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High grade iron drill results - Malelane
High grade iron drill results - Malelane.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1214L Ferrex PLC 27 July 2011 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n27 July 2011\n \nFerrex plc ('Ferrex' or 'the Company')\nAdditional High Grade Intercept Returned in First Drilling at the Malelane Iron Ore Project, South Africa\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, announces further positive results from the maiden drilling programme at its Malelane Iron Ore Project ('Malelane' or 'the Project') located in the Mpumalanga Province of South Africa. All assay results from the drilling programme have now been received.\n \nHighlights\n· Near surface high grade iron ore highlights the potential for Malelane to contain direct shipping ore ('DSO')\n· High grade iron ore intercept returned: \no Hole SPRC02: 14m @ 55% Fe (individual samples to 62% Fe) from surface\no Hole SPRC01: 16m @ 60% Fe (individual samples to 63% Fe) from surface - as previously announced\n· Wide intervals of iron mineralisation \no Hole SPRC02: 94m @ 38% Fe from 24m\no Hole SPRC06: 200m @ 34% Fe from surface to the end of hole\n· Exploration target (as defined in the JORC code) of between 775 and 930Mt at 34-36% Fe - calculated by Coffey Mining in early 2011\n· Intention to define a maiden JORC compliant resource by Q1 2012\n \nFerrex CEO Mr. Dave Reeves said, \"In addition to significant widths of iron mineralisation, we intersected near surface high grade iron ore in the vicinity of the historical mine workings, which highlights the potential for Malelane to host DSO. A larger drill programme to investigate the area of high grade mineralisation, extensions of the northern banded iron formation, and an initial portion of the southern BIF horizons will follow up on these highly encouraging initial results with the aim of delineating a maiden JORC compliant resource by Q1 2012.\"\n \nFerrex has completed a reconnaissance drilling programme, comprising seven Reverse Circulation ('RC') holes for a total of 920m to investigate a section of the northern banded iron formation ('BIF') in the vicinity of the historical mine workings at Malelane. ...