- Freehill Mining (FHS) has intersected more high grade magnetite from ongoing drilling at its project in Chile
- Drilling is continuing to intersect thick massive intersections with significant results of 47 and 46 per cent iron
- Freehill will now test gold and copper mineralisation with diamond drilling to test two IP anomalies previously identified
- The company is up 6.67 per cent this morning with shares trading for 1.6 cents apiece
Freehill Mining has intersected more high grade magnetite from ongoing drilling at its Yerbas Buenas project.
Yerbas Buenas (YB) is located in Region IV of Chile on the coast, roughly 500 kilometres north of the capital Santiago.
Drilling results from the two previous campaigns have demonstrated that magnetite mineralisation extends along a two kilometre continuous corridor.
Ongoing drilling of the YB6 magnetite structure continues to encounter thick massive intersections of high grade magnetite.
Testing carried out during the maiden drilling program confirmed that mineral grades can be readily upgraded to high quality concentrates of 64-68 per cent iron.
High grade magnetite is evident in core from near surface and grade is increasing at depth.
Highlights of mineralisation include 91 metres at 47 per cent iron from 37-190 metres, 70 metres at 46 per cent iron from 110-187 metres, and 55 metres at 45 per cent iron from 43-122 metres.
Logging by company geologists have visually identified five styles of magnetite mineralisation; disseminated, veins, stock work, breccia and massive.
The magnetite mineralisation is generally associated with several phases of diorite rocks that have been intruded into a sub-volcanic host rock.
“Whilst this latest grade is based from onsite testing, visually the core is stunning, and assays will likely correlate with magnetic susceptibility readings,” CEO Peter Hinner said.
“We look forward to reporting assays very soon, and prior to this, we anticipate further updates on drilling progress and work we are doing across some exciting copper targets in the north of the project,” he added.
Testing of its gold and copper mineralisation is planned for December 2019 with diamond drilling to begin on two induced polarisation anomalies highlighted in earlier exploration.
Freehill is up 6.67 per cent this morning with shares trading for 1.6 cents apiece at 11:26 am AEDT.