THE BOURSE WHISPERER: Equatorial Resources has secured 100 per cent-ownership of two new Prospecting Authorisations for iron ore in the Republic of Congo (ROC).
The company claims the new acquisitions – the Oubouéssé Prospecting Authorisation for iron ore and the Moussondji Prospecting Authorisation for iron ore – are both contiguous to its 100 per cent-owned Mayoko-Moussondji iron project.
The new prospecting permits are held by Equatorial’s 100 per cent-owned ROC subsidiary, Congo Mining.
The company said the purchases confirm its position as a dominant land holder in the Mayoko region.
Mayoko region permit location map. Source: Company announcement
“Under the terms of the Republic of Congo Mining Code, a Prospecting Authorisation is granted for a period of 12 months,” Equatorial explained in its announcement to the Australian Securities Exchange.
“The Prospecting Authorisations give the company the right to conduct reconnaissance type exploration for the nominated commodity.
“An Exploration Permit gives exclusive permission to conduct more detailed exploration for an initial period of three years.
“Equatorial currently has two Exploration Permits, being the Mayoko- Moussondji Exploration Permit covering 1,000 square kilometres and the Badondo Exploration Permit covering 998 square kilometres.”
The 1,218sqkm Oubouéssé Permit extends to the south of Mayoko-Moussondji is traversed from top to bottom by a railway line connecting Mayoko to the port at Pointe-Noire.
Regular travel on the rail by Equatorial’s senior management and geological exploration has allowed it to identify a number of areas it has deemed prospective for iron mineralisation.
The 1,481sqkm Moussondji Permit extends to the west of both Mayoko-Moussondji and Oubouéssé and extends to the Gabon border.
Equatorial said geophysical data from an airborne magnetic survey flown over Mayoko-Moussondji has indicated magnetic anomalies prospective for iron mineralisation may extend west from Mayoko- Moussondji to the Moussondji Permit.