Reconnaissance work and review of previous Portman and Pluton reports has shown plans to mine at the eastern margin of the Seawall Haematite body and into the footwall. The known geology extends east into Pearl Gull’s lease M04/235 and is referenced by Pearl Gull as the Switch Pit as it lies under an area historically used for a mining ramp with several switch backs to access the Seawall mine. Haematite mineralisation can be observed along strike from the historical Seawall mine on lease M04/448 and onto lease M04/235. This inference is supported by outcropping mineralisation, and a historical block model. Recent observations show that the footwall stratigraphy has several haematite bands of variable thickness. The occurrence of the haematite bands in the footwall stratigraphy is typical of the footwall to the previously mined Seawall mine haematite mineralisation with the abundance of these haematite bands increasing toward the main thick massive Seawall Haematite mineralisation. This is a high priority target for exploration.
The iron mineralisation within Switch Pit requires additional drilling to be reported on in accordance with JORC Code 2012 standards. However, the extension of known mineralisation in an area with outcropping rocks and surface sampling represents the potential for low geological risk direct shipping ore (DSO) tonnes for Pearl Gull Iron.
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Interpretative work undertaken by Pearl Gull Iron has identified the potential for high-grade structural repeats on the northern side of the island. An exploration drilling program has commenced in this area where historically there has been no exploration, despite high grade haematite sands being clearly visible on the beach.
The Magazine Pit area is located in the southeast part of the tenement package and exploration in this area will target medium grade haematite suitable for beneficiation, as was undertaken previously on the island.