Hot Features
Premium
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
Rock samples return DSO iron grades at Mebaga Iron Ore Project in Gabon
Ferrex plc, an AIM quoted iron ore and manganese development company focused in Africa, has said that high iron values have been returned from rock samples collected as part of the mapping programme in February 2014 to increase the mineralised area at its 309 sq km Mebaga DSO Iron Ore Project in northern Gabon.
Overview:
· Assays of up to 63.6% Fe returned from 13 rock samples
· Samples taken from iron ore mineralisation exposed on the west and east ridges confirm presence of DSO grades and potential for significant tonnages within the newly mapped mineralised areas
· Drilling scheduled for H2 2014
· Exploration Target1 (estimated over 11km of 19km BIF strike) totals 630 – 1,050Mt @ 25 – 65% Fe, including 90 to 150Mt @ 35 – 65% Fe oxide (weathered)
· Outstanding conditions precedent for execution of Anglo/Kumba deal progressing
The potential quality and quantity is conceptual in nature and there has been insufficient work completed at present to define a Mineral Resource in this area under the JORC (2004) Code. The nature of an Exploration Target is such that it is uncertain if further exploration will result in the determination of a Mineral Resource.
Ferrex Managing Director Mr. Dave Reeves said, “At the beginning of the year we were delighted to report that mapping activities undertaken in February 2014 had discovered two new areas of high grade iron ore mineralisation at Mebaga, 7km east and 3km west of the area we drilled in 2013. The assay results from rock samples taken from these areas confirm the potential for additional extensive significant DSO grade iron ore mineralisation within the licence area.
“Looking ahead for the project, the next drill campaign, which will target extensions to the previously defined mineralisation and the west ridge, is expected to commence in early Q3 2014. In addition, we have recently received approval from the Gabon Ministry of Economy for the proposed Anglo American and Kumba transaction and believe that due diligence on this transaction is entering its final stages.”
