Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Sable Mining Africa (LSE:SBLM), an AIM listed exploration company, have released details of a 32% increase in its JORC Code compliant resource at the Nimba Iron Ore Project in south-east Guinea (‘Nimba’ or ‘the Project’) following expansion exploration drilling.
Overview:
· 32% tonnage increase in JORC Code compliant Mineral Resource at Nimba to 178.4Mt, up from 135.5Mt announced in September 2013
· Revised resource at an in-situ grade of 59% iron (‘Fe’) estimated at a Fe cut-off of 40% from two additional lines of drilling on prospects Plateau 2 and Plateau 3
· Significant step towards proving up total exploration target of 200Mt
· Drilling programme underway on an area previously inaccessible on Plateau 3 due to rainy season
· Pre-Feasibility Study close to completion
· £17 million fundraising provides sufficient funds to complete Bankable Feasibility Study in 2014
· 160 hole infill drilling programme underway with objective of converting a portion of the Resource into the Measured category – underpinning a maiden Reserve targeting an initial production phase of 7 to 10 years
· New programme of metallurgical test holes being implemented with the objective of securing enough sample to do sinter testwork and progress the marketing study
Sable Mining CEO Andrew Groves said, “This updated Resource statement represents an important step towards the ongoing delineation of our 200Mt exploration target, and once again highlights the quality and tonnage at Nimba, underpinning its position as one of West Africa’s premier iron ore projects. We have now commenced a further drilling campaign focussed on upgrading the resource confidence to Measured ahead of the publication of a maiden Reserve for the Project.
“With a Pre-Feasibility Study anticipated to be complete by the end of Q4 2013, we are focussed on fast-tracking Nimba into a high tonnage, high grade and low capital cost iron ore project in the near term.”
