West African Iron Ore provides positive drill results on the Wondima target
07 October 2012 - 9:45PM
PR Newswire (Canada)
TSX VENTURE EXCHANGE: WAI VANCOUVER, Oct. 9, 2012 /CNW/ - West
African Iron Ore Corp. West African Iron Ore Corp. ("WAI" or the
"Company") is pleased to report that all assays have now been
received from drilling on its Wondima target. Results continue to
show consistency in grade and thickness as per previous release
WAI-NR12-04 dated July 10, 2012. Assays from 326 Reverse
Circulation Holes ("RCH") and 58 Diamond Drill Holes ("DDH") from
the Wondima target returned an average grade of 30% Fe. The
mineralization is contained within a sub-horizontal iron rich
lateritic cap with an average thickness of approximately 8.5
meters, starting from surface. The Wondima target will form the
basis of the Company's maiden NI43-101 resource report that is
anticipated to be completed by year's end. SRK Consulting (UK)
Limited has completed a full QA/QC analysis of the drilling and
assays database as well as a site visit to the Wondima target in
early September. The Wondima target is an extensive iron bearing
layered prospect that has been identified along the northern
extension of the Sambalama/Kaliadi magnetic anomaly (WAI-NR11-01
dated April 18, 2011). The central part of the target where
drilling has been concentrated consists of an area of 33km² out of
a geophysical target of 64 km² of raised plateau with a flat and
hard iron rich cap. Iron mineralization starts from surface to a
maximum depth of up to 26 meters. WAI commenced drilling in March
2012 on a 400m X 400m grid and completed over 10,000 meters of DDH
and RCH late summer. A total of 384 RCH were drilled for 9,955
meters and 65 DDH were completed for 1,088 meters; both RCH and DDH
were drilled vertically. The size of the Wondima mineralization
identified to date has doubled in size since our March 21, 2012
release. The samples were assayed at the Inspectorate America
laboratory in Richmond, Canada. Selected intercepts are tabled
below: _______________________________________________________
|Hole_ID |From (m)|To (m)|True Width (m)|Av.-Fe(%) total|
|________|________|______|______________|_______________|
|AMADD002| 0 | 6.3 | 6.3 | 34.08 |
|________|________|______|______________|_______________|
|AMADD003| 0 | 8.1 | 8.1 | 29.01 |
|________|________|______|______________|_______________|
|AMADD004| 0 | 8.3 | 8.3 | 41.89 |
|________|________|______|______________|_______________|
|AMADD006| 0 | 9.8 | 9.8 | 32.90 |
|________|________|______|______________|_______________|
|AMADD007| 0 | 7.6 | 7.6 | 29.63 |
|________|________|______|______________|_______________|
|AMADD011| 0 | 8.5 | 8.5 | 38.86 |
|________|________|______|______________|_______________|
|AMADD013| 0 | 9.7 | 9.7 | 34.84 |
|________|________|______|______________|_______________|
|AMADD014| 0 | 11.8 | 11.8 | 35.99 |
|________|________|______|______________|_______________|
|AMADD015| 0 | 7.1 | 7.1 | 27.32 |
|________|________|______|______________|_______________|
|AMADD016| 0 | 8.2 | 8.2 | 35.30 |
|________|________|______|______________|_______________|
|AMADD017| 0 | 9.3 | 9.3 | 35.58 |
|________|________|______|______________|_______________|
|AMADD018| 0 | 12.8 | 12.8 | 31.30 |
|________|________|______|______________|_______________|
|AMADD023| 0 | 11.1 | 11.1 | 27.43 |
|________|________|______|______________|_______________|
|AMADD025| 0 | 6.2 | 6.2 | 36.77 |
|________|________|______|______________|_______________|
|AMADD026| 0 | 8.9 | 8.9 | 41.14 |
|________|________|______|______________|_______________|
|AMADD027| 0 | 9.3 | 9.3 | 38.97 |
|________|________|______|______________|_______________|
|AMADD028| 0 | 8.4 | 8.4 | 33.79 |
|________|________|______|______________|_______________|
|AMADD030| 0 | 7.2 | 7.2 | 36.56 |
|________|________|______|______________|_______________|
|AMADD031| 0 | 10.4 | 10.4 | 32.58 |
