The Kerry Stokes-controlled Iron Ore Holdings continues to blitz the market with news of new iron ore finds or upgrades.
Four announcements of new discoveries or improved results (including one for mining leases for the Phil’s Creek deposit, due to start producing towards the end of this year) have been made since January 13.
Mr Stokes owns 51% of the small explorer and soon-to-be minor miner.
The shares have risen tenfold in the past year and on Monday the company was valued at more than $280 million.
In fact a year ago, they were trading at just 26 cents.
The shares closed up 6c on Monday at $2.37.
An announcement on January 15 revealed new drilling results indicated a "major iron ore deposit" at the IOH’s Fingers tenements in the Pilbara region of Western Australia.
These are close to major operations of incumbent producers Rio Tinto and BHP Billiton.
The news saw IOH shares jump 14.13% to $2.10.
They have risen by more than 10% since then.
On Monday the company said well after trading closed that drilling at its Hidden Valley deposit "have confirmed the width and tenor of mineralisation, and extends the known iron ore to a depth of 300 metres below surface.
"Major intersection widths of up to 88 metres @ 64%Fe have been identified in these results.
"The deepest mineralisation intersected to date (In Hole 198), finished in 63% Fe. This area will be targeted for deeper drilling in the new drilling program.
"These results highlight the potential to increase the current 191 Million tonne JORC Mineral Resource at Iron Valley.
"The continuation of the aggressive exploration and resource development drilling campaign at Iron Valley is scheduled to commence in early February, with the arrival of two diamond core drilling rigs and two RC drilling rigs on site," the company said.
"The drilling campaign will target these deep extensions of mineralisation along with other recently discovered zones of mineralisation in the north east and southern areas of the project.
"Detailed geological modelling incorporating this new data has commenced, and will continue to develop in conjunction with this new drilling campaign.
"The Company’s JORC Mineral Resource at all projects currently stands at 253 million tonnes (173.6 million tonnes Indicated and 79.8 million tonnes Inferred) with drilling programs ongoing.
"This will be added to in the coming months by the expected announcements of JORC resources at IOH’s Lamb Creek, Koodaideri South and Buckland Hills projects as well as an update to the Iron Valley resource."
Iron Ore says it has put together a "portfolio of high-quality iron ore projects within its Central Pilbara, Buckland Hills and Maitland River tenements in the Pilbara region of Western Australia.
"The Company’s Projects are all located within close proximity to existing infrastructure.
"Successes to date include a formal mine gate sales agreement with Rio Tinto for up to 1.5Mtpa of ore from the Phil’s Creek Project which is on target to commence production in late 2010. Mining leases for the development of Phil’s Creek have recently been granted and the mining proposal has been submitted for approval.
"IOH has also entered an exclusive 6 month negotiating period with Rio Tinto for the possible sale of its Iron Valley deposit which has a JORC Indicated and Inferred resource of 191.5Mt (111.7Mt Indicated and 79.8Mt Inferred).
"The Company intends to continue drilling at Iron Valley to ensure that the full potential of the project is realised.
"Announcements of further JORC Mineral Resources are expected at a number of projects within the first quarter of 2010. Once Iron Valley is finalised, exploration focus will return to follow up these other projects with the intent of further extending the resources."
