TIDMAFF
RNS Number : 1512N
Afferro Mining Inc.
26 September 2012
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
26 September 2012
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Ntem Exploration Permit Provides a Significant New Target
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 reconnaissance
drilling at the Ntem exploration permit, which is located 80km from
the deep sea port under construction near Kribi. On the back of the
encouraging initial drill results, the Company is planning a
further drilling campaign and is commissioning an infrastructure
scoping study.
Highlights:
-- Targeted mineralisation remains open at depth, with potential
additional strike extensions to the west of the deposit
-- Mineralised intersections encountered in 90% of reconnaissance drilling samples, including:
-- 87m @ 37.0% Fe from 20m
-- 18m @ 47.5% Fe from surface
-- 125m @ 38.3% Fe from surface
-- 51m @ 39.4% Fe from 26m
-- 98m @ 38.3 % Fe from surface
-- 64m @ 39.2% Fe from surface
-- 38m @ 38.2% Fe from surface
-- 62m @ 37.1% Fe from 48m
-- Deposit consists of a series of magnetite Banded Iron Formation ("BIF") zones
-- Phase 2 drilling programme of approximately 4,750m is
planned, to quantify an initial resource
-- Infrastructure scoping study is being commissioned to examine
the economics of road haulage to minimise capex and provide earlier
cashflow
-- Attractive location, only 80km from Kribi deep sea port,
currently under construction by the Government of Cameroon
-- Potential to use 216MW Kribi power station, due to be
commissioned by AES-Sonel, the State power company, in 2013
Luis da Silva, Chief Executive Officer of Afferro,
commented:
"The encouraging results at Ntem provide Afferro with a new
greenfield exploration target of significant scale. Fe08, the first
anomaly of a number of targets tested by reconnaissance drilling,
remains open at depth, with western extensions. It is strategically
well located, less than 80km from the rapidly developing Kribi deep
sea port and 10km to the north of the proposed South Cameroon Rail
Corridor, which was recently highlighted as a planned route in the
draft National Railway Master Plan by the Government of
Cameroon.
"The results support further exploration and the Company is
planning a further drilling campaign with a view to quantifying an
initial resource. We are also commissioning an infrastructure
scoping study to explore the viability of road haulage and the
potential to utilise electricity from the 216MW Kribi power station
due to be commissioned in 2013 (timing confirmed by AES-Sonel in
January 2012). This project may provide a scalable mining operation
requiring a reduced capital investment.
"Exploration has not been limited to Ntem. Afferro has been
running exploration programmes at each of its four Cameroonian
exploration permits concurrently this year. Drilling results are
expected imminently from the Ngoa target (Essong exploration
permit), which lies adjacent to the Nkout iron ore project. Field
work at the Akonolinga project has been completed and results of
surface sampling and pitting are due by the end of this year, at
which point an initial drilling programme can commence."
Ntem Fe08 Anomaly
The Fe08 drilling target was interpreted as a magnetic anomaly
by Southern Geoscience Consultants of Perth following an airborne
geophysical survey conducted in Q1 2010. The first phase
reconnaissance drilling campaign, comprising 3,200m of drilling
over 34 holes (encountering mineralisation in 30 holes), and other
field work was completed in Q2 2012.
The Fe08 mineralised envelope extends over one kilometre of
strike containing multiple mineralised zones. Mineralisation
intersected comprised a predominantly quartz magnetic banded iron
stone. The magnetite BIFs are structurally deformed with associated
amphibole meta-sedimentary country rock underlain by a strongly
foliated granitoid gneiss basement. The mineralogy of the ore is
dominated by magnetite and quartz.
The mineralised packages remain untested at depth, with
additional strike extensions west of the defined exploration target
area. Significant drill results are contained in Table 1 below.
