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Mutiny Gold Discovers More Iron Ore At Rocksteady In WA

Mutiny Gold's (ASX: MYG) current work programme at its Rocksteady Iron Project continues to deliver, finding more high grade hematite outside the current resource as well as finding pisolite ore.

Impressively, hematite was intersected extending outside of the Rocksteady JORC resource envelope, which has an Exploration Target of an additional 0.5 million tonnes to 1.5 million tonnes of Direct Shipping Ore (DSO) hematite, grading 51% to 56% iron (Fe).

Current 'Inferred' resource for the Rocksteady Iron Project is 650,000 tonnes at 54% Fe.

Mutiny reported the drill program was out-performing initial targets, hence the program will be expanded.

The program looks sure to add additional iron ore to the resource. Rocksteady Iron Project is located within its Gullewa tenement package in the Murchison Region of Western Australia.

The current drilling has been expanded by commissioning a further 500 metres of RC drilling east of the programme's original designed targets after logging hematite.

John Greeve, managing director of Mutiny Gold: "We are encouraged by the mineralisation intersected outside of the current Rocksteady resource. This gives us confidence in the potential upside of our Rocksteady project and we are therefore expanding the drill programme to further test the extensions."

New drill program

The drilling programme is now a combination of over 2,700 metres of RC and diamond drilling which also seeks to deliver an upgraded JORC 'Indicated' resource.

Up to 10 additional drill holes have been approved to step out a further 40 metres grid south on each section, with an additional drill line added to grid east to the full scope of the Programme of Works (POW).

Constellation Pisolite Iron Discovery

Mutiny's geologists have also encountered significant pisolite iron mineralisation at Constellation within the Company's Mugga Mugga tenement, which lies adjacent to the Rocksteady DSO Hematite Deposit.

Mutiny's team is currently conducting channel sampling at the Constellation discovery, which has been identified as a new mineralised anomaly, with early indications being this may be part of a continuous channel iron deposit with potential to extend for several kilometres.

Pisolite has also been found at the Rocksteady project.

Initial analysis of Rocksteady RC drilling results has identified a 7 metre thick, near surface, iron-rich pisolite zone that is located above the Rocksteady Iron Deposit.

"The advantage with these types of iron mineralisation deposits is that they tend to have minimal strip requirement and are low in silica and other deleterious elements.

"It is therefore a potentially low cost, easy to mine deposit. In the case of the pisolite found to sit above the Rocksteady deposit, this is very significant as it is located within what would have been our strip waste zone," Greeve said.

Pisolite primer

Pisolites, or Channel Iron Deposits as they are commonly known, are a major source of cheap, high grade iron ore exploited primarily in the Pilbara and Murchison regions of Western Australia.

These systems are typically found within a paleochannel and were formed from the erosion of iron-rich Miocene aged soils, which were transported to and accumulated in the paleodrainage system.

Channel iron deposits are an important source of iron ore, with the deposits at Yandi and Robe River accounting for approximately 47% of iron ore mined in the Hamersley Iron province.

Off-take discussions progressing

Mutiny also reported it is progressing a range of off-take options with operators located within the Mid-West region of Western Australia as well as discussions on local and international transporting options for its proposed Hematite DSO development at Rocksteady.

Alongside the potential off-take agreement discussions, Mutiny Gold continues to receive interest from local iron miners, with Rocksteady' s ore considered to be an ideal mix with certain locally mined ore.

Studies have indicated the project could be quickly and easily established with low start up and operational costs.

Next steps

A selective sampling programme is currently underway to test prospectivity, and positive results may have a significant positive impact on project economics as the Rocksteady mineralisation in that area is known to extend for several kilometres.

Analysis

The prospectivity and mineral wealth within the Gullewa tenement package continues to shine through with the latest discovery and expansion of drilling at Rocksteady.

Today's update moves Mutiny further down the path to monetising the Rocksteady asset. That it has been approached by mine operators within the Mid-West region of WA, looking at off-take options shows the value inherent in the tenements.

It literally appears that exporation to date, has not even touched the surface at Rocksteady and there could be multiple iron deposits or pods capable of being monetised at low capex and opex.

