TSX VENTURE EXCHANGE: WAI
VANCOUVER, July 10, 2012 /CNW/ - West African Iron Ore Corp. (TSX-V: WAI) West African Iron Ore Corp. ("WAI" or the "Company") is pleased to report encouraging assay results from the first 102 holes on its Wondima target. These results indicate an average grade of 30.52% Fe, the mineralization is sub-horizontal iron rich lateritic cap with and average thickness of 8.53 meters.
The Wondima target will form the basis of the Company maiden NI43-101 resource report that is expected to be completed during Q4 2012.
The Wondima target is an extensive iron bearing layered prospect that has been identified along the northern extension of the Sambalama/Kaliadi magnetic anomaly. The central part of the target where this drilling has been concentrated consists, as of today, of an area of 33km² out of a geophysical target of 64 km² of raised plateau with a flat and hard iron rich cap. Identified mineralization starts from surface to depth of up to 16 meters. WAI started drilling in this area in March 2012 on a grid on 400m X 400m and until July 7, 2012: 9,365 meters of Reverse Circulation ("RCH") drilling have been completed in 351 drill holes. A further 854 meters of drilling in 46 Diamond Drill Holes ("DDH") have also been completed; both RCH and DDH are drilled vertically. Our original proposed RCH drilling programme was 8,000 meters (see release number: WAI NR12-03 dated March 21, 2012). The size of the Wondima mineralization identified to date has doubled in size since our March 21, 2012 release. Our RCH drilling programme that is ongoing, will be extended in order to define total mineralization area of the Wondima target. The samples are being assayed at the Inspectorate America laboratory in Vancouver, Canada. Some interesting intercepts observed are as follows:
|Hole_ID||From (m)||To (m)||thickness (m)||Av.-Fe(%) total|
Encouraged by the success of the initial drilling and observing consistent results in grade and thickness, WAI believes that this drilling could form a firm basis for a future resource estimate. To further strengthen the confidence in any such estimate, an infill drill programme on a tighter, 200 x 200 m grid spacing is planned on the Wondima target once the current drilling grid is completed.
Wondima RC and DD updated map:
Available in a more detailed and larger format at:
"These initial laboratory assay results on the Wondima target are extremely encouraging. We are anticipating that the other results still pending will demonstrate similar results. This news, coupled with our highly strategic location just 40kms from a proposed deep-water port together with the potentially low capital and operating expenditures that a simple, shallow, surface mining operation typically demonstrates, provides encouragement that our Forécariah project will develop into a mining project once the NI43-101 is complete", stated Guy Duport the CEO of West African Iron Ore Corp.
New discovery - the Awa prospect:
The Awa prospect was discovered in May 2012 using a combination of Satellite Remote Sensing, field mapping and geomorphological study. Mineralization in the Awa prospect is similar to the ferrecrete lateritic type as observed in Wondima albeit with a possibly higher thickness but a smaller surface footprint, currently estimated at 30km².
The Awa prospect is located at the southeastern edge of the Company's Forécariah permit near the border with Sierra Leone. It is part of the same geological trend where the Marampa iron ore mine in Sierra Leone is currently being developed.
Grab samples collected during geological mapping revealed an iron content of up to 58.7%Fe. A portable diamond drill machine used in exploration (a "Winkie" drill) was used to obtain a rapid indication of both the thickness and the grade of Awa prospect. These field results were highly encouraging by revealing an iron oxide thickness between 20 to >30 m. This prospect will now become the focus of a systematic drill programme once the expanded Wondima drill programme has been completed. An initial RCH drilling program of 5,000 meters has been planned on the Awa prospect.
The mineralization over the Awa prospect is composed of hematite-goethite and possibly magnetite pisolites.
A number of potential targets have been identified similar to Wondima or Awa on other areas of the Forécariah permits. These prospects are being tested by field mapping and Winkie drilling.
Sampling and Quality Control:
The Company prepared all cuttings on site from the reverse circulation-drilling program. SRK Consulting of Australia inspected our facility and confirmed our quality control program. Inspectorate Exploration & Mining Services Ltd a Bureau Veritas company in Reno, Nevada, United States, conducted all samples analyzed mentioned above at their laboratory facility in Richmond, Vancouver, Canada. The Company maintains a systematic quality control program including the use of standards, blanks, duplicates, and an independent check laboratory. The DDH and the RCH assay samples collected are sent to Inspectorate Exploration & Mining Services Ltd, for sample preparation and assay. Samples selected randomly will be re-analyzed by SGS Canada Inc. in Lakefield, Ontario to ensure inter laboratory quality control and umpire validation. The performance of the quality control samples associated with these data indicates acceptable analytical quality. Please refer to the NI 43-101 Technical Report, which is filed on SEDAR and available on the Company's website, for further discussion of sample methodology, detailed quality control procedures and other information regarding the project.
Forécariah permits renewal update:
The Forécariah permits in Guinea are owned by WAI through its 100% owned Guinea registered company, Sky Alliance Resources Guinée S.A. (SAR Guinée). The Forécariah permit is covered by 3 exploration permits under license Number A2008/043/DIGM/CPDM, published as order A/2008/3722/MMG/SGG on 8 October 2008.
In accordance with the Mining Code, the Company has filed a renewable application for those 3 permits.
In a letter addressed to the Company on June 29th 2012 the Minister of Mines and Geology confirms that the Company has met all its legal requirements and that as soon as the members of the Commission in charge of examining the renewal applications have been designated they will study our request with a view to granting the renewal applied for.
About the Company:
West African Iron Ore Corporation is dedicated to the sustainable development of its mineral resources in the Forécariah provinces of the Republic of Guinea. We nurture a harmonious working relationship with the local community and the Guinean authorities. We advocate the minimization of environmental impact and the promotion of economic opportunity for all our stakeholders.
Our phased exploration program aims to establish the existence of minable iron ore mineral reserves in sufficient quantities to permit viable production of iron concentrate and other mineral deposits.
Jonathan Challis, FIMMM, is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
ON BEHALF OF THE BOARD
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.
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