Northern Iron Corp. Releases Assay Results on the Karas Property

Northern Iron Corp (TSXV:NFE) reported assay results for the third set of three drill holes on the Karas property.

The press release is quoted as saying,

The drill holes reach the southern end (footwall) of the iron formation, which is still open towards the north and at depth. Magnetite mineralization is very consistent between drill holes and shows good correlation, including 60 metres grading 40.25% Fe₂O_3.

Northern Iron’s President and CEO, Basil Botha said,

The drill program at Karas continues to show promising results and the drill team continues to run the program on schedule. One of the most important aspects for investors in Northern Iron is that we do not require a multiyear drilling program to prove up these properties. At the pace the team is going, I am confident delineation drilling at Karas will be completed by year end, which means we are still on track to complete a NI 43-101 measured and indicated resource for this property by the first quarter of 2012.

For the complete press release, click here.