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Resource Drilling Underway - Malelane Iron Project
Resource Drilling Underway - Malelane Iron Project.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1793O Ferrex PLC 14 September 2011 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n14 September 2011\nFerrex plc ('Ferrex' or 'the Company')\nResource Drilling Commences at the Malelane Iron Ore Project, South Africa\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that resource drilling has commenced at its Malelane Iron Ore Project ('Malelane' or 'the Project') located in the prospective Mpumalanga Province of South Africa.\n \nOverview\n· 2,700m diamond drilling programme commenced at Malelane - aim to delineate a maiden JORC compliant resource in Q1 2012\n· Drilling to follow-up previously intersected high grade iron ore mineralisation (including 16m at 60% iron ('Fe') and 14m at 55% Fe - potential for Direct Shipping Ore ('DSO')\n· Resource drilling will also test the northern banded iron formation ('BIF') where previous intercepts of 212m at 37% Fe and 200m at 34% Fe were recorded\n· Exploration target (as defined in the JORC code) of between 775 and 930Mt at 34-36% Fe calculated by Coffey Mining in Q1 2011\n· Project located 6km from a direct rail link to the port of Maputo in Mozambique 175km away \n \nFerrex Managing Director Mr. Dave Reeves said, \"This programme, designed to delineate a maiden JORC compliant resource in Q1 2012, follows a successful drilling campaign earlier in the year, which yielded high grade intersections including 16m at 60% Fe, highlighting Malelane's DSO potential. The drilling campaign forms part of a larger exploration programme which should allow resources to be defined over both the high grade zones and the main deposit enabling rapid assessment of the economic potential of the Project. With an overall exploration target of 775-930Mt at 34-36% Fe we look forward to fast-tracking the development of this project with a view to early production.\" \n \nSystematic exploration undertaken by Ferrex since 2008 has identified a significant and potentially beneficiable iron ore deposit hosted in three distinct BIF horizons (northern, central and southern). The BIF horizons range up to 300m wide and have a c...