|________|________|______|______________|_______________|
|AMADD032| 0 | 7.9 | 7.9 | 37.93 |
|________|________|______|______________|_______________|
|AMADD033| 0 | 8.5 | 8.5 | 33.08 |
|________|________|______|______________|_______________|
|AMADD034| 0 | 7.6 | 7.6 | 37.36 |
|________|________|______|______________|_______________|
|AMADD035| 0 | 26 | 26 | 30.18 |
|________|________|______|______________|_______________|
|AMADD036| 0 | 14.2 | 14.2 | 33.53 |
|________|________|______|______________|_______________|
|AMADD037| 0 | 9.8 | 9.8 | 33.34 |
|________|________|______|______________|_______________|
|AMADD039| 0 | 10 | 10 | 31.89 |
|________|________|______|______________|_______________|
|AMADD040| 0 | 13 | 13 | 29.38 |
|________|________|______|______________|_______________|
|AMADD041| 0 | 6.2 | 6.2 | 38.56 |
|________|________|______|______________|_______________|
|AMADD044| 0 | 11 | 11 | 30.08 |
|________|________|______|______________|_______________|
|AMADD045| 0 | 10 | 10 | 37.49 |
|________|________|______|______________|_______________|
|AMADD046| 0 | 7.1 | 7.1 | 34.41 |
|________|________|______|______________|_______________|
|AMADD047| 0 | 10.5 | 10.5 | 28.14 |
|________|________|______|______________|_______________|
|AMADD048| 0 | 6.5 | 6.5 | 27.08 |
|________|________|______|______________|_______________|
|AMADD049| 0 | 13.3 | 13.3 | 31.45 |
|________|________|______|______________|_______________|
|AMADD050| 0 | 12 | 12 | 25.54 |
|________|________|______|______________|_______________|
|AMADD051| 0 | 10.7 | 10.7 | 38.28 |
|________|________|______|______________|_______________|
|AMADD052| 0 | 16.7 | 16.7 | 27.91 |
|________|________|______|______________|_______________|
|AMADD053| 0 | 8.5 | 8.5 | 37.13 |
|________|________|______|______________|_______________|
|AMADD054| 0 | 17.6 | 17.6 | 26.73 |
|________|________|______|______________|_______________|
|AMADD055| 0 | 14.6 | 14.6 | 25.15 |
|________|________|______|______________|_______________|
|AMADD056| 0 | 12.2 | 12.2 | 27.37 |
|________|________|______|______________|_______________|
|AMADD057| 0 | 10.8 | 10.8 | 25.98 |
|________|________|______|______________|_______________|
|AMADD058| 0 | 11.1 | 11.1 | 30.80 |
|________|________|______|______________|_______________|
|AMADD059| 0 | 8.1 | 8.1 | 32.57 |
|________|________|______|______________|_______________|
|AMADD061| 0 | 12.3 | 12.3 | 33.98 |
|________|________|______|______________|_______________|
|AMADD062| 0 | 6.3 | 6.3 | 33.45 |
|________|________|______|______________|_______________|
|AMADD063| 0 | 12.6 | 12.6 | 29.49 |
|________|________|______|______________|_______________|
|AMADD064| 0 | 11.9 | 11.9 | 26.55 |
|________|________|______|______________|_______________|
|AMADD065| 0 | 12.9 | 12.9 | 36.54 |
|________|________|______|______________|_______________|
|AMARC102| 0 | 4 | 4 | 32.87 |
|________|________|______|______________|_______________|
|AMARC108| 0 | 4 | 4 | 26.43 |
|________|________|______|______________|_______________|
|AMARC110| 0 | 4 | 4 | 27.08 |
|________|________|______|______________|_______________|
|AMARC112| 0 | 3 | 3 | 27.41 |
|________|________|______|______________|_______________|
|AMARC157| 0 | 4 | 4 | 27.82 |
|________|________|______|______________|_______________|
|AMARC158| 0 | 4 | 4 | 29.79 |
|________|________|______|______________|_______________|
|AMARC168| 0 | 4 | 4 | 26.96 |
|________|________|______|______________|_______________|
|AMARC172| 0 | 4 | 4 | 26.91 |
|________|________|______|______________|_______________|
|AMARC180| 0 | 4 | 4 | 33.88 |
|________|________|______|______________|_______________|
|AMARC185| 0 | 4 | 4 | 26.49 |
|________|________|______|______________|_______________|
|AMARC192| 0 | 4 | 4 | 37.91 |
|________|________|______|______________|_______________|
|AMARC195| 0 | 4 | 4 | 28.60 |
|________|________|______|______________|_______________|
