- Mount Ridley Mines (MRD) halts drilling at its Weld Range West Iron Project in the mid-west of Western Australia following initial assay results
- The 37-hole reverse circulation drilling program was testing for haematite zones in banded iron formation that could be classed as direct shipping ore
- First results from target one and two have identified poorly developed haematite with high levels of silica
- MRD will compare geophysical results will drill results before drilling target three
- Shares have plummeted 60 per cent at market open to now trade at at 0.2 cents at 9:50am AEST
Mount Ridley Mines (MRD) has halted drilling at its Weld Range West Iron Project in the mid-west of Western Australia following initial assay results.
The company kicked off the 37-hole reverse circulation drilling program in April 2021, testing for haematite zones in banded iron formation that could be classed as direct shipping ore (DSO).
Initial geological information from samples collected in May encouraged the company to extend its drilling budget and continue with a second drilling program to test the central Lulworth formation.
However, Chairman Peter Christie said the first assays from the southern Wilgie Mia and central Lulworth targets, haven’t delivered the DSO grades the company was hoping for.
In particular, the company said where haematite mineralisation was intersected, it was identified as poorly developed with high levels of silica. Top assays ranged between 40 and 52 per cent iron.
Drilling has stopped and the company is comparing the drill results to recently acquired gravity and ground magnetic surveys.
Consequently, target three hasn’t been drilled pending the results of the comparison work.
No further drilling for DSO at target one or two is planned, however the company said future work may include beneficiation testing for a near-surface channel iron deposit, and evaluation of a gold anomaly indicated from this drilling program.
Looking forward, despite the lacklustre results, Mr Christie said “the project is in its infancy and the plan remains to systematically drill each of the targets developed for the first pass programme.”
“We are also encouraged by the confirmation of CID deposits on the flanks of the range which is the first time this type of secondary iron deposit has been confirmed at Weld Range”.
Shares have plummeted 60 per cent at market open to now trade at at 0.2 cents at 9:50am AEST.