Phil’s Creek - M47/1359
The Phil’s Creek tenement contains one project called Phil’s Creek.
The Phil’s Creek Project is located within the central portion of the Hamersley Ranges, and is located 5km from Rio Tinto’s HI Yandicoogina Mine.
The project has a JORC Indicated Mineral Resource of 15.1Mt @ 55.6% Fe and is a Channel Iron Deposit (CID). The CID within the Phil’s Creek Project area occurs in a North-West to South-East oriented channel extending over a strike length of approximately 4km, with widths varying from 80m to 400m and thickness typically between 10m and 15m.
A full Definitive Engineering Study (DES) was completed in 2009. The Project was fully costed from deposit to point of sale and application for environmental permits were commenced. Native Title Agreements have been signed with the two Traditional Owners groups who have native title claims over the area.
In 2009, IOH entered into an Memorandum of Understanding (MOU) with Rio Tinto for an annual mine gate sale of up to 1.5Mtpa of pisolite iron ore from Phil’s Creek, subject to the finalisation of a formal sales agreement. The Company did not agree to the terms of access to the Yandicoogina site with Rio Tinto by the 8 August 2010 deadline, and accordingly, the MOU entered into was terminated.
The Project has now been placed on care and maintenance and is likely to be considered as a possible satellite ore body to future Iron Ore Holdings' projects in the adjacent tenement areas, or to be commercialised independently.
Phil's Creek initial mining area