Nkout Resource Update16 Jun 2011 08:27
16 June, 2011
Nkout Resource Increases by 36% to 1.42 Billion Tonnes with 50% as Indicated status
Total Nkout resource grows by 36% to 1.42Bt at 33.6% Fe after less than four months since maiden resource estimate
700Mt of magnetite banded iron formation (BIF), representing 50% of the resource, promoted to indicated category at Nkout Centre
Estimate now covers a 5.9km section of a 20km long magnetic anomaly
Recent holes to date include:
o NKGS018 44.1m at 60.9% Fe of potential direct shipping ore (DSO) material
o NKDD022 >500m of visual mineralisation intercepted, assays pending
2011 drilling campaign now expected to exceed 35,000m with 8,500m completed in included in the updated resource
Further resource estimate to include oxidised zone drilling expected in September
Luis da Silva, Chief Executive of Afferro, commented:
"This is tremendous progress as the Company targets an increased drilling rate to simultaneously target the potential DSO oxidised material as well as the BIF. This new estimate and upgrade of mineral resource category from inferred to indicated comes after just three and half months of work since the maiden MRE was released and is a testament to the hard work of the team on the ground. Subsequent resource estimates later this year are expected to show an increase in the resource whilst identifying further oxidised material. "
http://www.investegate.co.uk/Article.aspx?id=201106160700095318I