VANCOUVER, April 18 /CNW/ - West African Iron Ore Corp (WAI) (TSXV: "WAI") is pleased to announce it has started the first phase of a 15,000
meters drilling program of 17 diamond drills and 34 reverse circulation
and has recently completed two diamond drill holes on the Kalyadi
target of its Forécariah Property, SW Guinea. A third diamond hole has
been started to intersect down-dip continuations of Banded Iron
Formation occurrences identified at surface. It is the objective of WAI
to complete its first compliant NI 43-101 resource report by the third
quarter of this year.
Drilling was conducted by Uranium Logging & Consulting (ULC), on behalf
of WAI as part of a wider program to delineate iron mineralization in
Banded Iron Formations of the Kalyadi exploration target. SRK
Consulting were contracted to oversee the drilling and ensure strict
compliance to QA/QC.
The two inclined holes were drilled in a northeast direction on the
Kalyadi target to down hole depths of 300 meters to provide initial
information on the geological context of the mineralization.
Hole KAL001 located ten meters of strongly altered shear zone in
high-grade metamorphic rocks, and intersected several minor intervals
(< 1 m) of magnetite mineralization. Hole KAL002 located 3 meters of
continuous magnetite mineralization at a depth of 141 to 144 meters.
Thick levels of BIF have been identified throughout the Kalyadi target
and correspond to significant magnetic anomalies defined by
high-resolution airborne geophysics, and those form the target of
further drilling to identify magnetite mineralization on the property.
WAI also intends to extend drilling to the north to test the Sambalama
target, which represents a magnetic anomaly of more than a hundred
meters wide and 5 km in length, and along which abundant magnetite
mineralization occurs at surface.
Commenting on the drilling results, WAI CEO, Mr. Guy Duport, stated:
"The intersection of good grade iron banded mineralization at 140
meters below surface, demonstrates that mineralisation at surface may
extend to significant depths. The quality of drilling, recovery rates
and the geological information derived from initial drilling are
A trenching and pitting program has also been initiated on the Sambalama
and Kalyadi targets to correlate the magnetic anomalies with the
lithologies and help the interpretation of drilling results.
Samples from the drilling, pitting and trenching will be analyzed by SGS
in South Africa. WAI's objective is to present an NI 43-101 resource
report by September 2011.
Information contained herein which is of a scientific or technical
nature was reviewed and prepared under the supervision of Dr. Bert De
Waele, PhD, MSc, BSc, FAIG, who is a principal consultant (geology) of
SRK Consulting and a Qualified Person for the purposes of NI 43-101.
WAI holds 2 large iron ore permits in the Republic of Guinea, the
Forécariah permits and the Kérouané permit.
The Forécariah tenement covers an area of 1400km² in the Prefecture of
Forécariah. Iron mineralization in the Forécariah tenement consists of
magnetite-hematite quartzite within the Kissi Kissi Formation of the
Kasila Group. These iron-bearing lithologies occur in a number of
north-northwest-oriented zones in the eastern part of the tenement.
The main occurrences occur between the localities of Bambaya and
Heriko, and seem to form four to five distinct semi-continuous layers
which either represent separate metamorphosed units of Banded Iron
Formation, or reflect tight folding or thrust-duplication of a single
extensive BIF unit. Based on outcrop mapping, surface sampling and
interpretations of helicopter-borne magnetic data, the mineralized
units can attain true thicknesses of over 100 meters, while the main
occurrence between Bambaya and Heriko has a continuous strike-length of
over 15 kilometers.
Based on mapped surface extent and observed lateral continuity, and
assuming a depth of 200 meters, dilution factors between 30 and 60% and
a conservative estimate of density of 3 tonnes/m3, an exploration target size of between 2.9 and 5.1 billion tonnes can
be estimated for the two largest targets, Kalyadi and Sambalama. An
average grade of 36% Fe was calculated on all 186 surface samples
within mineralized units in the Forécariah Project, while an average
grade of 39% Fe was obtained on 78 surface samples from the Kalyadi and
Sambalama targets. Acknowledging the fact that surface sampling within
the mineralized targets may not be fully representative for the
mineralization as a whole, an overall grade range of between 25 and 35%
Fe can be proposed for Kalyadi and Sambalama targets in the Forécariah
tenement. At this stage insufficient geological information is
available to define exploration targets for an additional eight zones
of confirmed mineralization.
The property known as the Forécariah tenement covered by SAR Guinee's
exploration permits are described in detail in a technical report (the
"SRK Report") prepared by SRK Consulting (Australasia) Pty Ltd in
accordance with the requirements of National Instrument 43-101 ("NI
43-101"). The SRK Report is available for review on SEDAR at www.sedar.com.
The Kérouané tenement covers an area of 500km² in the Prefecture of
Kérouané. SAR Guinee geologists conducted in mid 2010 a number of field
checks on the licence. They recognized one main zone of iron ore
outcrops scattered over 5 kilometers around the village of Banankoroni
and some allochthonous blocks in the north-eastern part of the tenement
and inside its south-eastern part. External consultants interpreted
regional geophysical data and satellite images in order to prepare for
a very high-resolution helicopter borne magnetometric survey over the
permit, which will be completed by early May 2011.
ON BEHALF OF THE BOARD
The potential quantity and grade of the exploration target sizes
mentioned in this release is conceptual in nature, as there has been
insufficient exploration at present to define a mineral resource. We
also note that it is uncertain whether further exploration will results
in targets being delineated as a mineral resource.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties, certain of which are beyond
the control of the Company including, but not limited to, the impact of
general economic conditions, industry conditions, volatility of
commodity prices, risks associated with the uncertainty of exploration
results and estimates and that the resource potential will be achieved
on exploration projects, currency fluctuations, dependence upon
regulatory approvals, the uncertainty of obtaining additional financing
and exploration risk. Readers should also refer to the specific factors
disclosed under the heading "Risk Factors" in the Company's filings
with Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume any
obligation to update any forward-looking statements, save and except as
may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE West African Iron Ore Corp.
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