Trafford earns majority share in iron-ore projects
PERTH (miningweekly.com) – Junior Trafford Resources has earned a majority stake in the Twin Peaks and Moorarie Rocks iron-ore joint venture (JV) from fellow ASX-listed Independence Group.
Under the terms of the JV, Trafford earned a 51% stake in the project by spending A$2-million on exploration work. A further 29% interest could be gained if the junior spent an additional A$3-million over the next three years.
Trafford told shareholders on Tuesday that the exploration work over the past 18 months had included mapping and sampling work, detailed magnetic and gravity interpretation, metallurgical testwork and over 5 000 m of drilling.
The work has successfully defined a 20 km iron-ore trend with 18 new iron-ore prospects, including high-grade direct shipping ore hematite, extensive hematite and magnetic deposits.
Strong potential for channel iron deposits has also been identified at Twin Peaks.
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