Ferrex announce Mebaga results

PUBLISHED: 11 Dec 2013 @ 21:33 | Comments (0) |

Ferrex (LSE:FRX), the AIM quoted iron ore and manganese development company focused in Africa, HAS announced the final assay results from the 9 hole diamond drilling campaign recently completed at its 309 sq km Mebaga DSO Iron Ore Project in northern Gabon. Results are listed in Table 1.

In a statement the company released the following results:

· Wide intercept of DSO1 grade iron ore mineralisation in hole NGDH008; low levels of deleterious elements

· Thickest interval of +55% Fe mineralisation encountered to date:

o 28.7m @ 61.4% Fe from surface in NGDH008

· Furthest hole along strike, with widest intercept provides excellent launch pad for 2014 drilling

· Previously reported results include:

o 25.8m @ 57.8% Fe from surface in NGDH002

o 37.76m @ 53.4% Fe from 10.44m in NGDH003

o 23.05m @ 56.5% Fe from 6.1m in NGDH004

o 13.8m @ 60.2% Fe from 12.4m in NGDH006

· Exploration Target2 of 90-150Mt DSO and bBSO* oxide material grading 35 to 65% Fe and 540-900Mt primary (fresh) material grading 25 to 40% Fe estimated over an 8km strike length – a further 11km of strike has been identified outside this target area

· Initial drilling concentrated on 1km of the potential 19km strike highlighting significant exploration potential for 2014 exploration programme

· Excellent infrastructure in place – 30km from a sealed highway, 100km north of the Trans-Gabon railway

Ferrex Managing Director Mr. Dave Reeves said, “Results from our initial drilling programme at Mebaga are highly encouraging and serve to underpin the potential for Mebaga to host a significant DSO grade iron ore deposit. The intercept in hole 8 is the most encouraging of all received from this programme. As the furthest south-east hole to be drilled to date, the thick interval of DSO grade mineralisation at +55% Fe highlights the potential for along-strike extensions.

“The on-going exploration programme into 2014 will involve testing for strike extensions in the 1km drilled area, plus testing high-priority targets identified along the full 19km of strike Based on the quality of results to date, I am looking forward to reporting on our exploration programme for the year ahead as we continue to unlock the value inherent in this exciting DSO iron ore asset in West Africa.”

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