The Clear Hills Properties
Through an exclusive agreement, Ironstone will earn an interest ranging from 40% to 60% on 15 metallic and industrial permits and leases in the Clear Hills.
Encompassing over 200,000 acres, the properties have an historical estimate of over 1.2 billion tons of iron ore ranging up to 45% iron concentration at the top of the ore body.
An Alberta forestry road, known as the Notikewin Tower Road, is located north of Hines Creek. Ironstone has an airstrip, a campsite and 15 kms of road close to its Rambling Creek and North Whitemud properties.
The focus of the company’s Winter 2008 Program was to determine measured resources on the Rambling Creek lease containing approximately 205 million tons of iron ore. The company is currently sampling iron in over 1,265 of recovered core, with lab results expected in the summer of 2008.
The company plans to follow up in the fall of 2008 with a program to drill and earn on the N. Whitemud permit which holds the potential of adding a further 680 million tons of measured iron resources. Through continued assessment work amounting to a total of approximately $10M, Ironstone Resources will hold an approximate 50% working interest in all of the lands.
The Clear Hills properties under agreement to Ironstone are notable for having relatively thin overburden and low stripping ratios, thereby making these properties optimal and economical for open pit mining.
Clear Hills Land Map
Rambling Creek
The Rambling Creek “B” iron ore deposit was extensively drilled from 1958 through 1962. A “proven” reserve of 201 million tons of iron is estimated based on the results of 115 drill holes.
North Whitemud Creek
The Whitemud “C” block has “probable” reserves estimated to be 684 million tons of iron ore by Bertram & Mellon. Ironstone is planning to delineate drill this block commencing in the Fall 2008.
South Whitemud Creek
The South Whitemud “D” deposit is not well defined. It extends to the south and east of Rambling Creek “B” and Whitemud “C”. Iron reserves of 205 million tons were deemed “possible” by Bertram & Mellon.
Eureka River
The Eureka River block is 15 kilometres northeast of Fairview where known iron outcrops with gold occurrences. There are currently no resource estimates on this block.
Worsley
The Worsley “A” deposit is estimated to have 34 million tons of “probable” and “possible” reserves.
Smoky River
Ironstone is currently finalizing its option agreement on the 36 square mile Smoky River block.
