Coziron Resources raises AUD 3 million for iron exploration near Rio Tinto

Coziron Resources has completed a placement to sophisticated investors to raise AUD 2.5 million via issue of 125 million shares at AUD 0.02.

Proceeds from the placement will be used to fund exploration at its Yarraloola Iron Ore Project in the West Pilbara, Buddadoo Iron ore Project in the Midwest and the KingX Manganese Project in the Earaheedy Basin of Western Australia.

These projects were recently acquired from the Creasy Group which has a well-known knack for pegging prospective ground. This capital raising enables the company to commence drilling predominantly DSO targets identified over the past 12 months at Yarraloola.

This project is close to existing infrastructure and a new haul-road being developed by Iron ore Holdings which will deliver ore to the new port at Cape Preston East. The prospects have been subdivided into four categories:

Outcropping channel iron mineralisation, Palaeo channel systems, goethite haematite mineralisation associated with banded iron formation, and magnetite-rich iron formation. Targets with outcrop expression only require heritage-clearance prior to developing access for drilling.

The channel iron deposit targets are considered priority, as they are located immediately adjacent to the Rio Tinto operated Mesa A and Mesa J mine sites. The immediate plan is to generate a 1,000 meters to 2,000 meters reverse circulation program to test high priority targets in order to establish a resource base.