14th Oct 2013 09:29
LONDON (Alliance News) - Ferrex PLC Monday said assay results for the first two holes completed from the diamond drilling programme at its Mebaga DSO iron ire project in northern Gabon had underpinned its belief that Mebaga has the potential to host a significant DSO grade iron ore resource.
It said drilling has now finished because the wet season has arrived and it will look at mobilising a small track mounted reverse circulation drill rig for next season's programme, which it believes will improve productivity and sample recovery and reduce costs. It expects the new season to start in the first half of 2014.
"In addition, we will continue with our regional mapping and look at extending our drill area from the current zone," Ferrex said in a statement.
It set out the results from the assay as follows:
Hole NGDH002 intersected1:
o From 0m to 9.66m (9.66m) @ 53.9% Fe of weathered detrital mineralisation
o From 9.66m to 25.8m (16.14m) @ 60.2% Fe of goethite-hematite mineralisation
o For a total intercept of 25.8m @ 57.8% Fe
Hole NGDH003 intersected1:
o From 10.44m to 17.9m (7.46m) @ 52.1%Fe of weathered detrital mineralisation
o From 17.9m to 28.5m (10.6m) @ 59.2% Fe of goethite-hematite mineralisation
o From 28.5m to 48.2m (19.7m) @ 50.7% Fe of friable and semi friable itabarite mineralisation
o For a total intercept of 37.76m @ 53.4% Fe
Ferrex shares were up 2.2% at 1.84 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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