- Pearl Gull Iron (PLG) is reporting first results from its maiden drilling program at Cockatoo Island, located off the coast of Western Australia
- The materials stock says drilling at the Switch Pit prospect returned results of 44.7 metres at 69.5 per cent iron
- The result confirms the extension of the ultra high grade Seawall Haematite mineralisation along strike, according to PLG
- The company is continuing drilling at Switch Pit and North Bay prospects, with assays outstanding for an additional 16 drill holes
- Pearl Gull Iron ended the day down 9.09 per cent at 15 cents
Pearl Gull Iron has posted the first results from its maiden drilling program at Cockatoo Island, located off the coast of WA.
The material stock began drilling in July, initially focusing on the Switch Pit prospect before moving to the North Bay and Magazine Pit prospects.
Switch Pit was the priority as it was historically used as a mine access ramp and is thought to contain significant iron mineralisation.
Additionally, the Seawall Haematite deposit at Cockatoo has been interpreted to extend south east into the mining lease held by Pearl Gull.
First results from the area are 44.7 metres at 69.5 per cent iron, confirming the extension of the ultra high grade Seawall Haematite mineralisation along strike.
PLG Director Jonathan Fisher said it was exactly the sort of result the company was hoping to receive.
“We’re extremely excited by our maiden drill program results at Switch Pit,” Mr Fisher said.
“These are some of the highest grade iron ore results I have ever seen and consistent with grades previously reported from historic Cockatoo Island mining operations.
“This is particularly encouraging for our strategy to develop a high grade project on our tenements.”
The drill program at Cockatoo Island is due to wrap up next month, with 16 holes completed and assay results pending.
Following the announcement, Pearl Gull Iron has ended the day down 9.09 per cent at 15 cents per share.