Ferrex announce Mebaga site results

PUBLISHED: 14 Oct 2013 @ 19:17 | Comments (0) |

Initial drill results return DSO grades from Mebaga Iron Ore Project in Gabon

Ferrex (LSE:FRX), an AIM quoted iron ore and manganese development company focused in Africa, has released assay results for the first two holes completed from the diamond drilling programme at its 309 sq km Mebaga DSO Iron Ore Project in northern Gabon.
Overview:
•Both holes cut mineralisation which returned DSO* grades, with a best assay of 62.7% Fe, intercepts returned low levels of deleterious elements Hole NGDH002 intersected1:
o From 0m to 9.66m (9.66m) @ 53.9% Fe of weathered detrital mineralisation
o From 9.66m to 25.8m (16.14m) @ 60.2% Fe of goethite-hematite mineralisation
o For a total intercept of 25.8m @ 57.8% Fe
•Hole NGDH003 intersected1:
o From 10.44m to 17.9m (7.46m) @ 52.1%Fe of weathered detrital mineralisation
o From 17.9m to 28.5m (10.6m) @ 59.2% Fe of goethite-hematite mineralisation
o From 28.5m to 48.2m (19.7m) @ 50.7% Fe of friable and semi friable itabarite mineralisation
o For a total intercept of 37.76m @ 53.4% Fe
•A total of nine holes have been completed, including one metallurgical hole that will be sent for initial metallurgical testwork
•Drilling programme to recommence in H1 2014 when the rainy season passes
•Exploration Target2 of 90-150Mt DSO and bBSO* oxide material grading 35 to 65% Fe (includes 20Mt @ 60% Fe in the area currently being drilled) and 540-900Mt primary (fresh) material grading 25 to 40% Fe
•Excellent infrastructure in place – 30km from a sealed highway, 100km north of the Trans-Gabon railway
Ferrex Managing Director Mr. Dave Reeves said, “These exciting first drill results underpin the Company’s belief that Mebaga has the potential to host a significant DSO grade iron ore resource. When you combine these drill results with our stated exploration target of 90mt to 150mt of oxide material which has been calculated over 11km of the 20km of the strike length of Mebaga, the very exciting upside potential that this project has to offer soon becomes evident. Based on regional experience and visual review, we believe that a simple screening/washing process will remove the bulk of any deleterious elements (silica and clay) allowing a premium grade product to be produced.
“Drilling has now finished because the wet season has arrived and we will look at mobilising a small track mounted Reverse Circulation (RC) drill rig for next season’s programme, anticipated H1 2014, which we believe will improve productivity and sample recovery and reduce costs. In addition, we will continue with our regional mapping and look at extending our drill area from the current zone. We will continue to release assay results from the completed drill programme as we receive them.”

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