Carpentaria Exploration (ASX:CAP) has announced it has started the water bore drill program with two rigs. The target of the drill program is to find sources of water, determine the flow rate and check if the water supply is sufficient for its Hawsons iron ore project which is approximately 80km to the north-northwest of the water bore field. Drilling will continue for approximately two months, and it will be extremely important for the development of the Hawsons iron project.
Carpentaria aims to develop its large Hawsons Iron project in Australia, which should produce 220 million tonnes of high-grade iron ore concentrate (at an average grade of 69.9%Fe). On top of that, the project has an additional exploration target which could lead to a total production of 1 billion tonnes of concentrate.
> Click here to read the press release (pdf)
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