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LONDON, UK, Jan. 30, 2013 /CNW/ - Afferro Mining Inc. ("Afferro" or the "Company"), the exploration and development company focused on iron ore in Cameroon, is pleased to provide results for the exploration programme undertaken at its 100% owned Akonolinga exploration permit, located 85km North-west of the Nkout Iron Ore Project ("Nkout").
- Four drill targets identified, with a total of 50 magnetic anomalies discovered
- Surface sampling identifies high grades of up to 58.5% Fe
- Pits and trenching identify mineralised intersections with grades up to 55.9% Fe
Luis da Silva, Chief Executive Officer of Afferro, commented:
"The results from Akonolinga demonstrate the potential at the fourth of the Company's iron exploration permits, as Afferro looks to create value across its portfolio of projects in Cameroon. Akonolinga demonstrates strong potential transport synergies with our flagship project, Nkout, as it lies alongside the proposed rail corridor, which Afferro intends to use for transfering iron ore from Nkout to the planned terminal at Kribi. Akonolinga provides further optionality and exploration upside."
Interpretation of Airborne Geophysics
Preliminary interpretation by Southern Geoscience Consultants of an airborne geophysical survey comprising 2,054 line kilometres added 25 magnetic anomalies to the 25 that had already been identified within the permit.
The survey comprised two adjoining blocks. Block A comprising 880 line kilometres flown at 50m line spacing to provide enhanced definition over the AKFE-20 and AKFE-23 magnetic anomalies previously identified and reported in the Afferro news release of 2 May 2012. Block B comprised 1,174 line kilometres flown at 100m line spacing over untested ground and revealed two further magnetic anomalies known as AKFE-45 and AKFE-43. These two anomalies are coincident with topographic highs and lower magnetic amplitudes potentially associated with oxidation of underlying banded iron formations ("BIF").
Trial Pits and Trench
Twenty-five trial pits extending up to eleven metres in depth and one trench were excavated over prioritised magnetic anomalies to substantiate the preliminary magnetic interpretation.
Iron mineralisation was encountered in the majority of the pits. Mineralisation extended from surface through a friable oxidised zone to the underlying competent BIF interface. Two pits in the vicinity of AKFE-23 each returned grades in excess of 50% Fe. The highest grade reported was 55.9% Fe at the trench excavated within the AKFE-20 anomaly.
Assays results returned to date from a combination of 194 rock and soil samples based on 1km north-south traverses at a spacing of 200m were taken in conjunction with the trial pits. Grades of up to 58.5% Fe were found in a specific 4km by 1km area coincident with AKFE-23 and topographic high.
Afferro has selected magnetic anomalies known as AFFE-20, AKFE-23, AKFE-43 and AKFE-45 as follow-up drill targets.
About Afferro Mining Inc.
Afferro is an established exploration and development company listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100% owned Nkout, Ntem and Akonolinga iron ore projects. It also holds a 70% interest in the Ngoa project, an exploration target bordering Nkout. Nkout comprises a National Instrument 43-101 ("NI 43-101") compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% iron and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% iron.
Howard Baker (MAusIMM(CP)) has 18 years' experience in the mining industry and 10 years' experience in the exploration, definition and mining of iron ore mineral resources. Mr Baker is a full-time employee of SRK Consulting (UK) Ltd., an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person in accordance with NI 43-101 and a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Howard Baker consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
This announcement includes certain forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Information about the risks and uncertainties of the Company's business is provided in its disclosure materials, including its Annual Information Form and the MD&A for the 12 months ended 31 December 2011, available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein, speaks only as of the date hereof (unless stated otherwise) and, except as may be required by applicable law, Afferro disclaims any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
Neither the 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: Afferro Mining Inc.
For further information:
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7010 7680
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 20 7597 5970
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Daniel Thöle / James MacFarlane
Tel: +44 (0) 20 7861 3232