Business
Afferro Mining Inc. - Substantial Increase in Indicated Saprolite and Magnetite Resource at Nkout
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES....
About this update from Affinity Metals Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US\n NEWS WIRE SERVICES./\n\n\nTSX-V: AFFAIM: AFF\n\n\nLONDON, UK, May 30, 2013 /CNW/ - Afferro Mining Inc. (\"Afferro\" or the\n \"Company\"), the exploration and development company focused on iron ore\n in Cameroon, is pleased to announce an updated National Instrument\n 43-101 (\"NI 43-101\") compliant Mineral Resource Estimate (\"MRE5\") for\n the Nkout Iron Ore Project (\"Nkout\").  This Mineral Resource Estimate\n supersedes that previously announced on 29 June 2012 (\"MRE4\").\n\n\nHighlights:\n\n\nIncrease of 156% of the direct shipping ore (\"DSO\") and high-grade\n saprolite Indicated resource, which now stands at 64.3 million tonnes\n (\"Mt\") at 54.5% iron (\"Fe\"):\n\n\nPreviously announced metallurgical test work demonstrates that this\n grade material can be beneficiated to a premium grade material\n\n\n85.7 Mt at 39.1% Fe of oxidised banded iron formation (\"BIF\") resource\n (Zone 130) re-classified as Indicated resource\n\n\nMagnetite BIF Indicated resource confirmed at 1.4 Bt Mt at 32.0% Fe\n\n\nFurther MRE before year end targeting an Indicated resource of 225 Mt\n DSO/saprolite and 1.7 Bt Magnetite BIF\n\n\n\n\n\nTable 1: Change in DSO/high-grade saprolite Indicated resource from MRE4\n to MRE5\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nMRE5\n\n\n \n\n\nMRE4\n\n\n \n\n\nIncrease in\ntonnage\n\n\n \n\n\n \n\n\nFe (Mt)\n\n\nFe (%)\n\n\nFe (Mt)\n\n\nFe (%)\n\n\nZone 110\n\n\noxidised, >55% Fe\n\n\n19.9\n\n\n60.6\n\n\n16.7\n\n\n60.5\n\n\n19%\n\n\nZone 120*\n\n\noxidised, 45% to 55% Fe\n\n\n44.5\n\n\n51.8\n\n\n8.4\n\n\n52.0\n\n\n429%\n\n\nTOTAL\n\n\n \n\n\n64.3\n\n\n54.5\n\n\n25.1\n\n\n57.7\n\n\n156%\n\n\n*Zone 120 covers material graded from 45% to 55% Fe in MRE5, but only\n 50% to 55% Fe in MRE4\n\n\n\n\n\nLuis da Silva, Chief Executive Officer of Afferro, commented:\n\n\n\"The objective of MRE5 was to promote a substantial tonnage of oxidised\n resource to the Indicated status in anticipation of the Nkout PFS later\n in the year. \n\n\nDuring the past three months, our efforts have been focused on further\n improving confidence in the resource at Nkout through in-fill drilling\n and extensive metallurgical test work, w...