Strike Resources associate Cuervo Resources has intersected massive magnetite mineralization over at least 1,400 meter of strike at the Bob 1 target zone in the Cerro Ccopane iron ore project, Peru.
Strike said that the mineralization remains open in all directions and that an initial resource estimate is expected in late February 2013.
The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometer with extensive outcrops of massive magnetite present along the bulk of the length of the target. All drill holes completed to date have intersected zones of magnetite-rich rocks, with several intervals of massive magnetite interspersed with relatively narrow intervals of intermediate composition intrusive.
Strike has advanced Cuervo CAD 5.25 million for the current program and, in return, was granted warrants that can be converted into about 33% of Cuervo’s shares, on an undiluted basis.
Strike Resources' Apurimac and Cuzco Iron Ore projects in Peru are large scale iron ore projects, with Apurimac in the Pre feasibility Study stage.
Source:
http://www.steelguru.com/raw_material_news/Strike_Resources_up_magnetite_mineralization_in_Peru/297080.html
