Business
Increased Exploration Target At Malelane
Increased Exploration Target At Malelane.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2870G Ferrex PLC 05 June 2013 \n \n\n\nClick on, or paste, the following link into your web browser to view the associated PDF document with pictures: \nhttp://www.rns-pdf.londonstockexchange.com/rns/2870G_-2013-6-4.pdf\n \n \n \nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n5 June 2013\nFerrex plc ('Ferrex' or 'the Company')\nIncreased Exploration Target Tonnes and Grade at Malelane\n \nFerrex, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce at least a 70-79% increase in its contained iron ore exploration target to 1.6billion tonnes ('bt') - 2.0bt at 28 to 30% Fe at its 74% owned 4,192 Ha Malelane Iron Ore Project ('Malelane' or 'the Project') located in the prospective Mpumalanga Province of South Africa with direct access to the port of Maputo in Mozambique.\n \nOverview\n· Independent review by the Company's consultant geologist has increased the Malelane Exploration Target* from 775 -930Mt at 34-36% to 1.6bt to 2.0bt at 28-30 % Fe.*\n· Exploration Target contains a higher grade portion that contains 900Mt to 1.2Bt at 36 - 38% Fe at a 20% Fe cut-off\n· New target based on applying geological model from drilling across three mapped Banded Iron Formation outline which extends for 14km across 300m widths at Malelane\n· Significant potential to increase current Inferred JORC code compliant resource of 139Mt at 37% in the long-term (resource only covers 1.1km of 14km BIF strike)\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 (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 Resource.\n \nFerrex Managing Director, Dave Reeves said: \"We are delighted to report this significant increase in the Exploration Target for Malelane which supports our long-term view that the project potentially contains a significant large-scale iron-ore resource. In line with our strategy of developing assets which are close to infrastructure that have near-term production potential and in-...