/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
LONDON, April 23, 2012 /CNW/ - Afferro Mining Inc. ("Afferro", TSX-V & AIM: AFF) provides an operational update for the Nkout Iron Ore Project ("Nkout") in Cameroon.
- Positive drilling results identify zones in Nkout Centre and Nkout East containing potential Direct Shipping Ore ("DSO")
- Nkout Centre intercepts include:
- 47m @ 60.7% Fe from 3.5 metres below surface ("mbs") (NKHC046);
- 48m @ 60.5% Fe from 2 mbs (NKHC048); and
- 61m @ 59.9% Fe from surface (NKHC077).
- Nkout East intercepts include:
- 53m @ 58.2% Fe from surface (NKEHC051)
- 26m @ 59.2% Fe (NKEHC056)
- Drilling of the magnetite Banded Iron Formation ("BIF") at the Nkout West target indicates that mineralisation extends to 400m below surface
- Total of 37,976m / 332 holes drilled at Nkout to date
- 17,221m / 194-hole drilling programme completed since the third mineral resource estimate ("MRE3"). Fewer than 40% of assay results still pending
- The Company currently has seven drill rigs operating in Cameroon, with four at Nkout and three at Ntem
- Preliminary Economic Assessment ("PEA") being assessed by the Afferro Board of Directors and to be refined by engineering consultants
- Approximately 25 tonnes of metallurgical samples to be taken for test work as part of the Pre-Feasibility Study ("PFS"), due Q1 2013
- The Company appointed Mr Chris Larder as VP Technical in January to define metallurgical test work and product options for the Nkout PFS.
Luis da Silva, Chief Executive Officer of Afferro, commented:
"Development of Nkout continues apace, with the current cash position seeing Afferro fully funded for the coming two years. The focus on identifying and delineating additional DSO is delivering excellent results. With further high grade ore the project will have a clearly defined first phase, which would boost the economics, already underpinned by a large magnetite BIF resource. Early metallurgical testing has suggested that this is a very high quality magnetite resource. Results from the initial exploration drilling programme at Ntem are also due in the near future"
Afferro expects to deliver a fourth mineral resource estimate ("MRE4") in Q2 2012 to expand the resource estimate delivered in November 2011. MRE4 will incorporate data from the additional 17,221m / 194 holes and will comprise the total drilling of 37,976m / 332 holes completed up to 7 April 2012. It also includes 1,325m of representative metallurgical holes in support of test work for a PFS. The Company has seven drill rigs operating in Cameroon with four at Nkout and three at the Ntem exploration permit. A further release on Ntem will be provided in the near future.
The other important focus of operations at Nkout has been to follow up on the very positive early stage metallurgical results, which indicate that the resource consists of a high quality magnetite:
- Coarse grind size for a high Fe product e.g. 150 microns for 65% Fe product
- Soft rock with a bond work index of 12-13kWhr
- High recoveries of 80-90%
- Very low deleterious materials in product, including Al2O3 levels typically below 0.2%, P2O5 below 0.01% and negligible sulphur
Additional representative metallurgical holes will be tested to add to these early stage results. These include approximately 5t of potential DSO grading material >55% Fe, 10t of 30-55% Fe oxide material and 10t of BIF.
MRE4 drilling has focused on the delineation of the 8.9km strike length, including Nkout Centre, Nkout East and Nkout West. The resource will also incorporate the Nkout West extension for the first time. A first pass drill programme has also been completed to test the depth of the BIF. Particular attention has been given to the definition and development of the significant high-grade cap overlaying the BIF at Nkout Centre, with additional exploration at Nkout East and Nkout West. On completion of the metallurgical drill holes, expected by May, the sole focus of the drilling will be on weathered zones in other areas of the Nkout exploration permit. Exploration drilling will commence with Zone D8, the location of which can be viewed on the following link: http://www.afferro-mining.com/i/maps/RegionalBIF.jpg.
Key Intercepts and Prospect Summary
Nkout Centre - A number of independent DSO units have now been identified within the prospect with the dominant lens in the west of the target extending 1km along strike with an average depth of 30m and currently defined with 50m x 100m drill spacing (key intercepts listed in table 1). Additional, post MRE3, intercepts on the eastern extent of the target have been identified where drill spacing is currently at 50m x 200m.
Table 1. Selected intercepts from Nkout Centre
Nkout East - Second pass drilling in the oxide material has reduced the drill spacing across this prospect to 50m x 200m. It has allowed the definition of a DSO unit (average 10m deep) across 500m of strike. A second DSO unit has also been established with intercepts of 53m @ 58.2% Fe (NKEHC051) and 26m @ 59.2% Fe (NKEHC056).
Nkout West - An initial first pass oxide drill programme has been completed at 50m x 400m indicating the potential for further high grade material with intercepts reported on consecutive 400m spaced drill lines. These include 6m @ 57.02% Fe (NKWDD003). In addition continued drilling to depth has indicated the extension of the mineralised body to 400m below surface with 310m of iron mineralisation logged down hole (NKWDD009, results pending).
All plans of the drill hole locations and a cross section of Nkout Centre can be found on the following links:
http://www.afferro-mining.com/i/maps/cameroon/Nkout Centre West.png
http://www.afferro-mining.com/i/maps/cameroon/Nkout Centre East.png
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 iron ore project and surrounding iron ore targets in Cameroon. At Nkout, Afferro has a NI 43-101 compliant indicated mineral resource estimate of 944Mt at 32.7% Fe and an inferred mineral resource estimate of 1.05Bt at 31.6% Fe.
Howard Baker has eighteen years experience in the mining industry and ten years' experience in the exploration, definition and mining of iron ore Mineral Resources. Howard 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. A 43-101 technical report titled "Mineral Resource Estimate for the Nkout Iron Ore Project", dated 15 November 2011, has been filed on SEDAR.
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 twelve months ended 31 December 2010, available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual 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.
For further information:
Afferro Mining Inc.
Luis da Silva / Bevan Metcalf /Jeremy Cave
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 20 7071 4300
RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232