Business
Updated Exploration Target - Mebaga Iron Gabon
Updated Exploration Target - Mebaga Iron Gabon.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9033K Ferrex PLC 05 August 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n5 August 2013\nFerrex plc ('Ferrex' or 'the Company')\nUpdated Exploration Target for Mebaga Iron Ore Project in Gabon and Drilling Update\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that it has increased its Exploration Target at its 309 sq km Mebaga DSO* Iron Ore Project in northern Gabon.\n \nOverview\n· New Exploration Target1 of between 630Mt and 1,050Mt estimated by specialists Core Geophysics based on available geophysical data and results of reconnaissance geological mapping undertaken by Ferrex\no 90-150Mt Oxide material @ 35 to 65% Fe (grade based on rock sample assay results and historical data for samples collected from BRGM pits) - oxide material made up of DSO* and bBSO* material\no Previous Exploration Target1 that BRGM defined for DSO* material of 20Mt @ 60% Fe was generated over 1.8km of the updated oxide target; this now has 11.65km of identified strike \no 540-900Mt primary (fresh) material @ 25 to 40% Fe (grade based on rock sample assay results) \n· Significant upside potential with Exploration Target - additional 8km strike length of low intensity magnetic anomalies or demagnetised zones not included in estimate\n· 3,000m diamond drilling programme on-going with five holes completed for 393.15 metres - all holes drilled to date have intersected significant iron ore, full assay results due Q3 2013which will provide a maiden JORC compliant resource in H2 2013\n· Excellent infrastructure in place - 30km from a sealed highway, 100km north of the Trans-Gabon railway\n \nFerrex Managing Director Mr. Dave Reeves said, \"The upgrade in size of the Exploration Target is exciting and strengthens our belief in the potential of the Mebaga Iron Ore Project to host a significant DSO* deposit. Additionally, given that we consider the target figure is conservative, being based only on modelling just over half of the potential strike length of the banded iron formation ('BIF') in our licence, the potential exploration upside at the project is substantial. In light of this, we view o...