Emergent Resources wraps up Phase III drill program

Saturday, 24 Oct 2009

Perth-based exploration company Emergent Resources has completed Phase III of the company resource expansion drill program at the Beyondie Magnetite Project in Western Australia mid west Iron Ore region.

Emergent has now finished three drill programs at the Beyondie Iron Project since listing on the ASX in August last year achieving the substantial total of 14,311 meters across 116 holes.

The Phase III drill program comprised 39 Reverse Circulation drill holes for 7,964 meters bringing the RC total to 11,405 meters and 14 Diamond drill holes for 2,906 meters over a 12 kilometers segment of the known 60 kilometers total strike length at the Beyondie Project.

The program was designed to confirm earlier strong thickness and continuity of the wide Beyondie Magnetite Schist and to provide high quality metallurgical and engineering samples for testwork and upgrade the Inferred Resource.

Significant Results include 135m 27.63% Fe, 139m 27.65%Fe, 113m 27.55%Fe and 109m 27.81%Fe. The Beyondie Project is located immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline in the northern part of WA’s mid west iron ore precinct. Beyondie has a JORC Inferred Resource of 127Mt 28.15% Fe and a Target Mineralisation of a further 500Mt to 600Mt 25% to 30% Fe.

Garry Hemming MD of Emergent said the latest results provided further proof of the potential for the Beyondie Magnetite Project to be developed into a world class iron magnetite deposit.

He said that “We continue to be encouraged by drilling results from Beyondie which have been designed to define and extend the extent of mineralization at the project and we look forward to being able to announce a major resource update in the near future.”

Last week, the Company announced last week that that Chinese State Owned Enterprise China Metallurgical Investment has successfully completed its Due Diligence on its proposed USD 200 million Development Joint Venture with Emergent for the Beyondie Project.

The Company is meeting with CMIC in Beijing to further the formal contract process to establish the Beyondie Development Joint Venture.