|AMARC201| 0 | 4 | 4 | 27.32 |
|________|________|______|______________|_______________|
|AMARC203| 0 | 4 | 4 | 29.86 |
|________|________|______|______________|_______________|
|AMARC293| 0 | 10 | 10 | 32.29 |
|________|________|______|______________|_______________|
|AMARC298| 0 | 10 | 10 | 29.43 |
|________|________|______|______________|_______________|
|AMARC299| 0 | 6 | 6 | 26.94 |
|________|________|______|______________|_______________|
|AMARC301| 0 | 6 | 6 | 28.80 |
|________|________|______|______________|_______________|
|AMARC302| 0 | 10 | 10 | 29.18 |
|________|________|______|______________|_______________|
|AMARC303| 0 | 12 | 12 | 29.93 |
|________|________|______|______________|_______________|
|AMARC304| 0 | 10 | 10 | 30.68 |
|________|________|______|______________|_______________|
|AMARC305| 0 | 10 | 10 | 32.43 |
|________|________|______|______________|_______________|
|AMARC306| 0 | 10 | 10 | 28.07 |
|________|________|______|______________|_______________|
|AMARC307| 0 | 6 | 6 | 30.69 |
|________|________|______|______________|_______________|
|AMARC308| 0 | 4 | 4 | 26.65 |
|________|________|______|______________|_______________|
|AMARC338| 0 | 8 | 8 | 25.30 |
|________|________|______|______________|_______________|
|AMARC346| 0 | 10 | 10 | 25.19 |
|________|________|______|______________|_______________|
|AMARC357| 0 | 6 | 6 | 32.15 |
|________|________|______|______________|_______________|
|AMARC367| 0 | 12 | 12 | 26.05 |
|________|________|______|______________|_______________|
|AMARC368| 0 | 6 | 6 | 25.20 |
|________|________|______|______________|_______________|
|AMARC373| 0 | 8 | 8 | 26.23 |
|________|________|______|______________|_______________|
|AMARC374| 0 | 4 | 4 | 26.53 |
|________|________|______|______________|_______________|
|AMARC375| 0 | 6 | 6 | 25.24 |
|________|________|______|______________|_______________|
|AMARC378| 0 | 4 | 4 | 26.97 |
|________|________|______|______________|_______________|
|AMARC382| 0 | 6 | 6 | 25.98 |
|________|________|______|______________|_______________|
|AMARC390| 0 | 8 | 8 | 26.97 |
|________|________|______|______________|_______________|
|AMARC391| 0 | 6 | 6 | 32.31 |
|________|________|______|______________|_______________|
|AMARC392| 0 | 12 | 12 | 27.27 |
|________|________|______|______________|_______________|
|AMARC393| 0 | 8 | 8 | 28.09 |
|________|________|______|______________|_______________|
|AMARC394| 0 | 10 | 10 | 27.26 |
|________|________|______|______________|_______________|
|AMARC395| 0 | 6 | 6 | 27.40 |
|________|________|______|______________|_______________|
|AMARC396| 0 | 6 | 6 | 33.41 |
|________|________|______|______________|_______________|
|AMARC398| 0 | 8 | 8 | 30.97 |
|________|________|______|______________|_______________|
|AMARC399| 0 | 6 | 6 | 25.89 |
|________|________|______|______________|_______________|
|AMARC400| 0 | 4 | 4 | 25.72 |
|________|________|______|______________|_______________|
|AMARC401| 0 | 6 | 6 | 27.31 |
|________|________|______|______________|_______________|
|AMARC405| 0 | 8 | 8 | 30.48 |
|________|________|______|______________|_______________|
|AMARC408| 0 | 6 | 6 | 25.94 |
|________|________|______|______________|_______________|
|AMARC411| 0 | 10 | 10 | 36.02 |
|________|________|______|______________|_______________|
|AMARC412| 0 | 10 | 10 | 27.26 |
|________|________|______|______________|_______________|
|AMARC413| 0 | 8 | 8 | 27.66 |
|________|________|______|______________|_______________|
|AMARC414| 0 | 6 | 6 | 27.61 |
|________|________|______|______________|_______________|
|AMARC415| 0 | 6 | 6 | 27.99 |
|________|________|______|______________|_______________|
|AMARC416| 0 | 8 | 8 | 25.20 |
|________|________|______|______________|_______________|
|AMARC417| 0 | 6 | 6 | 26.42 |
|________|________|______|______________|_______________|
|AMARC418| 0 | 12 | 12 | 27.73 |
