Nemex encouraged by Resource drilling in West Africa

THE DRILL SERGEANT: Iron ore explorer Nemex Resources (ASX:NXR) has reported infill results it has received from 71 drill holes carried out at the Boulere prospect, part of the company’s Télimélé project in Guinea, West Africa.

Highlights of the recent campaign include:

–    3 metres at 54.8 per cent iron (59.6 per cent calcined iron) from 6.5 metres;

–     5.5m at 49.4 per cent iron (55.7 per cent calcined iron) from surface;

–    6m at 50.4 per cent iron (56.8 per cent calcined iron) from surface;

–    6m at 51.7 per cent iron (57.6 per cent calcined iron) from 1m;

–     6.5m at 51.4 per cent iron (57.1 per cent calcined iron) from 1m;

–    7m at 49.0 per cent iron (54.9 per cent calcined iron) from surface;

–     5.5m at 52.7 per cent iron (58.0 per cent calcined iron) from surface;

–    5m at 52.4 per cent iron (57.5 per cent calcined iron) from 2m; and

–    4.5m at 52.4 per cent iron (57.3 per cent calcined iron) from 1.5m.

“These new drill results confirm that the Télimélé ironstone occurs over the whole area demarcated for resource estimation at Boulere,” Nemex’s Managing Director Peter Turner said in the company’s announcement to the Australian Securities Exchange.

“The results continue to show good thicknesses and continuity of surface or near-surface ironstone mineralisation with a higher-grade (55 to 61 per cent iron) core to most intercepts.

“Metallurgical sampling is underway, and we are already encouraged that the first deep pit dug shows plenty of Télimélé ironstone in the seven metre profile.

“The next steps are to determine what, if any, beneficiation process is required on this ironstone and the surrounding iron-rich horizons.

“We remain confident given the project’s location to Government-owned rail and port, and its high-grade, surface mineralisation that project development can advance rapidly.”

 

Regional location of Nemex’s Coastal iron project (red outlines),
including the Télimélé licence area and new exploration licence
applications (yellow outlines) in western Guinea. Source: Company
announcement

 

The new results result from infill drilling undertaken by Nemex on a 100m by 100m grid that is following up from reconnaissance drilling on a 200 by 200m spaced grid conducted by the company between April and July this year.
 
Nemex said it is working towards the completion of Resource estimation over the Boulere prospect by the end of 2012 and the metallurgical test work by Q1 2013.

Once resource drilling is complete at Boulere, a company-owned rig will begin drilling new targets across the licence holding shown on where high-grade ironstone has been mapped and sampled.