TIDMAFF
RNS Number : 3716P
Afferro Mining Inc.
24 October 2012
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
24 October 2012
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Encouraging Results at Ngoa, Adjacent to Nkout
Afferro Mining Inc. ("Afferro" or the "Company"), the
exploration and development company focused on iron ore in
Cameroon, is pleased to provide initial results for the exploration
work undertaken at its 70% owned Ngoa prospect, which lies within
the Essong exploration permit, adjacent to the Nkout iron ore
project ("Nkout") and 20km from the proposed south Cameroon rail
corridor.
Highlights
-- Mineralised zone with 1km strike remains open at depth
-- Drilling highlights, from 33 diamond drill holes over 1,790m, include:
o NGHC003 11.0m @ 61.1% Fe from surface
o NGGS026 8.8m @ 54.6% Fe from surface
o NGGS019 12.8m @ 47.0% Fe from surface
o NGGS002 28.0m @ 45.6% Fe from 2.6m
o NGGS021 15.6m @ 42.4% Fe from surface
o NGGS014 29.2m @ 40.9% Fe from surface
o NGGS010 14.7m @ 40.8% Fe from surface
o NGGS003 31.0m @ 39.8% Fe from surface
o NGGS010 28.2m @ 38.8% Fe from 37.8m
-- Located adjacent to Nkout, with any resource likely to be
processed centrally and enhance the economics of the current
stand-alone Nkout project
Luis da Silva, Chief Executive Officer of Afferro,
commented:
"Drilling results at Ngoa are encouraging with multiple
intersections from surface above 40% Fe and a number of down-hole
length intersections in excess of 55% Fe. We believe Ngoa can
become a satellite resource to support scalable mining of up to
35mtpa at Nkout, which is situated less than 5km to the north of
Ngoa. The recent preliminary economic assessment showed Nkout to be
a robust project; additional high grade resources at Ngoa will
enhance the already attractive economics.
"Afferro continues to explore all four of its exploration
permits in Cameroon. With these initial results for Ngoa, Afferro
has defined mineralised banded iron formations in three of these
permits. Further results from additional drilling at Nkout are
pending."
Ngoa Anomaly
Exploration at Ngoa was carried out in two phases. The first
phase comprising 10 diamond drill holes totalling over 520m was
completed in December 2010. A second phase of 25 holes totalling
1,270m was completed in June 2012. Drilling was targeted on two
parallel, high intensity magnetic features striking north east to
south west with approximately 1km of strike extent and coincident
topographic high. The magnetic anomaly is the geophysical
expression of quartz-magnetite bearing banded iron formations
("BIFs") at depth beneath a cap of laterite, indurated ferruginised
saprolite and colluvial scree. Airborne magnetics were flown over
the Ngoa area in Q1 2010 and interpreted by Southern GeoScience
Consultants of Perth, Western Australia.
Results of the drilling are shown in Table 1 below. The higher
grade intersections above 55% Fe are from weathered and oxidised
primary iron rich BIF originally containing magnetite which is now
altered to haematite. Mapping of limited surface outcrop,
geophysical interpretation and interpretation of the current
broadly spaced drilling suggest two parallel BIF units, striking
north east to south west and dipping moderately to the north-west.
The BIF mineralisation remains open at depth. The magnetite BIFs
are structurally deformed with associated amphibole
meta-sedimentary country rock underlain by a strongly foliated
granitoid gneiss basement.
