midwinter’s positive results from northern lights … · 2010. 10. 14. · microsoft word -...
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ASX ANNOUNCEMENT
14 October 2010
MIDWINTER’S POSITIVE RESULTS FROM NORTHERN LIGHTS MAGNETIC SURVEY
Midwinter Resources NL (Midwinter or Company) (ASX: MWN) is pleased to announce preliminary data has recently been received from the detailed helicopter‐borne magnetic survey recently completed at the Company’s Northern Lights Iron Ore Project in the Republic of South Africa.
Highlights:
• Detailed magnetic survey significantly extends the known commercial potential of coarsely crystalline magnetite banded iron formations( BIF).
• 31 rock chip samples from BIF units across the project area have averaged 36.58% Fe and ranged from 28.1 to 41.54% Fe with low contaminants.
• The results of the aerial survey suggest structural repetition and thickening of the target magnetite enriched BIF units.
• Multiple broad magnetic units are confirmed to extend over 28 kilometres with widths exceeding 500m.
• Intense discrete magnetic highs range from 500 to 2,000m long with cross‐strike lengths of 200 to 300m are also identified and for priority drill targets.
• A maiden RC drill program is being planned to test the intense magnetic features and the larger broad magnetic anomalies by year’s end.
• Several further promising targets have also been identified on tenure currently in application which should be granted in the coming months.
SURVEY RESULTS
Midwinter engaged the services of New Resolution Geophysics (NRG) to mobilise and undertake a detailed aerial magnetic survey over the Northern Lights Magnetite project. The survey was flown over two days commencing the week of 6th October and comprised approximately 1,500 line km using 200m spaced lines at a survey height of approximately 150m.
Preliminary magnetic data has been provided by NRG and processed by Midwinter consultants providing some exciting new insights into the potential of the Northern Lights project to host a large inventory of magnetite rich BIF. This magnetic data confirms the presence of BIF under cover within several large magnetic anomalies, where the largest coherent anomaly is approximately 10 x 1.5km in size. Many of the intense magnetic anomalies coincide with areas previously mapped as BIF and sampled yielding grades in excess of 30% Fe.
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In comparison to the quality of the previous magnetic information used by the Company the new magnetic data is an order of magnitude better in terms of detail and geographic positioning. Processing and interpretation of the new magnetic data will be on going as the Company looks to generate high quality RC drill targets for its maiden program.
Investors wanting more information n Midwinter should contact:
Martin Pyle Bryan Dixon Chairman Non Executive Director T: +61 429 999 552 T: +618 9322 6451 David Tasker Professional Public Relations Office: +618 9388 0944 Competent Persons Statement:
The information contained in the report that relates to Exploration Results of projects owned by Midwinter Resources NL is based on information compiled or reviewed by Mr. Brendan Cummins, who is an employee of the Company. Mr. Brendan Cummins is a Member of the Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken 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’. Mr. Brendan Cummins has given consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Helicopter used to fly aerial surveys at Northern Lights Iron Project
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