitable for cement manufacture.
The Iron Glen tenement is located approximately 13 kilometers west from rail facilities at Woodstock in Northern Queensland that in turn is some 40 kilometers south of the bulk shipping port of Townsville. Not only will this give Iron Glen a cost advantage over other mines when it is in production, it also means that the mine workforce will have the opportunity to live at home and commute to work.
In addition to this locational advantage, a transmission line cuts through the North Eastern section of the property.
These advantages will be realized in lower freight costs and capital investment requirements when the company moves into the production phase.
No other magnetite mine has these logistical advantages in Queensland.
All parties interested in the company are requested to visit the Australian Small Scale Offering Board’s web site at www.assob.com.au/igh.
For additional information about the company and or its activities we ask you to visit our web site www.ironglen.com or ring one of our Directors.
Forward Looking Statements
Except for historical information, there may be matters in this publication that are forward-looking statements. Such statements are only predictions and are subject to inherent risks and uncertainty. Actual events or results may differ as a result of risks facing the Company. Assurances cannot be made by the Company and the Company undertakes no obligation to update or revise statements.
SOURCE Iron Glen Holdings Limited