Sable Mining Africa identifies iron ore targets
3rd October 2011 08:58
by Fiona Bond from interactive investor
has identified a host of iron ore targets across its Timbo, Bopolu and Kpo projects in Liberia.
Following the completion of a 13,260 line kilometre airborn geophysical survey, the AIM-listed resource company told investors it had discovered 12 "highly prospective" targets with major magnetic signatures.
Two exploration targets with a combined strike length of 22 kilometres were identified at Timbo, four at Bopolu and six at Kpo.
The company plans to begin a 12,000 metre, 34-hole Phase 1 drilling programme in November. Up to 25 of the holes totalling 8,000 metres are planned at Timbo North where the 11 kilometre long priority geophysical signature coincides with a prominent ridge.
"Taken together, the anomalies identified across the licences by this latest survey point to a significant iron ore asset lying within easy reach of existing infrastructure," said chief executive Andrew Groves.
He went on to note that the sub-region of Liberia, Sierra Leone, Guinea and the Ivory Coast hosts several multi-billion tonnes iron ore assets that are currently under exploration and development.
"Upon completion of our exploration campaign, we are confident that our licences will add to the list of world class assets in the region," he added.
Sable also expects the drill programme to help progress the project towards a potential maiden iron ore resource estimate in 2012.
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