Afferro Mining updates resources at Nkout iron ore project

Afferro Mining's shares rose Thursday after the company announced a "substantial" increase in indicated saprolite and magnetite resources at its Nkout iron ore project in Cameroon.

Afferro Mining's shares rose Thursday after the company announced a "substantial" increase in indicated saprolite and magnetite resources at its Nkout iron ore project in Cameroon.

The exploration and development group reported a 156% increase in direct shipping ore and high-grade saprolite indicated resource, which now stands at 64.3m tonnes.

Magnetite bearing banded iron formation (BIF) was confirmed at 1.4bn tonnes at 32% iron.

Luis da Silva, Chief Executive Officer of Afferro, said the objective of the mineral resource estimate (MRE5) for the iron ore project was to promote a substantial tonnage of oxidised resource to the indicated status in preparation of the Nkout pre-feasibility study later in the year.

"During the past three months, our efforts have been focused on further improving confidence in the resource at Nkout through in-fill drilling and extensive metallurgical test work, which started in July last year," da Silva said.

"The increased DSO and saprolite components of the resource, considered in conjunction with the potential for a strategic partner to unlock port and rail infrastructure, have further advanced Nkout and leave it well placed as a significant asset for the Cameroon mining industry."

Afferro is targeting an indicated resource of 225m tonnes direct shipping ore of saprolite and 1.7bn tonnes of magnetite BIF before year end.

Shares climbed 1.15% to 77p at 13:35.

RD

Recommended

Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022
Britain’s ten most-hated shares – w/e 1 July
Stocks and shares

Britain’s ten most-hated shares – w/e 1 July

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
4 Jul 2022
Britain’s most-bought shares w/e 1 July
Stocks and shares

Britain’s most-bought shares w/e 1 July

A look at Britain’s most-bought shares in the week ending 1 July, providing an insight into how investors are thinking and where opportunities may lie…
4 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
The income investor’s dilemma
Income investing

The income investor’s dilemma

Pay attention to dividend growth as well as initial yield when picking income trusts, says Max King.
4 Jul 2022