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.
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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.
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