Volta Mining encouraged by Gabon rock chipping results

THE DRILL SEREGANT: Volta Mining (ASX: VTM) has reported surface rock chip results grading up to 51 per cent iron from the company’s Mbombo iron ore project in Gabon, West Africa.

The company said the rock chip results support its previously released Exploration Target for the project of 385 to 640 million tonnes at 30 to 42 per cent iron, which was announced in March.

Volta has received surface rock chip sampling results from three of nine high-priority aeromagnetic anomalies, which have returned an average grade of 40 per cent iron with a best grade of 51 per cent iron.

Volta Mining is now conducting exploration including mapping trenching, pitting and the collection of rock chips with a view to commencing a maiden drill program at Mbombo.

“The rock chip results are very encouraging and their average grade of 40 per cent iron is at the higher end of our Exploration Target grade of between 30 to 42 per cent iron,” Volta Mining managing director David Sumich said in the company’s announcement to the Australian Securities Exchange.

“The results not only strengthen our belief in the potential of the Mbombo iron ore project but suggest that our current Exploration Target grade and tonnage are conservative given that only half of our high priority targets have been included in the estimate.

“We are hopeful that further work in the coming months will increase the size of the Exploration Target.”

The recent results stem from field mapping conducted over five of the company’s nine aeromagnetic anomalies, which had been identified by Core Geophysics.

 

Volta Mining’s Mbombo iron ore project, Gabon – TMI analytic signal
imagery of priority target areas Source: Company announcement

 

To assist Core, Volta has been conducting a number of ground surveys of anomalies in Areas A, B, C and E.

In all five sites visited to date Volta claims its geologists discovered discontinuous outcrops of iron mineralisation – both magnetite and hematite.

Volta indicated a number of additional geophysical targets remain that have not been included in the estimation of the Exploration Target but which are considered prospective for iron mineralisation.

Volta intends to conduct further reconnaissance over these sites in the coming months.

Subject to rig availability Volta anticipates commencing a diamond drill program in mid-2013.