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Message: Contracts With Geophysicist to Better Define Additional Iron Resource
| December 30, 2008 |
| Palladon Contracts With Geophysicist to Better Define Additional Iron Resource |
| SALT LAKE CITY, UTAH--(Marketwire - Dec. 30, 2008) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) through its subsidiary, Palladon Iron Corporation ("PIC") is pleased to announce that it is contracting with a geophysicist to model high resolution aeromagnetic data acquired during the recent airborne magnetic survey. The survey was conducted this fall over an area of approximately 24 square miles at Palladon's Iron Mountain property in southern Utah. The data defined several pronounced, high relief magnetic anomalies, which led to the acquisition of new property that was recently announced by the Company. Preliminary 3-D modeling by the geological staff has produced a magnetic relief model of the entire Iron Mountain district, but more detailed modeling will be required to better define the total size of the resource. Phase 1 of the modeling project will estimate the total iron resource of the Iron Mountain district at various cut-off grades. This estimate will be based on data acquired by the survey that was flown on a 200 x 200-meter grid over the entire district. All the deposits in the Iron Mountain district are primarily magnetite in composition and each produces a highly anomalous magnetic response based on the thickness and grade of the magnetite in the deposit. Based on historic drill hole data, known iron deposits range from 60 to 1,000 feet thick. Phase 2 of the modeling project will compare data for known iron deposits with magnetic anomalies yet to be explored. The aeromagnetic data for the known deposits will be factored by an extensive drill hole database on which historic resource estimates are based. The geological staff will utilize the results of the modeling project to formulate drill plans that will better define the iron resources. This will allow us to upgrade the historic resources into reserves and make the entire project NI43-101 compliant. "There is significant upside potential for iron resources in the Iron Mountain district," stated Rick H. Russell, Chief Geologist for Palladon Iron. "This modeling project is the next step in the development of additional iron resources for the Company." On Behalf of the Board of Directors, Donald G. Foot, Jr., President & Chief Executive Officer |
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