(CZR 85%)


The Ashburton Magnetite prospect covers a 12km long and 1km wide airborne magnetic anomaly. Drilling has intersected intervals of magnetite-rich rocks in a volcanic setting that is similar to those that make up FMG’s Iron Bridge Deposit.

Rocks in the Ashburton are coarser grained than those in the Hamersley Group rocks that are mined and processed by Citic Pacific Ltd at its Sino Iron Project and asbestos mineral have not been detected.

Davis Tube Recovery results at an optimised grind size of -38 µm include a high proportion of the drill samples with a mass recovery greater than 30%, Fe grades greater than 66% and SiO2 contamination less than 5%.

CZR is progressively drilling three surface expressions with magnetite that are reflected by the strongest and most coherent portion of the aeromagnetic anomaly with the intent of generating a JORC2012 resource.