Iluka advises exploration results which form part of a new greenfields regional exploration programme conducted from late August to October 2008 on part of the company’s Eucla Basin tenements, in South Australia.
The recent greenfield’s drilling programme has intersected multiple, encouraging heavy mineral (“HM”) occurrences on Iluka’s 100 per cent exploration tenements EL3268 and EL3233 (refer to Attachment 1).
The Oolabinna area, as it has been named, is located approximately 65 kilometres north of Penong and 110 kilometres northwest of Ceduna. The area is approximately 90 kilometres east from the company’s Jacinth-Ambrosia deposits, which are currently under development.
Iluka commenced an exploration drilling line to test the HM potential in the region between the Ooldea and Barton ranges on tenements EL3268 and EL3233. The traverse is approximately 70km long and orientated roughly north-south. This regional line, named the “Oolabinna” traverse, intersected multiple, intervals of HM greater than 1 per cent. The most northern occurrence of HM along the traverse has been subject to infill drilling and is named the Mojave prospect (subject to a separate ASX release).
The HM intersections greater than 1 per cent range from 1.5 metres to 18 metres thick and HM grades generally less than 10 per cent. The depth of the HM ranges from 0 metres to 51 metres with all mineral in unconsolidated sands above the water table. With the exception of the Mojave prospect, assemblage data has not been analysed as yet for the greater part of the traverse.
Peter Benjamin, General Manager, Exploration and Technical Services said: “The Oolabinna exploration area represents a large region with limited previous exploration activity. The initial drilling has indicated the presence of widespread HM intersections, along the Oolabinna traverse, and is a highly encouraging outcome in Iluka’s efforts to extend its already significant high quality resource base in this area. Given the significance of the initial results, this area will be the principal focus for exploration in 2009. The exploration programme will test the wider regional HM potential.”
Please contact me if you require any further information.
Regards
Rob
Robert Porter | General Manager Investor Relations and Corporate Affairs
Iluka Resources Limited | Level 23, 140 St Georges Terrace | Perth WA 6000
Phone +61 8 9360 4751 | Mobile 0407 391 829 | Fax + 61 8 9360 4336
robert.porter@iluka.com