Afferro Mining has reported encouraging results from its Akonolinga project, an iron ore exploration programme in Cameroon, Africa.
The group identified four drill targets and discovered 50 magnetic anomalies at the site.
Surface sampling identified high grades of up to 58% iron, while pits and trenching found mineralised intersections with grades up to 55.9% iron.
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Twenty-five trial pits and one trench were excavated over prioritised magnetic anomalies to substantiate the preliminary magnetic interpretation. Iron mineralisation was encountered in the majority of the pits.
"The results from Akonolinga demonstrate the potential at the fourth of the company's iron exploration permits, as Afferro looks to create value across its portfolio of projects in Cameroon," Chief Executive Officer Luis da Silva said.
"Akonolinga demonstrates strong potential transport synergies with our flagship project, Nkout, as it lies alongside the proposed rail corridor, which Afferro intends to use for transfering iron ore from Nkout to the planned terminal at Kribi. Akonolinga provides further optionality and exploration upside."
Meanwhile, International Mining & Infrastructure Corporation purchased an additional 1.1m shares in Afferro.
Shares were up 0.59% to 85.00p at 8:50 Wednesday.
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