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Roche Bay - Aeromagnetic Survey Results
Roche Bay - Aeromagnetic Survey Results.
About this update from Borealis Exploration Limited
[{"type":"text","content":"\r\nRCHBF -- Roche Bay Plc\r\nOrd\r\n\r\nCOMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:\r\nRoche Bay - Aeromagnetic Survey Results\r\n\r\nCANADA, Aug 01, 2006 (MARKET WIRE via COMTEX) --\r\n\r\nEurolife Building, Suite 3G\r\n1 Corral Road\r\nP.O. Box 515\r\nGibraltar\r\nwww.rochebay.gi\r\n New aeromagnetic survey suggests significant upside to\r\n Roche Bay's Eastern orebodies.\r\n\r\nGibraltar, 1 August 2006:\r\n\r\nCanadian iron ore junior, Roche Bay plc (US OTC: RCHBF, \"Roche Bay\" or \"the company\"), recently received the results of an aeromagnetic survey flown over the company's Adler, B and C orebodies, located on the Eastern side of the Melville Peninsula in the Nunavut territory. The results suggest Roche Bay's total Eastern mining leases could contain significantly more magnetite iron ore than previously estimated.\r\n\r\nThe aeromagnetic signature of Roche Bay's C orebody suggests a length of 5,100m and a width of well over 600m, above previous estimates of 4,270m in length and 122m in width. Based on previous geological modelling assumptions (not to JORC code standards), Roche Bay's Eastern orebodies had been estimated to contain 1.2bn tonnes. Extensive drilling now needs to be conducted to JORC code standards before any updated estimates can legally be released.\r\n\r\nApart from registering the surprising size of the C orebody, the magnetic signature in the area covered by this latest aeromagnetic survey also points to the potential for the Adler, B and C orebodies to be part of one single continuous ore system below surface. This is consistent with previous geological interpretations garnered from earlier drilling. Ore tonnages several times beyond any previous estimates therefore are conceivable.\r\n\r\nWhile the original C orebody estimate calculated a surface area of 52 hectares, the latest survey suggests the C orebody could be roughly 6 times larger, covering over 300 hectares. It is estimated that a single mine pit area can be delineated, containing enough ore to support a 40-year project, delivering 30 million tonnes/year of shippable product. Any mine would be further advantaged by a low strip ratio due to the significant outcropping across much of the orebody.\r\n\r\nChief Operating Officer, Danie Botes, says, \"Now our priority is to commence drilling to establish what it is we are actually sitting...