Black Iron Inc. (TSX: T.BKI, Stock Forum) said it has concluded its definition and exploration drill program on its Iron Ore Project in Ukraine.
The Shymanivske project, located in Kryviy Rih, currently has a NI 43-101 compliant resource with 373 million tonnes measured and indicated mineral resources grading 31.3% iron and 480 million tonnes of inferred mineral resources grading 30.2% iron.
According to the press release, highlights from additional definition and exploration holes include hole BISH-57 with 119 metres at a grading of 32.8% iron, including 65.5 metres at agrading of 34.8% iron and hole BISH-58 with 38 metres at a grading of 32% iron, including 18 metres at a grading of 32.6% iron.
"With these final drill hole results, we have now successfully completed the definition drill work at Shymanivske and are very encouraged by the assay results,” said George Mover, COO. “We expect this new mineral resource estimate to be available within the next four weeks ahead of the bankable feasibility study which is scheduled for completion in the fourth quarter."
Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project in Ukraine.
On Monday, Black Iron was trading at $0.25 a share. The company has a market cap of $34.9 million, based on 140 million shares outstanding. The 52-week high and low was $1.04 and $0.17 respectively.