Investors in iron ore developer, Accent Resources (ASX: ACS) had a very satisfying day as the share price rocketed 80% at one stage to 27 cents, before settling at 22 cents. A tidy day's gain of 47% on turnover of 4 million shares.
Core drilling at Accent's Magnetite Range Project, located in the Mid West of Western Australia has intersected a 255 metre downhole length of magnetite banded iron formation (BIf). This was observed in core drillhole MDG021 between 61 and 316 metres down‐hole.
This translates into a true thickness of approximately 150 metres. With assays pending, this would provide Accent with significant encouragement as it moves the project to pre-feasibility study.
It may also confirm the wide magnetic anomaly in the southern part of the project. Previous drilling on the northern parts of the project has intersected thicknesses approximately half of that shown by this latest result. The presence of thicker BIF in the south adds to the tonnage potential for the project.
Access has three drilling rigs now operating at the project after delays due to seasonal rainfall. These are continuing the Resource drilling program.
There will also be some exploration for haematite DSO mineralisation in the southern parts of the project area, after Accent noticed some evidence of haematitic alteration in the upper parts of some drillholes.
So it is not surprising that Accent intends to up the tempo at the 100 per cent owned Magnetite Range project.
When it is considered that extensive magnetite banded iron formation is more than 10 kilometres in strike extent; contains high quality coarse magnetite that is readily recovered by conventional processing and remains open at depth - the increase in the share price is understandable.