A significant new iron ore deposit has been discovered in the Grants Iron Ore Basin near Broken Hill, Adelaide company Havilah Resources says.
The size of the deposit is still to be determined but technical director Chris Giles says exploration holes have revealed a thick and relatively shallow iron formation.
"The beauty is that the deposit starts near the surface, lies only 11 kilometres from the Transcontinental Railway line and is just over a one hour drive from Broken Hill, which makes it uniquely favourable for development," Mr Giles said.
"At this stage, we can only guess at the potential size of the deposit, but based on the thickness of the iron formation, it is apparent that there exists significant resource potential."
The discovery came after a recent 13-hole drilling program but Havilah said its exploration had so far only covered about 25 per cent of the Grants basin.
