- 1,070 km2 tenement package in northern Minas Gerais;
- No previous Fe exploration in area;
- 3 years surface work by vendors and Coffey Mining Brazil;
- 60 – 100km of strike defined by geophysics;
- Mapping and drilling confirms anomaly is itabirite iron ore;
- New open access railway planned for within 40km of project.
- 6 adjacent anomalies with significant potential;
- Anomaly 2: +21km of strike defined by magnetics, with high Fe rock-chips at surface.
Aeromagnetic map with red representing high magnetic intensity correlating to observed itabirite and black boxes are alliance tenements.
Significant itabirite intersected in drilling
- Initial 6 hole orientation drilling program completed;
- Survey aimed to correlate down-hole magnetics with aeromagnetics;
- Between 42 and 135m of itabirite intersected in each hole;
- Mineralisation in 3 holes open at depth.
Minas Novas project is 160 km north of the existing MRS line from Belo Horizonte to Vitoria, or 160 km east of the MCA line. Route for the planned East Line has not been finalised but it may pass within 40 km of the projects. Around 300kms from the coast.
The area is currently used for growing tree plantations for charcoal used in the local steel industry. An established trucking route is utilised to take this material to the mills and can be used for iron ore.