Padbury Mining: staff and rig in place to recommence drilling when weather settles

Nov. 02, 2011 7:28 PM ET
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Padbury Mining (ASX: PDY) has temporarily suspended reverse circulation drilling at Telecom Hill due to severe weather, which is forecast to continue for the next few days.

Heavy rain and hail has been experienced over the past few days and flooding has cut access to the site and the nearest towns of Meekatharra and Newman.

Importantly, the drill rig remains secured on site and all the contractors required by the program have been retained, with a diamond rig also on site and ready to commence drilling as conditions improve.

DSO and resource upgrade targeted

Earlier in the month Padbury wrapped up a twelve hole drilling program at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.

The project has potential and includes an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and is prospective for magnetite and hematite iron ore.

Providing another boost is that Telecom Hill has a direct shipping ore exploration target of 10 to 55 million tonnes at 55% to 58% iron.

The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.

Padbury has a 70% stake in Peak Hill, with Aurium Resources (ASX: AGU) 30%.

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