Table 1 - Ngoa Mineralised Intersections
Hole ID Azm Dip Elevation East m North EOH m From To m INTERVAL Fe % Al(2) P % SiO(2) %
m m m m m m O(3) %
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS001 0 -90 913 249839 281863 116.4 0.0 50.4 50.4 33.4 1.9 0.06 44.5
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS002 0 -90 862 249643 281767 58.9 2.6 30.6 28.0 45.7 2.6 0.07 27.3
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
including (#) 2.6 10.4 7.8 57.5 3.7 0.04 11.7
----------------------------------------------------------- ----- ----- --------- ----- ------- ----- ---------
23.2 25.4 2.3 55.7 1.6 0.09 11.7
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS003 0 -90 924 249864 281665 37.7 0.0 31.0 31.0 39.9 2.7 0.04 26.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS004 0 -90 754 250335 281923 45.8 0.0 4.0 4.0 51.5 6.2 0.09 12.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS005 0 -90 662 250466 282641 41.8 0.0 8.0 8.0 48.1 5.2 0.06 20.0
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
including (#) 0.0 4.0 4.0 57.8 3.4 0.06 8.9
----------------------------------------------------------- ----- ----- --------- ----- ------- ----- ---------
NGGS006 180 -80 732 250293 282076 74.8 0.0 6.0 6.0 43.0 5.6 0.06 28.8
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS007 180 -80 714 250429 281719 46.1 6.5 8.4 1.9 37.0 8.8 0.04 31.4
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS008 180 -80 818 250080 281864 55.5 0.0 6.0 6.0 51.0 5.4 0.08 15.7
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
Including (#) 2.0 4.0 2.0 55.4 4.5 12.5
----------------------------------------------------------- ----- ----- --------- ----- ------- ----- ---------
NGGS009 180 -80 776 250091 282005 65.3 0.0 18.8 18.8 36.4 4.0 0.04 40.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS010 180 -80 827 250210 281721 65.8 0.0 14.7 14.7 40.8 3.8 0.05 34.7
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
37.8 62.8 25.0 39.1 1.1 0.04 40.5
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS011 0 -90 829 249687 281968 64.1 1.0 3.3 2.3 53.1 5.9 0.12 55.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS012 180 -80 827 249621 281714 87.6 0.0 8.0 8.0 40.3 2.3 0.05 36.2
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS013 0 -90 843 250130 281547 36 0.0 2.0 2.0 38.5 0.9 0.03 42.8
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
12.4 35.8 23.4 35.7 1.0 0.04 45.1
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS014 180 -80 826 249729 281564 69 0.0 29.2 29.2 40.9 1.1 0.05 38.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
39.5 49.5 10.0 1.6 0.05 49.2
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS016 0 -90 828 249905 281464 49.5 0.0 14.5 14.5 38.4 0.4 0.04 42.2
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS017 180 -80 784 250287 281585 48.6 2.0 6.0 4.0 46.7 7.9 0.05 20.0
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS018 180 -80 775 249508 281916 38.3 3.3 14.3 11.0 42.5 4.4 0.05 31.1
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS019 180 -90 773 249549 281622 81.7 4.4 17.3 12.9 47.0 6.4 0.06 21.3
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
Including (#) 7.3 11.5 4.2 56.8 3.5 0.07 11.5
----------------------------------------------------------- ----- ----- --------- ----- ------- ----- ---------
NGGS021 0 -90 785 249752 281430 73.6 0.0 15.8 15.8 41.9 3.1 0.06 33.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS023 0 -90 775 250052 281416 60.7 0.0 14.5 14.5 37.6 4.1 0.04 38.8
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS025 180 -80 732 249914 281201 47.0 0.0 2.2 2.2 47.5 8.1 0.07 16.6
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGGS026 180 -80 731 249454 281347 67.8 0.0 8.8 8.8 54.6 4.1 0.05 12.1
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
Including (#) 2.0 8.8 6.8 56.6 3.4 0.03 9.5
----------------------------------------------------------- ----- ----- --------- ----- ------- ----- ---------
NGGS027 180 -80 744 249168 281743 40.8 0.0 13.2 13.2 36.4 7.2 0.06 34.9
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
Including (#) 0.0 2.2 2.2 55.0 4.7 0.09 9.5
-----------------------------------------------------------
NGHC001 0 -90 888 249842 281959 80 0.0 3.5 3.5 37.9 1.7 0.05 39.8
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
10.5 12.5 2.0 31.6 0.8 0.07 48.4
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
NGHC002 0 -90 863 249745 281771 54.6 0.0 12.1 12.1 40.3 7.4 0.04 29.8
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
Including (#) 0.0 5.1 5.1 57.6 2.9 0.05 12.6
-----------------------------------------------------------
NGHC003 0 -90 726 250500 282015 44.0 0.0 11.0 11.0 61.1 3.3 0.15 4.1
--------- ---- ---- ---------- ------- ------- ------ ----- ----- --------- ----- ------- ----- ---------
*results are reported as down-hole lengths with a lower cut-off
grade of 30% and a maximum internal waste of 5m. Datum WGS84,
Zone 33, some minor errors occur due to rounding. # reported
with a >55% Fe COG.
Afferro Mining Inc.
Luis da Silva / Jeremy Cave
Tel: +44 (0) 20 7010 7680
Investec
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
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% Fe and an Inferred Mineral
Resource Estimate of 1.33Bt at 30.3% Fe. Afferro's cash position at
the end of Q2, 2012 of US$51 million, leaves it well placed for the
medium-term funding of 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 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.
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) accept 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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