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Black Ridge Mining shares rise on Unaly Hill exploration target

Black Ridge Mining (ASX: BRD) has reported an initial exploration target of 180–200 million tonnes of magnetite-bearing material grading 30%-44% Fe, 0.6%-0.9% V2O5, 9%-13% TiO2 at its 100% owned Unaly Hill magnetite-vanadium project in Western Australia.

The exploration target was determined by CSA and covers a 3km portion of an 11km long magnetic anomaly.

The remaining strike extent is prospective for additional magnetite mineralisation but requires additional exploration to assess the magnetite content and continuity of the deposits.

Black Ridge said a series of exploration programs are planned to commence during the second quarter of 2010.

Unaly Hill is located 30 km south of Sandstone in Western Australia’s Mid-West region.

Disclosure: The author holds no positions in the company