Giving you all the latest in Stock Market Information as it happens...


Condor Nickel 'Direct Shipping Ore' Potential

‘Direct Shipping Ore’ Potential CONDOR NICKEL LTD 03/08/10 at Condor’s Dingo Range Highlights: · Hematite and Goethite present in rock chip samples. · Banded iron formation identified. · Significant high grade ‘natural’ iron ore deposit may be present. · ‘Direct Shipping Ore’ potential. · Stage 1 drilling to commence next week; Stage 2 drilling planned. WA nickel explorer Condor Nickel Limited (CNK) is pleased to announce that exploration drilling for iron ore at Dingo Range will commence next week with the mobilisation of a RAB-Aircore drill rig to the project area. Condor Nickel’s Dingo Range tenements are located some 450 kilometres north of Kalgoorlie–Boulder and 150 kilometres south east of Wiluna. The purpose of this drill programme is three-fold: 1. To ascertain iron content; 2. To ascertain rock form of the weathered profile; 3. To ascertain rock form of the top of the underlying fresh bedrock. It is proposed that drill sampling of the residual gravel profile and iron rich saprolite to intersect the underlying fresh rock stratigraphy will identify iron-enriched layers continuing at depth within a banded iron formation. Some 100 drill holes totalling approximately 5000 metres have been planned covering a strike distance of approximately 20 kilometres. The iron formation is central to the Dingo Range suite of tenements with recent exploration confirming the presence of significant iron enrichment in surface gravels and rock outcrops over a strike distance of approximately 40 kilometres. Thirty-seven iron-rich samples were selected from the total rock chip sample database and submitted for analysis to determine the type of iron minerals present. The selected samples, which had been retained at the Perth Laboratory of the Kalassay Group as pulps (milled rock chip samples from the previous sampling programmes), were prepared as powder mounts of approximately 0.5g of sample and subjected to semi-quantitative X-ray Diffraction (XRD) analysis. The main minerals present were Hematite and Goethite indicating significant quantities of the higher grade iron mineralisation over the entire sampled strike length. The combination of Hematite and Goethite as the major iron minerals present within a banded iron formation indicates that a significant high grade ‘natural’ iron ore deposit may be present. The mineralogy of the iron is important because if it is present in sufficient quantity (tens of millions of Tonnes) then this type of deposit can be referred to as a ‘Direct Shipping Ore’ which does not require significant processing. It is possible that such tonnage is available at Condor’s Dingo Range Project. Stage 2 drilling will follow directly after assessment of the current programme and will cover a further 20 kilometres of iron-rich strike. For further information, please contact:  Mr. Bevan Jaggard (08) 9225 5544.