Following in-house modelling and a review of geophysical data, Forrestania Resources (ASX:FRS) has identified two new targets at its Koolyanobbing Iron Project in Western Australia.
The North-Western and North-Eastern targets lie within the Koolyanobbing Greenstone Belt, which is known for its banded iron formations.
Forrestania, which has a market capitalisation of $8.57 million, says the North-Eastern target is considered prospective for hydrothermal hematite mineralisation. However, the target area is concealed beneath overburden, which prevents rock chips from being visible at the surface.
The North-Western target, on the other hand, has the potential to contain a mixture of hydrothermal hematite and martite goethite, with relatively low overburden. Its geological context within the Koolyanobbing Greenstone Belt further supports its prospectivity.
Chairman John Hannaford says Koolyanobbing continues to evolve as more targets have been uncovered in the area.
“These northern targets, being much closer to the MinRes (ASX:MIN) operations, have significant potential for economic discoveries given size and proximity to infrastructure,” he says.
“We look forward to testing the northern targets as the first stage of the upcoming drill program.”
The company is currently awaiting the final heritage report from its recently completed Aboriginal heritage survey.
Upon approval, Forrestania will mobilise a reverse circulation drill rig to test the targets in the north-eastern and north-western areas in mid-July, prior to moving the rig to a separate target in the south.
Forrestania says this exploration phase aims to confirm the mineralisation potential further, as well as guide future exploration programs.
Forrestania Resources is an explorer focused on lithium, gold, and nickel in the Forrestania, Southern Cross, and Eastern Goldfields regions of Western Australia. The company also explores for lithium in the James Bay region of Québec, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Forrestania Resources
