Nemex Resources announces maiden iron ore Resource

THE BOURSE WHISPERER: Nemex Resources (ASX: NXR) has reported a maiden iron ore Mineral Resource at the Boulere prospect, located on the company’s Télimélé iron project in Guinea, West Africa.

“In a very short time, we have developed a significant iron ore resource of potential Direct Shipping Ore quality over one small area of our project, and have today given some guidance on a Regional Exploration Target of 50 to 100 million tonnes at 50 to 60 per cent iron that we hope to achieve through continued exploration success,” Nemex Resources managing director Peter Turner said in the company’s announcement to the Australian Securities Exchange.

The Mineral Resource estimate has come in at 258 million tonnes at 37.3 per cent iron using a 30 per cent lower cut‐off grade and has been classified as Inferred.

The resource includes 16.8 million tonnes at 55.1 per cent iron of domain T1 ironstone, which the company said it considers potential DSO iron mineralisation that will require simple crushing and screening to produce a product of greater than or equivalent to 58 per cent iron.

The maiden resource estimate covers iron mineralisation over 2.5 square kilometres of just one prospect, Boulere, which represents approximately 5 per cent of the company’s identified Exploration Targets.

 

Télimélé Licence area (red square) showing the area of the maiden
resource (green), in relation to drilled (red polygons) and untested
drill targets (blue polygons) where coincident aeromagnetic anomalies
occur with Télimélé Ironstone rock chip samples (yellow triangles with
Fe% values). Source: Company announcement

 

“Nemex will now investigate early cash-flow from mining the high-grade potential DSO iron mineralisation and utilising the various nearby rail and port options,” Turner said.

“Having the infrastructure largely in place and a potential DSO iron product are two very good boxes to tick.”