MEDIA RELEASE PR41893
Iron Glen's Phase 1 Drilling Program Nears Completion
TOWNSVILLE, Australia, Oct. 26 /PRNewswire-AsiaNet/ --
Queensland based explorer Iron Glen Holdings Limited is pleased to
announce that the initial drilling program of its Iron Ore tenement, located
in Townsville, Queensland, has successfully delineated a Magnetite resource.
HIGHLIGHTS OF THE DRILLING PROGRAM
- Eleven holes have been drilled, with magnetite intersections in the
first nine and the eleventh holes, ranging from a thickness of 14
meters to 33 meters.
- The drill holes extend from approximately 30 meters south of the old
pit area, along its eastern boundary to a position 495 meters to the
northwest.
In addition to magnetite intersections, the Drilling Program has also
intersected gold and copper bearing mineralization. The potential of these
intersections cannot be assessed until assay results have been received. The
Directors of Iron Glen anticipate that Terra Search Pty Ltd will issue a full
report during November 2010 and following this, Iron Glen will report on
their conclusions in detail.
In commenting on the soon to be completed Drilling Program, Patrick
Griffiths, Executive Director of Iron Glen Holdings, said, "We are very
pleased to be nearing completion of our initial Drilling Program and to be on
schedule in achieving our company targets. Our aim in commissioning the
Drilling Program was to delineate a magnetite resource in the vicinity of the
old pit. This has been achieved. Future work programs will be undertaken to
fully quantify this resource and assess the potential of the other 4 areas of
interest within our tenement."
"The initial results from the Drilling Program are more promising than
first anticipated. In addition to the magnetite intersections the Drilling
Program also intersected gold and copper bearing mineralization. Whilst the
significance of these intersections cannot be assessed until assay results
have been received, these are exciting discoveries that we will further
evaluate."
ABOUT IRON GLEN HOLDINGS LIMITED
Iron Glen Holdings Limited controls an Iron Ore Tenement that is located
40 kilometers south of Townsville, Queensland, Australia with close proximity
to excellent infrastructure (road, rail, port & electricity facilities). The
Company plans to establish an open pit mining operation based upon the
resource defined from a current drilling and exploration program. The Company
strategy is to fully define the extent of mineralization contained within the
tenement and implement a mining and marketing plan for those resources.
download 'ASSOB Code IGH'.
Forward Leaning Statements
Except for historical information, there may be matters in this
publication that are forward-leaning statements. Such statements are only
predictions and are subject to inherent risks and uncertainty. Actual events
or results may differ as a result of risks facing the Company. Assurances
cannot be made by the Company and the Company undertakes no obligation to
update or revise statements.
SOURCE: Iron Glen Holdings Limited
CONTACT: Patrick Griffiths
Iron Glen Holdings Limited
Director & Company Secretary
T: (07) 3177 7680
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