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Drilling Programme - South Africa Iron Ore Project
Drilling Programme - South Africa Iron Ore Project.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2030J Ferrex PLC 10 June 2014 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n10 June 2014\nFerrex plc ('Ferrex' or 'the Company')\nContract Signed for Drilling Programme to Increase Mineral Resource at Malelane Iron Ore Project in South Africa\n \nFerrex plc, the AIM quoted iron ore and manganese development company in Africa is pleased to announce it has signed a contract, on a part equity payment basis, to complete a minimum 1,200m drilling programme at the Malelane Iron Ore Project in South Africa. The drilling programme, due to commence in July 2014, is aimed at increasing the current Inferred Resource of 139Mt at 37% Fe. To view this release with maps and illustrations please see the following link.\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/2030J_-2014-6-9.pdf\n \nHighlights:\n· 1,200m to 1,600m diamond drill programme to be completed on the southern banded iron formation ('BIF') adjacent to historic mine workings\n· Current Inferred Resource only defined over 1.5km of a 14km BIF strike at Malelane \n· New drill campaign aimed at increasing and proving up an additional resource in the southern target area (3km BIF strike) and will assist in Pre-Feasibility Study planning (see figure 1)\n· Total Exploration Target at Malelane of 1.6 to 2.0Bt at 28-30% Fe\n· Scoping study based on current resource has detailed robust economics for an initial 1.8Mtpa open pit, low strip ratio operation with a 57% Fe product over a 16.6 year LOM\n· FRX to pay approx 35% of the drill cost in cash with 65% of the drill cost being paid in Ferrex shares\n \nFerrex Managing Director Mr. Dave Reeves said, \"I am pleased to announce the commencement of the drilling programme at Malelane, which should see us increase the resource at this project where the previously completed Scoping Study showed positive economic results. This new exploration programme has been facilitated by the drilling contractor, who understands the tight capital markets in which we operate and suggested the proposed payment system. We aim to use this as the base case for potential co-operation wi...