LONDON (Alliance News) - Shares in West African Minerals Corp jumped early Tuesday after the company unveiled a set of positive results from its South Sanaga licence in coastal Cameroon and from its Madina licence in Sierra Leone.
Shares in the company were up 24.4% to 5.6 pence in early trade, making it the best performer on the AIM All-Share index.
West African said reconnaissance drilling at the South Sanaga licence intersected multiple magnetite gneiss package, with the grades and thicknesses sufficient to start a second drilling programme in order to deliver a maiden mineral resource estimate. It expects to issue the maiden estimate in early 2015.
The company said the preliminary metallurgical test work carried out at the site showed concentrates with iron grades of around 69%.
In addition, the company said assay results from its Madina licence in Sierra Leone have been received from the trenching programme, confirming the exploration target.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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