Nemex confirms iron ore mineralisation
THE BOURSE WHISPERER: West Africa-focused iron ore exploration play Nemex Resources has announced results of 17 ironstone samples from its Coastal project located in western Guinea.
The samples were collected as part of a program to target a regionally extensive ironstone unit across the company’s exploration licence portfolio.
These samples are from the 244 square kilometre Télimélé licence, which is one of the company’s three Coastal project licences.
The results returned iron grades ranging from 53 per cent to 64 per cent (averaging 60.7% iron).
Nemex considers the latest samples to be consistent with five ironstone sample results of between 60% to 63% iron that it announced to the ASX in June.
The company said the new results are representative of the ironstone unit and confirm it to be regionally significant.
“We are delighted with these results and Nemex has now demonstrated that this ironstone unit is not only a consistently high-grade direct shipping ore (DSO) iron product, but that it appears to cover a very large area,” Nemex Resources managing director Dr Peter Turner said in the company’s announcement to the Australian Securities Exchange.
“Our strategy now is two-fold: to explore the other 2,000 square kilometres of our licences whilst drilling at the Télimélé licence.”
Nemex’s initial plans include the digging of a series of pits to determine the thickness of the ironstone at various sites across the Télimélé licence area.
A company-owned Rotary Air Blast and Reverse Circulation (RAB/RC) drill rig is scheduled to depart Perth in August, arriving in Guinea later in the year.
Metallurgical testwork is planned once the drilling is underway.
“Although we are trying to determine what type of rock this represents and the effect weathering has had on iron enrichment, we are happy that it is consistently high-grade in iron, occurs at surface and that it sits close to rail and ports,” Turner said.
The project is situated within 60km of two Government-owned rail lines, which Nemex said could link the Coastal project to one of two ports if Nemex was to move into the develop phase with the project.