Business
Kolari Drilling Update
Kolari Drilling Update.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n Tertiary Minerals PLC\n18 October 2007\n\n\n\n Tertiary Minerals plc\n ('Tertiary Minerals' or 'the Company')\n www.tertiaryminerals.com\n\n DRILLING STARTS AT 200MT MAGNETITE ORE TARGET\n IN CENTRE OF FINLAND'S KOLARI IRON ORE DISTRICT\n\n • Shallow Ore Potential Being Tested In Strongest Magnetic Anomaly Within\n Area\n\n • Drilling In 1980's Returned Significant Intersections Of Iron\n Mineralisation\n___________________________________________________________________\n\nTertiary Minerals ('Tertiary' or 'the Company') announces that drilling work\nstarted today on its Kolari iron ore target in Kolari in the heart of Finland's\nmain iron ore district. Finnish mining company Rautaruukki Oy previously drilled\nthe target, the strongest known magnetic anomaly in the iron district, during\nthe late 1980's.\n\nBased on Rautaruukki's drilling results and the size of the magnetic anomaly the\nGeological Survey of Finland (GTK) referred to a 200mt potential target\nresource1 within a 2km by 300m-500m broad area of Tertiary's claims. Significant\nintersections included 311m of 14% iron from a depth of 36m including 5m of 62%\niron, 16m of 54% iron from a depth of 203m, 116m of 26% iron from a depth of\n239m including 45m of 40% iron, 17m of 56% iron from a depth of 278m, and 31m of\n56% iron from a depth of 273m.\n\nTertiary's drilling programme is initially targeting the core of the Kolari\nmagnetic anomaly which has now been defined by a detailed ground magnetic\nsurvey. Three holes will test the magnetic anomaly over a strike length of 400m.\n\nThe Kolari project forms part of Tertiary's portfolio of IOCG (iron\noxide-copper-gold) targets. Other IOCG targets in this portfolio include VTM?\nhTM?joki, Finland (recently joint ventured with Inmet Mining) and Ahmavuoma in\nNorth Sweden.\n\nCanada's Northland Resources (capitalised at over £210m and listed on the TS-V &\nNAU exchanges) controls most of the Kolari-Pajala iron province - one of\nEurope's largest - and last month announced a total measured and indicated\nresource estimate of 84.6 million tonnes at Hannukainen, 10kms north from\nTertiary's property, and where it is working to develop a new mine. The average\ngrade of Northland's resource is 34.6% iron, 0.20% copper, and 0.093 g/t gold\nusing a cut-off of 15% iron. A further 82 million tonne inferred resource has\n...