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.
In all, assays - metallurgical analyses - were returned from 77 diamond drill holes totalling 4,872 metres of drilling. Assays are currently outstanding from a further 108 holes, totalling 6,434 metres of drilling. The drilling programme is set to continue, with the aim of identifying further potential DSO resource at Nkout.
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
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.
JH
-
Revolut finally bags a UK banking licence – what next for the fintech?Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
-
Could Labour impose a “double death tax” of more than 50%?Speculation is mounting that capital gains tax will be reformed in the Budget - and one option is to charge bereaved families the tax on top of inheritance tax. We explain how it could work
