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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
RD
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
