Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Black Iron Hits 97.0 Metres At 33.1% Iron At Shymanivske

Black Iron (TSE:BKI) said late Wednesday that assay results from three additional infill drill holes at its Shymanivske project in Ukraine continue to confirm iron content and band lengths in the mineral resource.

The iron ore explorer said that hole BISH-3 intersected 97.0 metres grading 33.1% iron, including 55.0 metres at 34.7% iron.

The results reported Wednesday are from the 20,000 metre definition and exploration diamond drill program at Shymanivske, which was started in October 2011.

Black Iron said it continues to be encouraged by the results of the infill drilling, and the intersection of thick iron bands in each hole, with grades exceeding 30% iron.

Other notable results included 55.5 metres at 32% iron in hole BISH-2, and 58 metres at 30.6% iron in hole BISH-4.

The drill program is designed to upgrade mineral resources, to allow a larger in-pit mineral resource estimate to be considered in the ongoing feasibility study for the project, the company said.

The campaign is also focused on exploration holes in the northern end of the property, where the company said it believes additional mineral resources may exist.

Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been hired by the company to complete independent metallurgical test work on the recovered drill core from the program.

Black Iron also noted that, as announced earlier this year, no drilling is currently underway at the project, as the company obtains additional permissions required to drill.

The explorer is focused on advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine, which contains an NI 43-101 compliant resource with 373 million tonnes measured and indicated resources grading 31.3% iron and 480 million tonnes of inferred resources grading 30.2% iron.

The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Management is confident that the existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production for its project.

Black Iron also holds an exploration permit for the adjacent Zelenivske project, which it plans to further explore to assess the potential.