Shares in iron ore explorer Radar Iron have jumped following the identification of a potential five billion tonne iron ore target.
An independent geophysical study carried out by Resource Potentials has found a potential exploration target of more than five billion tonnes of iron ore mineralisation at Radar’s Johnston Range project.
Johnston, located in the central Yilgarn region in Western Australia, showed a potential target of 5.83 billion tonnes of iron at 20 to 65 per cent, and a potential magnetite target of 5.34 billion tonnes at 20 to 45 per cent.
Radar started that quantity and grade of the targets is still at the ‘conceptual’ stage.
"There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource," Radar said in a statement.
However, Radar remained optimistic, saying "this result confirms the huge potential of the Johnston Range project to host significant magnetite mineralisation."