Padbury Mining (ASX: PDY) and joint venture partner Aurium Resources (ASX:AGU) have kicked off drilling at Telecom Hill last week, which is aimed at testing the exploration target of 10Mt to 55Mt at 55% to 58% iron.
The first hole was collared on a tight, steep pad on the west side of the Telecom Hill East prospect and went to 216 metres. Logging & sampling was completed for all metres drilled.
The joint venture is one to keep an eye on, with Padbury already looking to release more news next week, as the joint venture partners will provide fortnightly updates on progress.
Padbury is targeting early cash flows, while also aiming for a resource upgrade. The potential for an upgrade remains very high, considering that the 850 million tonnes at 27.3% iron Inferred JORC Resource is defined from just 4 kilometres of a 10 kilometre strike length.
The Peak Hill Iron Joint Venture is a prospective magnetite and hematite iron ore project located in the Mid-West region of Western Australia at Robison Range, about 450 kilometres north east of Geraldton.
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and covers a significant 2500 square kilometres.