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Market: TSX
Sector: Mining
EPIC: BKI
Latest Price: 0.25  (-1.00% Descending)
52-week High: 0.48
52-week Low: 0.16
Market Cap: 34.91M
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Black Iron
www.blackiron.com

Black Iron is a Canadian iron ore exploration and development company advancing its 100% owned Shymanivske Project located in Krivoy Rog, Ukraine, to production.

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Black Iron drills 32.1% iron over 164 metres at Shymanivske in Ukraine

31st May 2011, 4:09 pm by Deborah Sterescu
Black Iron drills 32.1% iron over 164 metres at Shymanivske in Ukraine

Black Iron (TSE:BKI) reported Tuesday encouraging initial drill results from its Shymanivske iron ore project in Ukraine, as part of the ongoing twin hole and diamond drill program at the site.

The company said it is encouraged by the results of two initial twin holes, highlighted by hole 20342-T, which intersected 164 metres grading 32.1% iron, including 83 metres at 33.8% iron and 37 metres at 29.8% iron.

The second hole,  5485-T, returned 81.7 metres at 31.8% iron, and 19.6 metres at 31.4% iron.

The two drill holes reported are part of a 7,500 metre twin hole program initiated by the company in early April, and is designed to provide drill core suitable for metallurgical test work, so as to establish an optimized process for the scoping study, as well as to verify previous drilling and resource work completed on the project.

"As anticipated, the assay results from the first two twin holes align well with the historical drilling logs for the project," said president and CEO Matt Simpson.

"More importantly, it is great to see the metallurgical test work program kick-off with the first composite sample assembled and second one selected."

The company said that with 5,100 metres out of a target 7,500 metres drilled, it is on track to complete its twin drill program by late June, after which it will use the drills to explore Shymanivske's north extent, with the aim of further increasing the resource.

The project contains an NI 43-101 compliant resource of 345 million tonnes of measured and indicated resources grading 32% iron, and 469 million tonnes of inferred resources grading 31% iron.

The property, located 330 kilometres southeast from Kiev, is surrounded by five other operating mines, including steel giant ArcelorMittal's iron ore complex, giving it access to existing infrastructure like access to power and rail and port facilities.

Toronto-based Black Iron’s second iron ore project is the Zelenivske deposit, located a few kilometres south of the Shymanivske property.

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