Atlas Iron Limited
(ASX:AGO) shares are firming in early trade after the announcement of excellent drilling results from maiden exploration of its Corunna Downs project in Western Australia.
The iron ore miner has identified alumina and phosphorous in several drilling areas, components which compliment its existing shipping product.
Managing Director Ken Brinsden described the first round of results as spectacular, saying he is looking forward to seeing the remaining assays from the first pass drilling.
Atlas has a second exploration team in the field at its nearby Pardoo operation.
Atlas Iron reported a net loss of $256 million in the first half of the current financial year.
