Australian Critical Minerals (ASX: ACM) Reports Outstanding Iron Ore Results from Pilbara Exploration

Key Highlights:

- Shaw Project Banded Iron Formation (BIF) sampling returns up to 61.3% Fe, averaging 55.5% Fe.

- Cooletha Channel Iron Deposits (CID) sampling achieves up to 62.6% Fe, averaging 54.9% Fe.

- Significant exploration potential with ongoing sampling programs at Cooletha and Shaw in the Pilbara, WA.

Australian Critical Minerals Ltd (ASX: ACM) has delivered promising results from its recent exploration activities in the Pilbara region of Western Australia, strengthening its position in the critical minerals sector. The company’s latest sampling programs at the Shaw and Cooletha Projects have returned high-grade iron ore results, with the potential to unlock substantial value.

At the Shaw Project, rock chip samples from the Banded Iron Formation (BIF) returned iron grades as high as 61.3% Fe, with an average grade of 55.5% Fe. The sampling program, which focused on the western side of the tenement, has confirmed the presence of a significant BIF unit that extends for over 5 km. This area is adjacent to major mining operations, including the Abydos Mining Complex, which adds to the strategic importance of the Shaw Project.

Similarly, the Cooletha Project has yielded strong results from Channel Iron Deposits (CID), with samples reaching up to 62.6% Fe and averaging 54.9% Fe. Notably, these samples also displayed very low phosphorous content, averaging just 0.08%, making them particularly attractive for potential development.

Australian Critical Minerals’ Managing Director, Dean de Largie, expressed his optimism about these results, stating, “The impressive results returned from our Shaw and Cooletha Projects in the Pilbara are an early but important step in realizing the value proposition offered by our iron ore portfolio. The quality of the iron ore at Shaw and Cooletha, combined with low phosphorous levels, positions these projects as potentially significant contributors to our growth strategy.”

Looking ahead, ACM has mobilized its field crews to conduct extensive grid sampling at both sites. This next phase of exploration will include approximately 800 rock samples across the Cooletha CID and the Shaw BIF, aiming to further define the resource potential and guide future development efforts.

Share Price Update:

On the back of today’s ASX announcement, Australian Critical Minerals Ltd (ASX: ACM) shares surged 20.83%, reaching A$0.087 at 2:19 PM AEST, August 19, 2024.