Business
Gabon Iron Ore Project Update
Gabon Iron Ore Project Update.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8441C Ferrex PLC 22 April 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n22 April 2013\nFerrex plc ('Ferrex' or 'the Company')\nGabon Iron Ore Project Update\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to provide a positive update on activities at its 309 sq km Mebaga DSO Iron Ore Project in northern Gabon.\n \nOverview\n· Drill contract signed with Geoserve with two in-country rigs to be mobilised on site immediately to test the main 1.8km zone of iron ore mineralisation at the Mebaga deposit to depths of 250m (exploration target* of 20Mt @ 60% iron ('Fe'))\n· Targeting a maiden JORC resource in H2 2013 - initial drilling campaign expected to take two to three months\n· Regional magnetic data have been acquired, with processing and interpretation complete\n\n· Significant project upside potential - magnetic images emphasise that the Mebaga trend incorporates the most extensive outcropping of banded iron formation ('BIF') horizon in northern Gabon outside of the Belinga trend - images suggest that approximately 80% of the BIF horizon lies within Ferrex's Mebaga concession.\n· Camp now operational, and secured a new local geologist (ex-SAMANCOR) employed as country and project manager\n· Excellent infrastructure in place - 30km from a sealed highway, 100km north of the Trans-Gabon railway\n \n\n*The potential quality and quantity is conceptual in nature and there has been insufficient work completed at present to define a Mineral Resource in this area under the JORC (2012) Code. The nature of an Exploration Target is such that it is uncertain if further exploration will result in the determination of a Mineral Resource.\n \nFerrex Managing Director Mr. Dave Reeves said, \"We have been highly active since acquiring the Mebaga DSO iron project in January 2013 having already announced the presence of DSO mineralisation with values up to 68% Fe as confirmed by Niton XRF results. The signing of the 3,000m drill contract is another significant step which will allow us to move this project forward and test the near term DSO resource potent...