Table 1 - Mineralised Intersections
Hole ID Elevation m AZM deg DIP deg EOH m Interval (m) Length (m) Fe % Al(2) 0(3) P % SiO(2)
%
--------- ------------ -------- -------- ------ --------------- ----------- ----- ------------ ----- -------
From To
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC001 528 45 -50 150.4 56 82 26 34.7 2.13 0.08 45.25
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC002 512 45 -50 126.3 19.8 106.6 86.8 37.0 0.94 0.06 43.14
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC003 496 0.0 -50 99.2 42 50 8 33.6 4.62 0.07 41.20
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
72 76 4 32.6 2.50 0.06 46.05
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC004 540 45 -50 81.3 0 39 39 36.8 1.74 0.04 43.17
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
45 81.3 36.3 33.5 2.18 0.06 44.90
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC005 558 0.0 -80 150.5 0 17 17 32.0 13.76 0.05 29.75
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
30 40 10 26.6 5.36 0.05 50.20
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
48 140 92 33.6 1.88 0.05 45.95
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC006 502 45 -50 81.3 9.3 11.3 2 31.9 8.46 0.05 42.10
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
19.3 44 24.7 32.1 1.27 0.06 49.48
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC007 503 180.0 -50 81.3 0 3 3 31.7 9.03 0.04 37.10
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
20.6 70.6 50 36.2 0.95 0.06 42.61
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC008 466 180.0 -50 66.3 0 10 10 36.2 3.33 0.05 40.58
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC009 546 180.0 -50 82.5 0 82.5 82.5 38.1 0.81 0.04 41.61
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC010 568 315 -50 81.2 28 81.2 53.2 36.8 0.58 0.05 42.71
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC011 542 180.0 -50 81.0 0 45.5 45.5 36.8 3.49 0.05 39.60
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC012 487 180.0 -50 81.3 0 6 6 34.1 5.73 0.04 40.30
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
52 56 4 32.9 1.75 0.06 46.10
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC013 590 315 -50 91.8 0 54 54 38.9 1.15 0.04 40.63
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC014 609 315.0 -80 81.4 0 18 18 47.5 2.77 0.02 27.39
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
30 33.4 3.4 37.9 0.47 0.04 42.29
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
46 74 28 35.5 0.90 0.06 44.19
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC016 591 0.0 -80 83.0 2 18.8 16.8 38.9 4.31 0.03 37.07
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
27.5 68 40.5 34.9 1.80 0.07 44.02
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC017 571 180.0 -50 128.4 0 125 125 38.3 0.61 0.04 42.67
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC018 489 180.0 -50 81.3 0 12 12 40.1 1.32 0.05 39.85
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
24 28 4 34.3 0.67 0.05 44.65
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC019 469 180.0 -50 49.8 0 3.3 3.3 40.4 0.51 0.01 40.40
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC020 411 180.0 -50 100.8 1.8 9.3 7.5 36.9 1.60 0.06 44.01
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
18.3 56 37.7 36.6 0.98 0.05 43.27
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC021 463 135 -50 40.7 0 4.7 4.7 36.9 4.44 0.04 39.90
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC022 515 180.0 -80 102.5 30 42 12 35.8 1.35 0.06 42.57
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
52 54 2 35.6 0.94 0.06 44.80
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
68 95.2 27.2 34.5 2.97 0.06 42.74
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC024 391 135 -50 150.3 0 3.3 3.3 37.2 7.49 0.05 32.60
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
12.3 18.3 6 36.6 1.41 0.03 43.57
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
26.3 77 50.7 39.4 1.28 0.06 39.16
------ ------- ----------- ----- ------------ ----- -------
111 115 4 32.9 11.28 0.07 26.20
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC025 384 135 -50 120.4 0 98 98 38.3 1.06 0.05 39.82
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC026 659 45 -50 72.3 0 9.3 9.3 39.1 1.88 0.04 39.51
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC027 630 135 -50 73.8 2 31 29 35.5 3.63 0.07 41.79
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC028 429 45 -50 114.2 63 69 6 35.2 12.58 0.06 20.07
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC030 588 45 -50 61.8 0 19 19 39.4 1.32 0.04 41.28
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC031 381 135 -50 81.4 19 31.4 12.4 34.0 1.18 0.06 46.76
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC032 577 45 -50 100.8 0 64 64 39.2 0.68 0.04 41.25
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
NTHC033 575 45 -50 163.8 0 38 38 38.2 1.42 0.03 42.37
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
48 110 62 37.1 0.57 0.06 43.47
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
118 134 16 36.0 0.93 0.06 44.23
--------- ------------ -------- -------- ------ ------ ------- ----------- ----- ------------ ----- -------
*results are reported as down hole lengths with a lower cut-off
grade of 30% Fe and include a maximum 5m of material below this
threshold. Datum WGS84, Zone 33N
Continuing Exploration and Development at Ntem
Afferro has commissioned a structural interpretation of the
drilling data to increase the geological understanding and confirm
continuity of the mineralised lenses. Further resource drilling to
explore the potential depth extent of the mineralisation and extent
of resource potential is expected once this interpretation is
complete.
An infrastructure scoping study is being commissioned to
consider technical and economically feasible routes to market
including utilisation of the bulk cargo wharfs being developed at
the Kribi deep sea port prior to any development of the 'Route 3'
mineral railway outlined in the draft National Railway Master Plan
laid down by the Government of Cameroon.
Contact Information
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7257 2930
Investec
Nominated Adviser: Neil Elliot
Corporate Broker: Chris Sim
Tel: +44 (0) 207 597 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
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 an NI 43-101
compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe
and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.
Afferro currently has a cash position of US$ 51 million, leaving it
well placed for medium-term funding of all its projects.
Qualified Person
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 National Instrument 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.
Forward-looking Statements
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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