TSX VENTURE EXCHANGE: WAI
VANCOUVER, Oct. 9, 2012 /CNW/ - West African Iron Ore Corp. (TSX-V: WAI) West African Iron Ore Corp. ("WAI" or the "Company") is pleased to report that all assays have now been received from drilling on its Wondima target. Results continue to show consistency in grade and thickness as per previous release WAI-NR12-04 dated July 10, 2012. Assays from 326 Reverse Circulation Holes ("RCH") and 58 Diamond Drill Holes ("DDH") from the Wondima target returned an average grade of 30% Fe. The mineralization is contained within a sub-horizontal iron rich lateritic cap with an average thickness of approximately 8.5 meters, starting from surface.
The Wondima target will form the basis of the Company's maiden NI43-101 resource report that is anticipated to be completed by year's end. SRK Consulting (UK) Limited has completed a full QA/QC analysis of the drilling and assays database as well as a site visit to the Wondima target in early September.
The Wondima target is an extensive iron bearing layered prospect that has been identified along the northern extension of the Sambalama/Kaliadi magnetic anomaly (WAI-NR11-01 dated April 18, 2011). The central part of the target where drilling has been concentrated consists of an area of 33km² out of a geophysical target of 64 km² of raised plateau with a flat and hard iron rich cap. Iron mineralization starts from surface to a maximum depth of up to 26 meters. WAI commenced drilling in March 2012 on a 400m X 400m grid and completed over 10,000 meters of DDH and RCH late summer. A total of 384 RCH were drilled for 9,955 meters and 65 DDH were completed for 1,088 meters; both RCH and DDH were drilled vertically. The size of the Wondima mineralization identified to date has doubled in size since our March 21, 2012 release. The samples were assayed at the Inspectorate America laboratory in Richmond, Canada. Selected intercepts are tabled below:
|Hole_ID||From (m)||To (m)||True Width (m)||Av.-Fe(%) total|
Sampling and Quality Control:
Sample preparation includes sun drying or oven drying the entire RC split or HQ half core sample; manual crushing of large pieces to +90% passing -10mm; rolling the sample and riffle split to 3-5kg. This 3-5 kg split is crushed in a jaw crusher to +80% passing -10#; rolled again; coned and quartered to draw three sub-samples as follows:
|a.||150-200 g sub-sample is used for on-site NITON - XRF assay. These 150-200g sub-samples are analyzed using a NITON Thermo Scientific XL 3t GOLDD+ XRF in the on-site lab room. The NITON instrument is wiped after every assay and calibrated with a CRM standard twice every day.|
|b.||Another 200-250g sub-sample is extracted and sent to the Inspectorate Exploration & Mining Services Ltd, a Bureau Veritas company in Reno, Nevada, United States, for pulverization and analysis. At Inspectorate Lab in Reno, this sub sample is pulverized to +85% passing 200#, a 50g sub sample is drawn and is analyzed at the Inspectorate America laboratory facility in Richmond, Canada using XRF (partial silicates) method by LiBO2 fusion followed by XRF analysis for Major Oxides, Fe and LOI.|
|c.||Balance sample of 1kg to 3kg preserved in the on site sample library as reference sample in labeled one litre plastic jars.|
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, 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.
Update on Financing:
Since the signing of a binding Letter of Intent for a CAD$30 million facility between the Company and Strategic Partner, China International Fund Limited ("CIF") (see release WAI-NR12-05 dated September 4, 2012), the Company's legal counsel and CIF's law firm have been working diligently to complete the Definitive Agreement that the Company and CIF hope to sign shortly.
About China International Fund Limited:
CIF is headquartered in the Hong Kong Special Administrative Region of China, and has investment footprints in 3 continents and many countries.
With the strength of its experience in large-scale infrastructure development in Africa, CIF is in the position to accelerate the iron ore exploration and production goals of WAI, having recently built road access within the boundaries of the Company's Forécariah permits to provide access to the barging port of Konta.
CIF has a vision for Africa: Through South-South cooperation and in partnership with private industry and the government, CIF will develop public transport infrastructure such as road, rail, seaports and airports to improve connectivity and accessibility, as well as public utilities, agriculture, aqua culture, public housing, construction materials and mining projects, where its commercial objectives are aligned with the needs of countries to develop the economy and improve, ultimately, the living standards of the people.
ON BEHALF OF THE BOARD
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.
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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