There has been good news from Cameroon for Afferro Mining, as the iron ore miner's consultants have identified further potential direct shipping ore (DSO) zones at the company's Nkout project.
High grade intercepts at Nkout East indicate a potential DSO zone similar to that delineated at Nkout Centre, the company revealed. Further high-grade intersections from Nkout Centre were also identified.
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Luis da Silva, Chief Executive Officer of Afferro, described the results as "excellent", and the market seemed to agree as the shares headed higher.
"The results indicate a separate DSO zone in Nkout East, with wide intercepts grading up to 55% iron. Metallurgical testing has indicated that material with a 50% cut-off should be amenable to processing with a DSO plant," da Silva noted.
"These results, the results from assays pending and results from further drilling will be collated in an updated Mineral Resource Estimate ... which will be used as the basis for a pre-feasibility study which is to commence in the first quarter of 2013," da Silva added.
Afferro's portfolio includes the 100% owned Nkout, Ntem and Akonolinga iron ore projects. It also holds a 70% interest in the Ngoa project, an exploration target bordering Nkout.
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