Kogi Iron increases Agbaja iron Resource
THE DRILL SERGEANT: Kogi Iron (ASX: KFE) has increased the estimated Mineral Resources for the company’s 100 per cent-owned Agbaja iron ore project located in Kogi State, Republic of Nigeria, West Africa.
Kogi has increased the global Mineral Resource for the Agbaja project 20 per cent from the previous estimate of 488 million tonnes to 586 million tonnes with an in-situ iron grade of 41.3 per cent.
The Updated Mineral Resource includes for the first time, Indicated Mineral Resources of 466 million tonnes at 41.4 per cent iron, with the balance of the Mineral Resources classified as Inferred (120 million tonnes at 41.1 per cent iron).
Summary grade tonnage for Laterite (Zone A) and Oolitic (Zone B)
Horizons (20% iron lower cutoff is applied). Source: Company
announcement
“The Updated Mineral Resource is an important milestone in Kogi’s vision to be an African iron ore producer,” Kogi Iron managing director Iggy Tan said in the company’s announcement to the Australian Securities Exchange.
“Of significance is the classification of 466 million tonnes of resources as Indicated.
“Not only does this demonstrate an increased level of geological confidence in the Agbaja deposit, but it provides a solid platform upon which the company can continue to advance the current Scoping Study that is assessing the technical and economic viability of potentially producing 5 million tonnes per annum of iron ore concentrate at Agbaja.”
According to Kogi Iron a 466 million tonne Indicated Mineral Resource has the potential to provide sufficient material for more than 35 years of production at the 5 million tonnes per annum rate.
The company has drilled only 20 per cent of the area it considers to be prospective for channel iron mineralisation within EL12124 on the Agbaja Plateau.
“The potential scale of the iron mineralisation on the plateau should not be underestimated,” Tan said.
“The Indicated Mineral Resource, as it currently stands, clearly has potential to support an operation producing in excess of the 5 million tonnes per annum scenario being contemplated in the Scoping Study.
“The average iron grade of 41.4 per cent ranks Agbaja as one of the highest grade, beneficiable iron ore deposits in West Africa which we believe sets it apart from other projects.”
Email:
info@kogiiron.com
Website:
www.kogiiron.com