Mamba Minerals strikes new Canadian hematite

THE DRILL SERGEANT: Mamba Minerals (ASX: MAB) has claimed discovery of a new hematite discovery via diamond drilling currently underway at the company’s Snelgrove Lake iron project in Canada.

Mamba said the discovery hole, which still is being drilled, intersected 275 metres of hematite ore.

At current down-hole depth, geotechnical assessment has confirmed that the deposit is at least 218m deep and at least 90m wide based on the main ore body dipping at approximately 70 degrees from surface.

The company explained the hole is still drilling and is currently intersecting massive hematite.

Mamba expects the true dimensions of the deposit to be better determined in immediate subsequent drilling.

 

Project location map. Source: Company announcement

 

“The hematite intersection is particularly exciting given that it started only 10 metres below the surface and is located just 60 kilometres from the existing railway, which runs to existing and expanding port capacity,” Mamba Chairman Greg Burns said in the company’s announcement to the Australian Securities Exchange.

“There is also access to cheap hydro-electric power.

“The combination of the length of this intersection and the size of the Direct Shipping Ore targets shows that this project could be substantial.

“In light of this, Mamba is now placing the emphasis on drilling its four hematite targets.”

Mamba is now preparing a second drill pad, from which it intends testing the same DSO target, with the azimuth reversed to drill perpendicular to the known hematite mineralisation dip to better test width.

The company indicated it will also commence drilling of at least two more drill holes in this winter program targeting DSO.