Company Update – Cashed up and ready to drill at Irvine Island
- Recent capital raising highly successful with both the placement and share purchase plan (SPP) heavily oversubscribed.
- A$23.3 million raised (before costs).
- Pluton now has 100% ownership of Irvine Island project.
- About to commence an 8000m core drilling program, targeting up to 130 million tonnes of iron ore.
- Test work on iron ore on track for completion before Christmas.
Irvine Island resource upgraded from 13Mt to 54Mt iron ore
Irvine Island is Pluton’s premier iron ore project located within the Kimberley Iron Ore Hub in Western Australia. Drilling on Irvine Island has identified a Inferred Resource of 54Mt at 49% iron (including 25Mt at 55% iron), with Phase II drilling targeting up to 130Mt of iron ore. Managing Director Mr Tony Schoer said, “Tests indicate we can concentrate up to 37Mt of product from this 54Mt resource. This compares well to Cockatoo Island which has produced about 40Mt of product since mining began in the early 1950’s”. These islands are well located, with Cockatoo Island being the first mine in Australia to export iron ore. Tony Schoer, “There is direct access to deep water and no need for rail”. Mineralisation on Irvine Island remains open outside of the areas covered by Phase II drilling.
Pluton Insights
Welcome to the new Pluton Resources website.
Pluton has a small, but experienced team focusing on taking our Irvine Island iron ore project to development. This project is located within the Kimberley iron ore hub and near to the Koolan and Cockatoo Island Mines. Ore from the hub is renowned for its quality and low impurities. Our drilling confirms commercial tonnage of iron ore on Irvine Island. The island adjoins deep water channels and is well placed close to Asian markets. We have no need for rail. We also enjoy a strong relationship with the native title owners, and together we plan to make the Irvine Island project a long-term operation that creates significant value for all stakeholders. You will find more information about Irvine Island and our other projects on this website! If you have any questions about our company then please feel free to contact me.
Regards, Tony. (Mr Tony Schoer, Managing Director, Pluton Resources Ltd.)
Irvine Island: Fe concentrates successfully produced using magnetic separation
High grade magnetite intersection from drill hole ID28, Irvine Island.
CSIRO testing of iron ore samples from Irvine Island in the Kimberley region of Western Australia is showing that a high grade concentrate can be produced from iron ore with head grades as low as 26% Fe. Concentrates initially produced using Davis Tube graded greater than 69.5% iron (Fe). These were produced without need for fine grinding. Further testing using magnetic separation technology produced a product grading 65.82% Fe from the main iron mineralised Yampi Member Sandstone unit. More surprising was that a concentrate grading 67.79% iron was also produced from iron-bearing sandstones overlieing the main Yampi member. Managing Director, Tony Schoer, “The rocks overlying the Yampi Member were only previously ever considered as waste. This iron is not presently included in our resource target of 130Mt from Phase II drilling”.
Latest Announcements
Feb 9th, 2010
December 2009 quarterly cashflow report
Feb 9th, 2010
December 2009 quarterly activities reportDecember 2009 quarterly activities report
Dec 3rd, 2009
Drilling commences on Irvine IslandPhase II drilling has started.
Useful Links
