Coziron Resources is gearing up to start exploration at its exciting Ashburton magnetite iron project in the west Pilbara, WA, after receiving firm commitments for a $3 million placement.
The addition of this placement priced at 1 cent per share to the initial $685,000 in funding provided by Mark Creasy’s Yandal Investments last month, ensures that the company is fully funded for a 12,500-metre infill and extensional reverse circulation drilling program at Ashburton.
The drilling program is aimed at facilitating the development of a maiden JORC-compliant magnetite mineral resource estimate extending over about 1.5 kilometres of strike.
Coziron’s Ashburton magnetite project is located close to some of the world’s largest iron ore mines, including CITIC Pacific’s Sino Iron project, only 40 kilometres to the north.
Ashburton is also just 70km from CITIC’s export hub at the Cape Preston port and is within easy reach of major transportation corridors and gas pipelines, which could potentially be used to power a large magnetite processing facility if required.
Previous drilling has turned up incredibly consistent widths of magnetite mineralisation, including 156 metres grading 28% iron below the base of oxidation, while preliminary test work has shown mass recoveries of magnetic iron content up to 42%, with an uncomplicated processing route to deliver a premium 67% iron ore product.
Some proceeds from the placement will also be utilised for drilling at the Top Camp gold and base metal projects in the Pilbara.
Coziron has flagged that it will carry out up to 2,000m of reverse circulation drilling at Top Camp, where the soil geochemistry outlines a large gold anomaly and 500m of drilling at the Martin Prospect - A anomaly, where the down-dip projection of copper-gold bearing gossan is associated with a conductive electromagnetic anomaly.
By Matt Birney
