31st Oct 2013 14:15
LONDON (Alliance News) - West African Minerals Corp Thursday said latest drilling tests at its Cameroon Iron site have given the company a better understanding of the site and suggest a substantial resource near the surface.
It said the Block 2 inferred mineral resource at the site in south-east Cameroon is estimated to have 35.4 million tonnes at 29.5% iron, which includes a higher grade portion comprising 2.6 million tonnes at 37.4% iron.
In a drilling update, the iron ore mining and exploration company said the project is now estimated at 11.5 million tonnes at 30% iron, including 15.6 million at 40.7%.
To date the resources of Blocks 1 and 2 extend from surface to depths of 100 to 150 metres below surface remains open along strike to the southeast, it added.
"The Block 2 results further enhance the value of the South Djadom resource, building the overall picture of a substantial near-surface resource in this part of Cameroon," West African Minerals President Brad Mills said in a statement.
"We have now moved the focus of our exploration program back to our near-coastal Binga lease with infill core and RC drilling of targets identified in 2012 by widely-spaced scout drilling. The goal of this work is to identify the continuity and grade of the mineralisation on this portion of our leasehold in preparation for more detailed economic evaluation in 2014," he added.
West African Minerals said it is also preparing the large untested geophysical anomalies on its North Djadom and Lele leases with surface sampling, mapping and geophysics in preparation for drill testing in 2014.
West African Minerals shares last traded at 1.80 pence a share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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