Centaurus Metals hits high-grade near-surface iron ore at Candonga

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THE DRILL SERGEANT: Centaurus Metals (ASX: CTM) has claimed to be on track to complete a maiden JORC resource for a second potential satellite project to the company’s Jambreiro iron ore project in south-east Brazil by June.

The company’s confidence has been buoyed having received further positive drilling results from its 100 per cent-owned Candonga iron ore project, located 33 kilometres from Jambreiro.

The latest news follows recently reported positive results for the Canavial project, located 10km from Jambreiro, where a maiden JORC resource estimate is scheduled for May 2013.

Centaurus said the combination of these two satellite projects give it opportunities to grow or extend the life of the Jambreiro project.

 

Candonga iron ore project map – Analytical signal mag image and drill results – May 2013. Source: Company announcement

According to the company Candonga has the potential to provide coarse grained friable itabirite to Jambreiro.

Highlights of the recent RC drilling results from Candonga, which support the results obtained from drilling and trenching conducted in 2010 and 2011, include the following continuous intersections of friable itabirite:
 
58 metres at 45.6 per cent iron, 2.6 per cent aluminium oxide and 0.11 per cent phosphorous from surface;

37m at 56.5 per cent iron, 2 per cent aluminium oxide and 0.06 per cent phosphorous from surface, including 20m at 63.4 per cent iron, 0.6 per cent aluminium oxide and 0.03 per cent phosphorous from 13m;

26m at 45.3 per cent iron, 8.6 per cent aluminium oxide and 0.03 per cent phosphorous from 1m;

25m at 45.9 per cent iron, 7.7 per cent aluminium oxide and 0.10 per cent phosphorous from surface;

24m at 37.5 per cent iron, 1.7 per cent aluminium oxide and 0.10 per cent phosphorous from 30m;

22m at 39.4 per cent iron, 3.5 per cent aluminium oxide and 0.10 per cent phosphorous from 34m; and

19m at 43.9 per cent iron, 4.1 per cent aluminium oxide and 0.13 per cent phosphorous from 26m.

“The Candonga results demonstrate the benefits of undertaking well-directed exploration at prospective regional projects with the potential to add substantial value to the Jambreiro project,” Centaurus Metals managing director Darren Gordon said in the company’s announcement to the Australian Securities Exchange.

“The results show that the Candonga area hosts relatively high-grade friable itabirite mineralisation.

“Given the coarse nature of the mineralisation close to surface, Candonga has the potential to develop as an ideal feeder project for the Jambreiro plant once it is in production.”