AIM-listed mining company Bellzone Mining has published an update on progress at its flagship Kalia Mine Project in the Republic of Guinea, West Africa.
The company reported a 98.7% increase in tonnes and a 2.8% increase in grade for its total Oxide and Supergene banded iron formation resources from 413.9 to 822.6m tonnes at 36.8% iron content at the mine.
The total Direct Shipping Ore JORC resources were recorded as 87.5m tonnes at a grade of 54.1% 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
The Kalia Project consists of two large iron rich mineralised deposits; Kalia I at 19 kilometres in length and Kalia II at 20 kilometres in length. The project is located approximately 300km to the east of Conakry.
Glenn Baldwin, Chief executive Officer of Bellzone Mining said: "The work undertaken over the past 12 months has given us a real platform from which to develop.
"This work programme has enabled us to define a DSO resource at Kalia I and enhances our confidence in the total Oxide resource. While we always knew we had a large resource, our confidence has been increased due to the focussed work we have recently undertaken, and we are pleased to demonstrate the massive potential of this project ahead of schedule."
MF
