27th May 2014 09:10
LONDON (Alliance News) - Ferrex PLC Tuesday said high iron values have been returned from rock samples collected as part of a mapping programme in February to increase the mineralised area at its 309 square kilometres Mebaga direct shipping iron ore project in northern Gabon.
The exploration and development company, with iron ore and manganese deposits in Africa, said assays from 13 rock samples returned grades of up 63.6% iron. The samples were taken from the west and east ridges of Mebaga and confirm the potential for "significant tonnages" within the newly mapped mineralised areas.
Ferrex said drilling to confirm these early results is planned for the second half of the year.
"Looking ahead for the project, the next drill campaign, which will target extensions to the previously defined mineralisation and the west ridge, is expected to commence in the third quarter 2014," Managing Director Dave Reeves said in a statement.
"In addition, we have recently received approval from the Gabon Ministry of Economy for the proposed Anglo American and Kumba transaction and believe that due diligence on this transaction is entering its final stages," he added.
Ferrex shares were quoted up 13% at 1.80 pence Tuesday morning, making it one of the biggest gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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