The Kerry Stokes-controlled Iron Ore Holdings has further boosted reserves at its key Pilbara iron ore deposit.
The company says that it has added a maiden inferred mineral resource of 23.4 million tonnes at its Fingers Prospect located within the Koodaideri South Project.
The company said in a statement to the ASX that the initial drilling campaign at the Fingers Prospect included 11 holes and all 11 holes drilled revealed broad mineralised intersections commencing at/or near surface.
IOH shares edged 3c higher to $2.43.
The company said in the statement: "Results have been encouraging and the Company will return to drilling of this resource in the second quarter of 2010.
"The Koodaideri South Project is located in the Central Pilbara region of Western Australia close to existing Rio Tinto and BHP mining operations," "The total Mineral Resource over all IOH projects has now reached 351 million tonnes and continues to increase with an update on Iron Valley resource due next quarter."
Managing Director, Matt Rimes said, "Our exploration drilling campaign over the past year has produced pleasing results for the Company at an extremely efficient rate. Reaching 351Mt of total JORC Resource is a significant milestone in the continuing progress of the Company."
Fingers Prospect is strategically located 20 kilometres and 35 kms respectively to the northwest of BHP Billiton’s Yandi and Rio Tinto’s Yandicoogina mining operations.
"Rio Tinto’s Koodaideri Project is located immediately to the north and BHP Billiton’s Mt Newman rail line is located 10 kilometres to the north.
"The identified resource is within 50 kilometres from the sealed Great Northern Highway with the major Newman township a further 200 kilometres away via the highway.
"The discovery of high-grade Brockman Bedded Iron mineralisation at the Fingers Prospect was announced on 13 January 2010.
"A single program of Reverse Circulation (RC) drilling was completed at the prospect comprising eleven drill holes for a total of 704m.
"High-grade bedded iron mineralisation intercepts of up to 56m down hole thickness have previously been announced."
