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High Grade Iron Ore Intersected at Mebaga, Gabon
High Grade Iron Ore Intersected at Mebaga, Gabon.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8339I Ferrex PLC 09 July 2013 \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n9 July 2013\nFerrex plc ('Ferrex' or 'the Company')\nDrill holes intersect high grade iron ore at Mebaga Iron Ore Project in Gabon\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce an update from its 3,000m drilling programme at its 309 sq km Mebaga DSO Iron Ore Project in northern Gabon.\n \nOverview\n· First three drill holes from the on-going 23 hole 3,000m drilling programme have intersected visually high grade iron ore mineralisation1\n· Intersected enriched iron to a depth of 50m in hole NGDH003 - highlights potential for the Mebaga deposit to hold significant iron ore grades at depth\n· Expediting core cutting and assaying from the drill programme - JORC Code compliant resource statement on track for H2 2013\n· Assay results received for 28 rock samples collected at Mebaga in January, highest reported iron value of 67.51%\n· Exploration Target2 for DSO material of 20Mt @ 60% Fe based on historic work undertaken by BRGM, with pits dug to a depth of 29.4m over a strike length of 1.8km (less than 10% of the identified 20km strike length of banded iron formation at Mebaga)\n· Ferrex assessing magnetic data, geological mapping, sampling and drill information from 3,000m programme with a view to increasing the Exploration Target to include the identified 20km strike of banded iron formation (BIF) at Mebaga\n· Excellent infrastructure in place - 30km from a sealed highway, 100km north of the Trans-Gabon railway\n \n1 Mineralisation intersected in drilling is similar in appearance to high grade mineralisation in assayed rock samples; similar high grade results are expected to be reported for core samples. \n2The 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 (2004) Code. The nature of an Exploration Target is such that it is uncertain if further exploration will result in the determination of a Mineral Resou...