|________|________|______|______________|_______________|
|AMARC420| 0 | 10 | 10 | 30.98 |
|________|________|______|______________|_______________|
|AMARC421| 0 | 10 | 10 | 28.87 |
|________|________|______|______________|_______________|
|AMARC423| 0 | 6 | 6 | 27.44 |
|________|________|______|______________|_______________|
|AMARC428| 0 | 4 | 4 | 27.73 |
|________|________|______|______________|_______________|
|AMARC429| 0 | 8 | 8 | 28.32 |
|________|________|______|______________|_______________|
|AMARC432| 0 | 4 | 4 | 29.86 |
|________|________|______|______________|_______________|
|AMARC433| 2 | 6 | 4 | 26.73 |
|________|________|______|______________|_______________|
|AMARC437| 0 | 12 | 12 | 25.68 |
|________|________|______|______________|_______________|
|AMARC441| 0 | 4 | 4 | 28.11 |
|________|________|______|______________|_______________|
|AMARC442| 0 | 8 | 8 | 30.17 |
|________|________|______|______________|_______________|
|AMARC443| 0 | 8 | 8 | 28.23 |
|________|________|______|______________|_______________|
|AMARC445| 0 | 10 | 10 | 26.45 |
|________|________|______|______________|_______________|
|AMARC447| 0 | 12 | 12 | 25.16 |
|________|________|______|______________|_______________|
|AMARC448| 0 | 8 | 8 | 25.16 |
|________|________|______|______________|_______________|
|AMARC449| 0 | 16 | 16 | 29.34 |
|________|________|______|______________|_______________|
|AMARC450| 0 | 4 | 4 | 27.49 |
|________|________|______|______________|_______________|
|AMARC451| 0 | 12 | 12 | 29.86 |
|________|________|______|______________|_______________|
|AMARC452| 0 | 4 | 4 | 29.30 |
|________|________|______|______________|_______________|
|AMARC456| 0 | 6 | 6 | 26.31 |
|________|________|______|______________|_______________|
|AMARC459| 0 | 8 | 8 | 25.38 |
|________|________|______|______________|_______________|
|AMARC464| 0 | 8 | 8 | 26.36 |
|________|________|______|______________|_______________| Sampling
and Quality Control: Sample preparation includes sun drying or oven
drying the entire RC split or HQ half core sample; manual crushing
of large pieces to +90% passing -10mm; rolling the sample and
riffle split to 3-5kg. This 3-5 kg split is crushed in a jaw
crusher to +80% passing -10#; rolled again; coned and quartered to
draw three sub-samples as follows: a. 150-200 g sub-sample is used
for on-site NITON - XRF assay. These 150-200g sub-samples are
analyzed using a NITON Thermo Scientific XL 3t GOLDD+ XRF in the
on-site lab room. The NITON instrument is wiped after every assay
and calibrated with a CRM standard twice every day. b. Another
200-250g sub-sample is extracted and sent to the Inspectorate
Exploration & Mining Services Ltd, a Bureau Veritas company in
Reno, Nevada, United States, for pulverization and analysis. At
Inspectorate Lab in Reno, this sub sample is pulverized to +85%
passing 200#, a 50g sub sample is drawn and is analyzed at the
Inspectorate America laboratory facility in Richmond, Canada using
XRF (partial silicates) method by LiBO2 fusion followed by XRF
analysis for Major Oxides, Fe and LOI. c. Balance sample of 1kg to
3kg preserved in the on site sample library as reference sample in
labeled one litre plastic jars. The Company prepared all cuttings
on site from the reverse circulation-drilling program. SRK
Consulting of Australia inspected our facility and confirmed our
quality control program. Inspectorate Exploration & Mining
Services Ltd., a Bureau Veritas company in Reno, Nevada, United
States, conducted all samples analyzed mentioned above at their
laboratory facility in Richmond, Canada. The Company maintains a
systematic quality control program including the use of standards,
blanks, duplicates, and an independent check laboratory. The DDH
and the RCH assay samples collected are sent to Inspectorate
Exploration & Mining Services Ltd, for sample preparation and
assay. Samples selected randomly will be re-analyzed by SGS Canada
