Ferrex signs drill contract with Geoserve

AIM-listed iron ore and manganese development company, Ferrex, has reported that a drill contract has been signed with Geoserve with two in-country rigs to be mobilised to test a 1.8km zone of iron ore mineralisation at Ferrex's Mebaga DSO Iron Ore Project in northern Gabon.

AIM-listed iron ore and manganese development company, Ferrex, has reported that a drill contract has been signed with Geoserve with two in-country rigs to be mobilised to test a 1.8km zone of iron ore mineralisation at Ferrex's Mebaga DSO Iron Ore Project in northern Gabon.

Ferrex said that it is targeting a maiden JORC resource in the second half of 2013, with the initial drilling campaign expected to take two to three months.

Regional magnetic data had been acquired, with processing and interpretation complete, the company said. Ferrex added that there was "significant project upside potential", saying that magnetic images emphasised that the Mebaga trend incorporated the "most extensive outcropping of banded iron formation horizon in northern Gabon outside of the Belinga trend".

Dave Reeves, Managing Director of Ferrex, said: "The processing of regional magnetic data is another milestone. Our technical team is confident that there are additional areas of high grade iron mineralisation to be found in the Mebaga trend."

He added: "In addition magnetic images emphasise that we hold 80% of the Mebaga trend, which looks to be the most extensive in northern Gabon outside of the Belinga trend. With these developments in mind I look forward to reporting on further positive results as the exploration programme at Mebaga progresses on a number of fronts."

Ferrex has an 82% interest in the DSO Mebaga iron ore deposit in Gabon, West Africa through its holding in Gabonese holding company Ressources Equatoriales SARL.

The project, which has an exploration target of 20Mt (million tonnes) at 60% iron, is located in an extensive high grade iron ore province which extends from Gabon into the Republic of Congo and Cameroon.

Ferrex's share price was up 0.73% to 1.38p at 11:19 on Monday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021