(MENAFN- ProactiveInvestors - Australia) Dynasty Metals (ASX: DMA) has won the ballot for a highly prospective iron ore tenement just 15 kilometres southwest from Hancock Prospecting's Roy Hill Mine in Western Australia's Pilbara region.
E47/2200 is also located 50 kilometres east of Brockman Mining's (ASX: BCK) Marillana Deposit and is covered by recent alluvials.
It is considered prospective for Channel Iron and Detrital Iron mineralisation.
Dynasty had applied for two tenements in the Roy Hill region of the Eastern Pilbara in 2009 which were subject to competing applications from Giralia Resources (ASX: GIR).
The applications were submitted to a ballot to determine the tenement that will have priority to proceed to grant following normal Native Title negotiations and satisfaction of all other requirements.
While Dynasty secured the larger E47/2200, E47/2201 was awarded to Giralia.
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