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- Freehill Mining (FHS) has received “highly encouraging” results from its Yerbas Buenas magnetite project in Chile
- Assay results confirm the existence more significant, high-grade intersections of magnetite in the project area
- The assayed hole graded 33 per cent iron over 123 metres, this included intervals of one-metre grading up to 67 per cent iron
- All drilling samples from the recent program have now been dispatched from ALS Chile to ALS’ Iron Ore Technical Centre Laboratory in Perth for analysis
- Freehill has ended the day up a significant 37.5 per cent and shares trading for 2.2 cents each
Freehill Mining (FHS) has received “highly encouraging” results from its Yerbas Buenas magnetite project in Chile.
Yerbas Buenas is located in Region IV on the coast of Chile about 500 kilometres north of the capital Santiago.
Freehill claims the project has proven magnetic mineralisation and is prospective for both gold and copper mineralisation.
Assay results from one of the recent drill holes confirm the existence of more significant, high-grade magnetite in the project area.
This hole returned a significant intersection of 123 metres at 33 per cent iron from 37 metres including 45 metres at 42.9 per cent iron.
All drilling samples from Freehill’s recent diamond drilling program have now been dispatched from the ALS Chile laboratory to ALS’ Iron Ore Technical Centre Laboratory in Perth for iron and magnetics analysis.
Freehill said despite the uncertainty that comes with the COVID-19 pandemic, there will be no delays in the assay results being received and reported.
“These assays results continue to confirm Yerbas Buenas’ exceptional grade and thick intersections and further clear the lines of sight to a much larger resource,” CEO Peter Hinner said.
“The company has continued to report high-grade results and it is evident that we will be able to easily produce a very high-grade concentrate for supply to local industry,” he said.
“More assay results are pending and we have every confidence that we can report more of the same,” he concluded.
Freehill has ended the day up a significant 37.5 per cent with shares trading for 2.2 cents in a $22.23 million market cap.
