Minerals has discovered a new high grade iron ore prospect at its Curnamona direct shipping ore project in South Australia.
The company, which has a JV with Sinosteel on the project, identified the new prospect The Plumbago via reconnaissance surface sampling within EL4375 Bimbowrie.
The area also displays potential for DSO grade magnetite mineralization at surface or shallow depths.
The discovery is Pepininini's fourth high grade prospect in 3 weeks, with 3 other prospects identified through reconnaissance surface sampling within EL4239 Kalabity.
The Plumbago Prospect is recognized as a continuous iron rich outcrop approximately 150 meter in length and approximately 15 meter wide, with potential extensions on both directions. All 6 surface samples from the prospect returned high grades of greater than 67.5% iron with very low levels of contaminants.
Sinosteel PepinNini Curnamona Management manages exploration for the project on behalf of the Joint Venture partners Sinosteel Corporation, which has 60% and PepinNini Minerals with 40%.
Currently, SPCM are finalizing a drilling program designed to investigate accessible deposits where high grade iron mineralization is either outcropping or concealed beneath shallow surface cover. The drilling program is expected to commence early in 2013.
