Zanaga Iron Ore, which owns a concession in the Republic of Congo, has revealed a significant increase in the size of its estimated resources.
Following an analysis of the ore body at what's called the Zanaga Project, the mineral resource estimate has been lifted by 57% to 6.8bn tonnes at an average grade of 32.0% Fe.
Clifford Elphick, non-executive Chairman of ZIOC, commented: "The major increase in the resource announced today is exciting as it confirms the Zanaga Iron Ore Project has the potential to become a very significant iron ore producer with one of the largest iron ore resources in Africa."
Zanaga's stock price climbed 6.8% on the news.
BS
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