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| Fortescue Metals Group Results Of Explorations In Pilbara Western Australia (Final) |
| = Resource in Chichester Ranges estimated to be 1.604 million tons |
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(continuation) As part of iron ore resource estimate being advanced by Australian Fortescue Metals Group Ltd (FMG) in the eastern Pilbara, Western Australia, a total resource for Chichester Ranges tenement wholly owned by FMG has been estimated by the company to reach 1,604 million tons (Mt), comprising the revised 1,000 Mt from Christmas Creek together with 198 Mt from adjoining tenement sites of The Hammer and Mt Lewin and 391 Mt from FMG's first resource area modeled being Mt Nicholas. Further, the company is advancing explorations at its Cloud Break and White Knight areas. [Cloud Break & White Knight Areas] FMG also reports that it has continued to receive assay results from its exploration drilling at its Cloud Break tenement site which is some 60 km to the west of Christmas Creek. The intention is to release the first JORC resource estimate for this area early next month. Exploration drilling also continues at FMG's White Knight tenement which is a further 60 km west of Cloud Break. As stated in FMG's November release, these two new strike zones are located near the proposed rail route and both are situated closer to Port Hedland than Christmas Creek. [Marra Mamba containing microplaty hematite] The nature of the mineralization in all areas drilled by FMG along the Chichester Ranges is different to typical Marra Mamba bodies. Unlike most other Marra Mamba ore bodies, the FMG mineralization in the Chichester Range, often contains microplaty hematite that is believed to be a result of hypogene enrichment. This mineralization is in turn overprinted by a later supergene process. FMG believes the hypogene model increases the prospectivity of its Chichester Range holding and it is actively targeting the structures and geology that may host additional high grade microplaty hematite mineralization. [Total resource estimated to reach 1,604 Mt for Chichester Ranges] The total resource estimate for FMG's wholly owned Chichester Range tenement portfolio now stands at 1,604 Mt which includes the revised 1,000 Mt from Christmas Creek together with 198 Mt from adjoining tenement sites of The Hammer and Mt Lewin (collectively referred to as the Christmas Creek Area) and 391 Mt from FMG's first resource area modeled being Mt Nicholas. [High potentiality for FMG to develop to major iron ore producer] The importance of the aggregated resource base is that it enables FMG to draw on a resource feed to best suit a product blend target. In aggregate FMG has progressed a long way in the confirmation of its Chichester Range mineralization target of 2,000 Mt and that the resource delineation to date is from tenement areas that only represent some 5% by area, of its Pilbara Region tenement portfolio. According to FMG's Executive Chairman Mr. Andrew Forrest, "It is now clear that the development of FMG to a major iron ore producer is being encouraged and expedited by the size and quality of our iron ore resource base". |
| last modified : Fri 25 Mar, 2005 [10:37] |
