IronClad agreement on Hercules

IronClad Mining Limited has secured the extension to the recently identified Hercules prospect through the signing of a Heads of Agreement with Lincoln Minerals Limited under which IFE can earn up to 80% of the rights to explore and mine Iron Ore within LML’s tenement, Exploration License (EL) 3690.

EL3690 lies immediately to the south and east of the exciting Hercules iron ore target and covers the extension of the banded iron sequence, including the synclinal fold axis structure, beneath alluvial cover.

Hercules is located 10km to the east of IronClad’s established iron resources at the Weednanna and Ultima Dam East and is some 70 km to the north west of the Middleback Ranges where iron ore has been mined for more than 100 years with current production of approximately 6.4 million tones per year of high grade iron ore products.