Mutiny Gold's (ASX: MYG) current work programme at its Rocksteady Iron Project continues to deliver, finding more high grade hematite outside the current resource as well as finding pisolite ore.

Impressively, hematite was logged extending outside of the Rocksteady JORC resource envelope, which has an Exploration Target of an additional 0.5 million tonnes to 1.5 million tonnes of DSO hematite grading 51% to 56% iron (Fe).

Current 'Inferred' resource for the Rocksteady Iron Project is 650,000 tonnes at 54% Fe.

Mutiny reported the drill program was out-performing initial targets, hence the program will be expanded.

The program looks sure to add additional iron ore to the resource. Rocksteady Iron Project is located within its Gullewa tenement package in the Murchison Region of Western Australia.

The current drilling has been expanded by commissioning a further 500 metre of RC drilling east of the programme's original designed targets after logging hematite.

John Greeve, managing director of Mutiny Gold: "We are encouraged by the mineralisation intersected outside of the current Rocksteady resource. This gives us confidence in the potential upside of our Rocksteady project and we are therefore expanding the drill programme to further test the extensions."

New drill program

The drilling programme is now a combination of over 2,700 metres of RC and diamond drilling which also seeks to deliver an upgraded JORC 'Indicated' resource.

Up to 10 additional drill holes have been approved to step out a further 40 metres grid south on each section, with an additional drill line added to grid east to the full scope of the Programme of Works (POW).

Constellation Pisolite Iron Discovery

Mutiny's geologists have also encountered significant pisolite iron mineralisation at Constellation within the Company's Mugga Mugga tenement, which lies adjacent to the Rocksteady DSO Hematite Deposit.

Mutiny's team is currently conducting channel sampling at the Constellation discovery, which has been identified as a new mineralised anomaly, with early indications being this may be part of a continuous channel iron deposit with potential to extend for several kilometres.

Pesolite has also been found at the Rocksteady project.

Initial analysis of Rocksteady RC drilling results has identified a 7 metre thick, near surface, iron-rich pisolite zone that is located above the Rocksteady Iron Deposit.

"The advantage with these types of iron mineralisation deposits is that they tend to have minimal strip requirement and are low in silica and other deleterious elements.

"It is therefore a potentially low cost, easy to mine deposit. In the case of the pisolite found to sit above the Rocksteady deposit, this is very significant as it is located within what would have been our strip waste zone," Greeve said.

Pisolite primer

Pisolites, or Channel Iron Deposits as they are commonly known, are a major source of cheap, high grade iron ore exploited primarily in the Pilbara and Murchison regions of Western Australia.

These systems are typically found within a paleochannel and were formed from the erosion of iron-rich Miocene aged soils, which were transported to and accumulated in the paleodrainage system.

Channel iron deposits are an important source of iron ore, with the deposits at Yandi and Robe River accounting for approximately 47% of iron ore mined in the Hamersley Iron province.

Off-take Opportunities

Mutiny also reported it is progressing a range of off-take options with operators located within the Mid-West region of Western Australia as well as discussions on local and international transporting options for its proposed Hematite DSO development at Rocksteady.

Alongside the potential off-take agreement discussions, Mutiny Gold continues to receive interest from local iron miners, with Rocksteady' s ore considered to be an ideal mix with certain locally mined ore.

Studies have indicated the project could be quickly and easily established with low start up and operational costs.

Next steps

A selective sampling programme is currently underway to test prospectivity, and positive results may have a significant positive impact on project economics as the Rocksteady mineralisation in that area is known to extend for several kilometres.

Analysis

The prospectivity and mineral wealth within the Gullewa tenement package continues to shine through with latest discovery and expansion of drilling at Rocksteady.

Today's update moves Mutiny further down the path to monetising the Rocksteady asset. That it has been approached by mine operators within the Mid-West region of WA, looking at off-take options shows the value inherent in the tenements.

Literally, exporation to date, has not even touched the surface at Rocksteady and there could be multiple iron deposits or pods capable of being monetised at low capex and opex.