Shares in Cazaly Resources Ltd
(ASX:CAZ) and Vector Resources Ltd
(ASX:VEC) advanced on Monday, following news their joint venture Earaheedy Project in Western Australia had produced a major iron ore discovery.
Cazaly Resources finished the session 9.21 per cent up at $0.415, while Vector Resources surged 33.33 per cent to end the day at $0.14.
Cazaly says results from its maiden drilling program at the project include 34 meters at 54.4 per cent iron with low levels of contaminants.
The company also says while very early days, the results highlight the potential of the joint venture's portfolio to host large-scale iron ore deposits.
Cazaly Resources booked a net loss of $1.4 million in the 2010 financial year.
