Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Strike Resources' associate intercepts 112.5m at 49.3% iron in Peru  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 30/01/2013

No. of Ratings : 0
Add to Mixx!


(MENAFN - ProactiveInvestors - Australia) Strike Resources' (ASX: SRK) associate Cuervo Resources (CNSX: FE) continues to unveil thick intersections of magnetite mineralisation in drilling at the Bob 1 target zone within the Cerro Ccopane iron ore project in Peru.

Significant intercepts from the final two holes were 112.5 metres at an average grade of 49.3% iron and 35.4 metres at an average grade of 52.4% iron.

An initial resource estimate is expected to be completed in late February 2013.

Massive magnetite mineralisation has now been intersected over at least 1,200 metres of strike, and remains open in all directions.

The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometres, with extensive outcrops of massive magnetite present along the bulk of the length of the target " the largest yet identified on the Cerro Ccopane property.

Rock chip samples from these outcrops averaged over 63% iron and the prospect is geologically similar to the Orcopura, Huillque and Aurora areas where previous drilling has outlined iron ore resources totalling 179 million tonnes at an average grade of 48.2% iron.

Cuervo has completed the current program of 181 drill holes for about 4,500 metres of drilling as an initial test of Bob 1.

The drill holes were directed to test the surface exposures of magnetite mineralisation and the gravity and magnetic targets from surface to a depth of around 200 metres, although selected holes were drilled to more than 400 metres.

The results to date are considered encouraging due to the continuity of the iron ore along and across strike as well as at depth.

Strike advanced Cuervo C5.25 million to fund the drilling campaign and, in return, was granted warrants that can be converted into around 31.5% of Cuervo's shares, on an undiluted basis.

The Cerro Ccopane project lies within 20 kilometres of Strike's Santo Tomas (Cusco) iron ore project.


  MENA News Headlines

Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help