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From: Nigel
ArtDate: 13th September 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.108
Date: 20/09/06
Time: 08:21
13th September 2006
Cape Lambert - Drilling Report
News Item - Conduit PR
DRILLING AT CAPE LAMBERT IRON ORE PROJECT CONFIRMS RESOURCE OPEN AT DEPTH
20 holes completed for a total of 5,200 metres drilled Drilling has identified presence of substantial tonnage of high-grade magnetite ore at levels deeper than known JORC resource (currently 2.5 billion tonnes). Mineralisation is not closed off and is still found at depths below 400m Drilling campaign to be expedited by arrival of a second drill rig, with a further 10,000 metres to be drilled in the next three to four months Cape Lambert Iron Ore Ltd (ASX:CFE) (AIM:CLIO), the Iron ore exploration and development company, today announces that phase one of the drilling programme has confirmed the current resource at the 100% owned Cape Lambert Iron Ore Project in the Pilbara region of Western Australia (WA) appears open at depth.
To date 20 holes have been completed for a total of 5,200 metres drilled and over 600 magnetite-rich composite samples have been submitted for metallurgical testing with first results expected towards the end of September.
All the drilling as part of this program has been undertaken in the Central Target Area (CTA), a 5km long and approximately 1km wide boomerang-shaped zone within the Cape Lambert Project where metallurgical testing results on previous drilling were most encouraging.
The drilling within the CTA has outlined the presence of two major magnetite-rich horizons: an Upper and Lower Ore Unit with true thicknesses of mineralisation generally varying between 60 and 100 metres each. The two units are separated by a narrow up to 50m thick zone of un-mineralised material. Immediately below the Lower Unit, several thinner magnetite-rich horizons have been intersected, within a thick sequence of banded cherts. These basal units can reach thicknesses of up to 50 metres.
Within the Cape Lambert project area all mineralised units encountered during the drilling are found at surface. Outcropping can be traced continuously over a strike length in excess of 8km dipping at a shallow angle eastwards. This mineralisation has yet to be closed off as the deepest hole completed so far was still in mineralisation at a vertical depth of 402 metres.
Due to the relative shallow drilling undertaken by previous explorers, the existing resource calculation was restricted to maximum depths of 150 to 200m. The drilling to date has identified the presence of a substantial tonnage of additional high-grade magnetite ore at deeper levels. This mineralisation has not been closed off and is still found at depths below 400m.
As a result of the present high demand and limited facilities for this type of test work, the waiting times for final results are in excess of six weeks. The company is actively looking for other alternatives to decrease the current processing time.
The drilling campaign will shortly be expedited with the arrival of a second drilling rig. A further 10,000 metres drilling is planned for the next three to four months.
www.capelam.com.au
For more information please contact:
Cape Lambert Iron Ore Ltd Tony Sage +61 8 9380 9555 Ian Burston +61 0 413 998 784
Australian Enquiries: Professional Public Relations David Tasker +61 8 9388 0944
UK Enquiries: Collins Stewart Miikka Haromo +44 (0)20 7523 8000
Conduit PR Leesa Peters +44 (0)20 7429 6603 / +44 (0)7974 982 512
Edward Portman Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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