Inc. in Lakefield, Ontario to ensure inter laboratory quality
control and umpire validation. The performance of the quality
control samples associated with these data indicates acceptable
analytical quality. Please refer to the NI 43-101 Technical Report,
which is filed on SEDAR and available on the Company's website, for
further discussion of sample methodology, detailed quality control
procedures and other information regarding the project. Update on
Financing: Since the signing of a binding Letter of Intent for a
CAD$30 million facility between the Company and Strategic Partner,
China International Fund Limited ("CIF") (see release WAI-NR12-05
dated September 4, 2012), the Company's legal counsel and CIF's law
firm have been working diligently to complete the Definitive
Agreement that the Company and CIF hope to sign shortly. About
China International Fund Limited: CIF is headquartered in the Hong
Kong Special Administrative Region of China, and has investment
footprints in 3 continents and many countries. With the strength of
its experience in large-scale infrastructure development in Africa,
CIF is in the position to accelerate the iron ore exploration and
production goals of WAI, having recently built road access within
the boundaries of the Company's Forécariah permits to provide
access to the barging port of Konta. CIF has a vision for Africa:
Through South-South cooperation and in partnership with private
industry and the government, CIF will develop public transport
infrastructure such as road, rail, seaports and airports to improve
connectivity and accessibility, as well as public utilities,
agriculture, aqua culture, public housing, construction materials
and mining projects, where its commercial objectives are aligned
with the needs of countries to develop the economy and improve,
ultimately, the living standards of the people. ON BEHALF OF THE
BOARD Guy Duport CEO About the Company: West African Iron Ore
Corporation is dedicated to the sustainable development of its
mineral resources in the Forécariah provinces of the Republic of
Guinea. We nurture a harmonious working relationship with the local
community and the Guinean authorities. We advocate the minimization
of environmental impact and the promotion of economic opportunity
for all our stakeholders. Our phased exploration program aims to
establish the existence of minable iron ore mineral reserves in
sufficient quantities to permit viable production of iron
concentrate and other mineral deposits. Jonathan Challis, FIMMM, is
a qualified person under National Instrument 43-101, and has
reviewed and is responsible for the contents of this news release.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties, certain of which are
beyond the control of the Company including, but not limited to,
the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates and that the
resource potential will be achieved on exploration projects,
currency fluctuations, dependence upon regulatory approvals, the
uncertainty of obtaining additional financing and exploration risk.
Readers should also refer to the specific factors disclosed under
the heading "Risk Factors" in the Company's filings with Canadian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on
information currently available. The Company does not assume any
obligation to update any forward-looking statements, save and
except as may be required by applicable securities laws. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. West African Iron Ore Corp. CONTACT: Guy
DuportCEOguyduport@westafricanironore.comTel: 604-558-1198Investor
RelationsVanguard Shareholder SolutionsTel: 604-608-0824Toll Free:
1-866-638-0824ir@vanguardsolutions.ca
Copyright
WAI Capital Investments Corp. (TSXV:WAI)
Historical Stock Chart
From Jun 2024 to Jul 2024
WAI Capital Investments Corp. (TSXV:WAI)
Historical Stock Chart
From Jul 2023 to Jul 2024