Padbury Mining JV completes diamond drilling programme in Australia
Padbury Mining, in partnership with its joint venture (JV) partner Aurium Resources, has announced the completion of its diamond core drilling programme at the Peak Hill Iron Project in Western Australia.
The drilling programme, which started in November 2011, will support the project's pre-feasibility work.
The 919m of diamond core collected has been geologically logged, photographed and rock quality designation measured on the oriented core.
Field-based density measurements to supplement laboratory measurements were recorded to accurately calculate estimated tonnage.
Padbury Mining JV will assay a fine slither of cores for correlation and validation of RC drilling results while the remainder of the core has been reserved for metallurgical test work.
The metallurgical test work is expected to evaluate crushing and milling parameters for magnetite processing plant design and economic considerations.
The completion of the core drilling programme and the reporting of resulting technical work will further substantiate the JORC compliant Inferred magnetite resource at Telecom Hill, which stands at 850Mt at 27.3% Fe.
A total of 4,000m has been drilled so far as part of the RC drilling programme.
Previously, Padbury Mining and Aurium Resources signed a binding scheme implementation agreement for the completion of merger negotiations.
Under the agreement, Padbury will acquire Aurium, combining its 70% equity stakes and Aurium's 30% in the Peak Hill Iron project.