Mineral exploration company Giralia Resources (GIR) rose by as much as 25% today after the company announced it had commenced a 40 hole reverse circulation (RC) drilling program at its Earaheedy iron ore project in Western Australia.
Giralia controls 100% interest in a 570 square kilometre area in the Miss Fairbairn Hills area of the northern Earaheedy Basin.
The company said Earaheedy is a "high potential iron ore province which is thought to be the second-largest accumulation of iron formulations (iron ore deposits) in Australia, containing over 500 strike kilometres of thick iron formations."
Recent rock sampling undertaken at the Miss Fairbairn Hills area confirmed high grade iron ore mineralisation, but restricted outcrop and shallow dips has meant the full extent of mineralisation was difficult to determine and Giralia said futher considerable drilling is required.
Assay results from the new RC drilling program are anticipated in late November 2007.
Shares in Giralia changed hands in high volumes with more than 4 million shares changing hands, almost ten times its average daily volume.
Giralia rose by 23 cents to close the day at $1.60.
