Forrestania Completes Koolyanobbing Iron Ore Drilling Program

Forrestania Resources Limited has successfully completed its initial reverse circulation drilling program at its Koolyanobbing Fe project in Western Australia. The company targeted several exploration prospects, drilling a total of 687 meters across nine RC holes. These efforts were focused on assessing the potential for iron ore mineralization in close proximity to Mineral Resources Limited's Koolyanobbing mine. The results of this drilling program will provide valuable insights into the project's potential for future development.

The RC drilling program at the Koolyanobbing Fe project has achieved significant milestones, completing nine holes for a total of 687 meters. The standout result from the campaign is hole KFC0007, which intersected 2 meters at 44.6% Fe, with Banded Iron Formation (BIF), hematite, and goethite identified at a depth of 101 meters to the end of the hole.

The RC drilling program conducted by Netley Minerals at its Koolyanobbing exploration targets focused on evaluating multiple iron ore (Fe) prospects. Drilling at Kooly Fe South (holes KFC0001 - 0005) yielded only low-level iron results. In contrast, the drilling at Kooly Fe NW (holes KFC0006 – 0009) produced more promising outcomes, with the best result being 2 meters at 44.6% Fe to the end of hole (EOH). This indicates that the Kooly Fe NW targets hold more potential compared to the Kooly Fe South area.

Chairman and Interim CEO John Hannaford provided insight into the Koolyanobbing Fe (Netley) project, highlighting its potential due to several large, previously untested iron ore targets. Forrestania, which has signed an option to acquire the project, has embarked on a targeted drilling program. This program, which has proceeded with necessary heritage approvals and permits, focused on the main iron ore targets. The drilling, conducted in collaboration with the vendors' representatives, yielded promising results, particularly at the NW target. However, these results require further scrutiny. Given the NW target's proximity to the MinRes Koolyanobbing mine, Forrestania plans to enhance its assessment of these findings using geophysical methods and other data before deciding on additional drilling.

In May 2024, Forrestania entered into an option agreement to acquire Netley Minerals Pty Ltd, which controls a key tenement in the Yilgarn region known for its iron ore potential, as well as the rights to mine iron ore on three adjacent tenements that together form the Koolyanobbing Fe Project (KFP). Forrestania has committed to undertaking a drilling program to assess the iron ore prospects of specific targets identified by Netley. This exploratory initiative is designed to provide valuable insights into the potential iron ore reserves in the targets.

The Forrestania Project is in the southern Forrestania Greenstone Belt, covering an area of approximately 100 kilometers. This region includes various metamorphosed mafic, ultramafic, and volcano-sedimentary rocks and is home to significant deposits such as the Mt Holland lithium mine (189 million tonnes at 1.5% Li2O), the historic 1 million-ounce Bounty gold deposit, and the operational Flying Fox and Spotted Quoll nickel mines.