Aim-quoted iron-ore and manganese development company Ferrex has announced an update from the 3 000 m drilling programme at its 309 km2 Mebaga direct shipping ore (DSO) iron-ore project, in northern Gabon.

Mineralisation intersected in drilling is similar in appearance to high-grade mineral-isation in assayed rock samples; similar high-grade results are expected to be reported for core samples.

The potential quality and quantity are con- ceptual in nature and there has been insuf-ficient work completed at present to define a mineral resource in this area under the Joint Ore Reserves Committee (Jorc) 2004 Code. The nature of an exploration target is such that it is uncertain if further exploration will result in the determination of a mineral resource.

Ferrex MD Dave Reeves says: “The presence of high-grade iron-ore in the first three drill holes in Gabon is significant, especially having intersected enriched iron to a depth of 50 m in one of the holes. This is potentially one of the thickest intercepts to be reported by a junior miner in West Africa and highlights the exciting possibility for the deposit to hold significant grades at depth.

“We are now expediting the core cutting and assaying while we accelerate the drill programme. This will enable us to delineate a Jorc Code-compliant resource in the second half of the year. In addition, we are working on updating our historic exploration target of 20 Mt at 60% iron, which covers less than 10% of the identified 20 km strike length of banded iron information (BIF) at Mebaga, to further highlight the economic potential of the project and help crystallise its inherent value as a significant DSO project with near-term production potential in West Africa. We look forward to keeping the market updated on drill developments on a regular basis.”

Ferrex has started a 3 000 m drill programme at Mebaga, which will comprise 23 holes up to 250 m deep. This has been designed to provide sufficient information to allow estimation of a mineral resource compliant with the Jorc Code in the second half of 2013.

The first hole was drilled to a depth of 96.6 m and intersected detrital iron-ore clasts in clay matrix to 9.7 m and then in situ bedded ore to 25.8 m.

The second hole was completed at 72.1 m and intersected detrital iron ore clasts in clay matrix from 7.45 m to 14.85 m and then in situ bedded ore and friable itabarite to 50 m.
The third hole, located 330 m to the north-west of the first drilled line, was completed at 64.65 m and intersected detrital iron-ore clasts in clay matrix from 4.7 m to 10.3 m and then in situ bedded ore and friable itabarite to 29.8 m.

Initial interpretation indicates the iron-enriched BIF has a shallow dip. Geological logging has recorded the presence of bedded, friable goethite-hematite-martite-kenomag-netite/magnetite mineralisation. This mineral-isation is similar in appearance to high-grade mineralisation in assayed rock samples and similar high-grade results are expected to be reported for core samples.

As reported on February 19, 2013, a total of 28 rock samples collected from Mebaga were submitted to Intertek, in South Africa, for assay.

Final assay results have been received for 26 of the samples, with results for the two remaining samples pending quality assurance/quality control confirmation.