Forrestania (ASX:FRS) confirms ferric finish to MinRes-adjacent operations

Forrestania Resources has quickly confirmed iron grades and hematite prospectivity across more than six kilometres of southern target strike at its recently acquired Mineral Resources-adjacent Koolyanobbing project in Western Australia.

Rock chip results up to 62 per cent of the target iron minerals demonstrated outcropping precursor rocks with surface hematite, consistent with the long-productive region’s geological setting and backing higher grades at depth.

Lab analysis confirmed iron grades and X-Ray diffraction validated hematite-dominated formations over the highest priority targets.

“Laboratory results from rock chip sampling programs over the Kooly Fe South target area are very encouraging, confirming the presence of hematite and goethite,” Forrestania Chairman John Hannaford said.

“These results support our targeting methodology and align with our geological expectations.”

Perth-based Forrestania signed a deal with privately owned Netley Minerals to explore its iron ore mining rights immediately next to Mineral Resources (ASX:MIN) operations and has a three-month option period to test seven high-priority targets.

The targets all sit across the combined 30 kilometres of banded iron formation strike at the project, which remains essentially unexplored for all commodities but iron.

But ferrum will be the obvious focus through the option period, given the adjacent success Mineral Resources had since it took over ownership of the Koolyanobbing operation in 2018.

Iron is largely an infrastructure game, and any discovery would likely be well served by that already in place for its major neighbour.

Forrestania will be working alongside Netley to get to drilling the major hematite targets soon and see if the cores stack up to early exploration for a full acquisition.

While gloom over the Chinese economy has some predicting an iron ore price dip, it has yet to really show on the ledger, and the commodity remains trading well over the US$110 mark.

Economists are more confident than the Australian Treasury that prices will remain aloft, and while exponential growth out of China might be in the past, incremental growth and resultant steel demand remains a huge input.

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