Eastern Iron's exploration strategy aims to create shareholder value and reduce exploration risk by acquiring interests in projects located close to infrastructure with a good discovery potential or a known resource with growth potential.
Eastern Iron is exploring and evaluating a number of mineral projects in the eastern states of Australia, including the Nowa Nowa Iron and Copper Project in Eastern Victoria. Road, rail and power infrastructure are all available close to these project sites. The Company also held the Eulogie and Hawkwood magnetite projects in Central Queensland but these have now been relinquished. The Nowa Nowa Iron and Copper Project, 100% owned by the Company through its wholly owned subsidiary Gippsland Iron Pty Ltd, is located north of the township of Nowa Nowa in eastern Victoria and is the current focus for Eastern Iron. A recent VTEM geophysical survey flown at Nowa Nowa has identified strong conductors in areas of known copper mineralisation. The host rocks are equivalent to those that host large copper-lead-zinc (gold-silver) volcanogenic massive sulphide (VMS) deposits in Victoria and NSW including Benambra, Woodlawn and Captains Flat. Previous drilling at the Three Mile prospect intersected significant mineralisation including 13.6m @ 3.8% Cu in drillhole HARD2. Ground EM and drilling is planned.
Eastern Iron is currently finalising the logistics for the feasibility study into the potential for development and production of magnetite-rich iron ore at the Five Mile deposit located approx. 10km north of the town of Nowa Nowa and 50km east of Bairnsdale in East Gippsland. The transport options are being reviewed.