Sunday, 25 Dec 2011
Iron ore miner Afferro Mining has filed a technical report which is compliant with the NI43-101 standard on its Nkout project in Cameroon. Investors welcomed the news as shares in the company rose 3% to trade at 53 pence in early deals valuing the company at GBP 55.1 million.
The latest NI43-101 compliant report on Nkout which was unveiled in November showed a 41% increase in the total resource to 2 billion tonnes grading 32.2 iron. Afferro said that the new resource includes a 70% increase in tonnage of high-grade, potential direct shipping ore. The project is now estimated to contain 18.5 million tonnes of direct shipping ore.
The DSO grades have improved from 58.7% to 60.3%. In addition, 944 million tonnes of magnetite banded iron formation was upgraded to the indicated category representing 47% of the mineral resource estimate.
The company noted that the MRE now covers an 8.9 kilometre section of a 20 km long magnetic anomaly. Afferro continues its drilling program at Nkout to further define high grade zones and add additional tonnage at depth.
(sourced from Proactiveinvestors.co.uk)
Iron ore miner Afferro Mining has filed a technical report which is compliant with the NI43-101 standard on its Nkout project in Cameroon. Investors welcomed the news as shares in the company rose 3% to trade at 53 pence in early deals valuing the company at GBP 55.1 million.
The latest NI43-101 compliant report on Nkout which was unveiled in November showed a 41% increase in the total resource to 2 billion tonnes grading 32.2 iron. Afferro said that the new resource includes a 70% increase in tonnage of high-grade, potential direct shipping ore. The project is now estimated to contain 18.5 million tonnes of direct shipping ore.
The DSO grades have improved from 58.7% to 60.3%. In addition, 944 million tonnes of magnetite banded iron formation was upgraded to the indicated category representing 47% of the mineral resource estimate.
The company noted that the MRE now covers an 8.9 kilometre section of a 20 km long magnetic anomaly. Afferro continues its drilling program at Nkout to further define high grade zones and add additional tonnage at depth.
(sourced from Proactiveinvestors.co.uk)
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