Reported that a detailed low level airborne magnetic survey succeeded in identifying magnetic anomalies presumably generated by titaniferous magnetite units. It has also received preliminary assays results from the reconnaissance field survey conducted in the previous quarter. Best results go up to 54.42% Fe and 18.5% TiO2.
During the Quarter ended December 2007, planning commenced for a scout RC drilling program aimed at outlining and delineating a mineral resource.
October 31, 2007
Ground reconnaissance was undertaken over Prime’s magnetic targets which are interpreted to be extensions, or repetitions, of the existing Barrambie deposit. Twenty seven samples were collected of which seventeen are vanadium, titanium and iron samples and five are for gold. Assay results are awaited.
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