Blythe River Project
The Blythe Project area is currently comprised of 6 granted exploration licences covering 324km2 (see Fig.7). The project is held under a joint venture between Iron Mountain and Red River with both parties contributing equally to all exploration costs. Drilling and exploration has been ongoing at Blythe since 2008 and a significant amount of drilling and assay data has been accumulated.
The results of drilling at the Valentines Prospect (4 holes for 565m) completed during February-March 2010 were evaluated during the quarter. Previously reported assay results contained minor magnetite and were assessed with a view to determining whether further work in the immediate area was warranted. Results were inconclusive and although the prospect requires additional assessment and possible further exploration, this cannot be undertaken until Spring-Summer when Tasmanian weather conditions improve.
The company is also currently investigating solicited and unsolicited expressions of interest in the Blythe Project tenements for a possible farm-out, joint venture or outright sale if proposed terms and conditions are mutually satisfactory. No field work was undertaken at Blythe during the June 2010 quarter.
Figure 7 – Location of Blythe Project tenements
