Red River Resources Limited (ASX:RVR)
SIGNIFICANT MAGNETITE MINERALISATION INTERSECTED AT BLYTHE
PROJECT, TASMANIA
Red River Resources Limited (ASX:RVR) is pleased to advise that its 50:50 Joint Venture partner, Iron Mountain Mining Limited (ASX:IRM), has reported encouraging preliminary results from the recently commenced drilling program Blythe Project area, located 30km south of Burnie in northern Tasmania.
Iron Mountain has reported that geological logging of samples from the current Reverse Circulation (RC) drilling has indicated significant drill intersections of magnetite iron ore mineralisation.
The intersections are up to 40 metres long and include massive to semi-massive to heavily disseminated magnetite mineralisation. Most intersections start from within a few metres of the surface.
The Blythe Project is located near the Kara magnetite/tungsten mine. Iron Mountain commenced a program of Reverse Circulation at the Project in late May targeting up to six target areas for magnetite mineralisation.
The drilling program has comprised 27 drill holes to date for a total of 1,229 metres. No analytical results have been received as yet and further drilling is required before the geometry of the mineralised zones can be properly delineated. Calculation of JORC Code compliant mineralised resources will require receipt of analytical data as well as the results of further drilling.
The joint venture partners are very encouraged by these preliminary results, with the intersections of magnetite mineralization demonstrating a very close correlation with the magnetic highs indicated by aeromagnetic surveys and confirmed by ground magnetics.
The Blythe Project area contains numerous other magnetic highs which the joint venture plans to drill over the next few months. All of these highs are close to the Emu Bay railway line which traverses the project area and connects western Tasmania with the port at Burnie, 30 km to the north. The joint venture understands that there is a potential market niche for the transport of magnetite fines through Burnie Port.
J Karajas
Managing Director 27 June 2008
The information within this report as it relates to geology and mineral resources was compiled by the Managing Director Mr John Karajas. Mr Karajas is a Member of the Australian Institute of Geoscientists. Mr. Karajas has sufficient experience which is relevant to the style of mineralization and the type of deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code?. Mr Karajas consents to the inclusion in the report of the matters based on information in the form and context which it appears.
READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
PLEASE NOTE:
This e-mail and any attachments may contain confidential and/or privileged material and is for the intended addressee(s) only. If you are not an intended addressee, you must not use, copy, retain, disclose or distribute this information. Please notify the sender immediately by return e-mail and delete the message from your system. If you believe that this message constitutes a Commercial Electronic Message (CEM) under the Spam Act 2003 and you wish to unsubscribe please contact the originator of this message with the subject line of unsubscribe.
Note: Virus scanning is carried out on all incoming and outgoing email, but cannot be guaranteed to be timely, secure, error or virus-free. To protect against computer viruses, e-mail programs may prevent sending or receiving certain types of file attachments. If you are having problems please check your e-mail security settings to determine how attachments are handled.