Hercules

The Hercules Project is located on the Eurilla Dam tenement, EL 3981, approximately 15km east of the Wilcherry Hill Project. Previously known as “Ironstone Hills” due to the ironstone outcrop that gives form to the small hills, the Hercules Project is identified as large Banded Iron Formation (BIF) mineralization.

The large magnetic trend associated with these ironstone hills is clearly evident in the State aeromagnetic data. PIRSA identified the prospect in the Iron Ore Commodity Review publication in 2000 as: “Near Lake Gilles, poorly outcropping BIF…coincident with a 12km strike length, high-amplitude magnetic anomaly, untested by drilling”. The size of the magnetic anomaly and the fact that ironstone outcrops at the surface, encouraged IronClad in the exploration for a large tonnage iron ore deposit.

Prior to IronClad’s 2008 RC drilling program no serious exploration had occurred at Hercules. Before this time exploration had been limited to surface mapping and minor sampling of the outcrop. The results of 14 surface samples collected in January 2008 were encouraging enough to warrant a preliminary RC drill program commencing in late May 2008, with IronClad since drilling a total of 74 RC holes for close to 10,000 metres. Due to its early success, a diamond hole was drilled to collect preliminary metallurgical bulk samples. A maiden JORC resource was released in December 2008, only seven months after the first hole was drilled.