TIDMAFF
RNS Number : 8359Y
Afferro Mining Inc.
28 February 2013
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
28 February 2013
TSX-V: AFF
AIM: AFF
AFFERRO MINING INC.
Ntem Iron Ore Project - Operations Update
Afferro Mining Inc. ("Afferro" or the "Company"), the
exploration and development company focused on iron ore in
Cameroon, is pleased to provide an update on progress for the Ntem
Iron Ore Project ("Ntem").
Highlights:
-- Completion of Phase 2 drilling comprising 23 diamond drill holes totalling 4,288m
-- Highlights of the seven drill holes returned to date include:
-- NTDD035: 107.0m @ 38.1% Fe from surface
-- NTDD036: 80.7m @ 37.4% Fe from 32.3m
-- NTDD037: 98.0m @ 37.9% Fe from surface
-- NTDD039: 116.0m @ 34.6% Fe from surface
-- SRK Consulting (UK) Limited ("SRK") preparing a Mineral
Resource Estimate ("MRE") before the end of Q2 2013
-- Davis Tube testwork commenced on 125 composite samples
delivered to ALS Perth Australia, results are due in Q2 2013
-- Further exploration work to continue with grab sampling and
ground magnetics at the Fe11 target, located 5km from Fe08
-- Mott MacDonald infrastructure scoping study, examining the
economics of road haulage from Ntem to the port of Kribi, due for
completion in Q1 2013
Luis da Silva, Chief Executive Officer of Afferro,
commented:
"Afferro is advancing parallel mineral resource estimation,
metallurgical testwork and transport infrastructure scoping studies
at Ntem, which is strategically located 80 kilometres from the
Government-led, deep-water port complex at Kribi. Ntem is emerging
as an opportunity to develop a standalone mine with lower capital
expenditure and potential to generate cash flow in support of the
ongoing development of the Nkout Iron Ore Project. The evolving
flat-lying magnetite itabirite model may lend itself to an easily
mined resource with a low stripping ratio. The Company looks
forward to reporting the results of the transport infrastructure
scoping study in Q1 2013 and the MRE and metallurgical testwork
results in Q2 2013."
Fe08 Exploration Update
Phase II drilling commenced at the Fe08 Project in Q4 2012 and
was completed as planned on 26 February 2013. 23 diamond drill
holes and 4,288m were completed using three Afferro drill rigs.
Assays have been returned for seven of these holes. In combination
with the earlier reconnaissance drilling the Company has now
completed 57 holes and 7,489m of drilling.
The primary objective of Phase II was to provide sufficient
geological confidence and data for an MRE. SRK has been
commissioned and the MRE is expected end of Q2 2013. Secondary
objectives of Phase II were to test for depth continuity and
potential strike extensions to the west.
Iron mineralisation at Fe08 is contained within two laterally
extensive, shallow dipping predominantly near surface fresh
magnetite horizons separated by faulting or limits of a potential
mafic intrusion. The mineralisation contains areas of localised
thickening associated with fold hinges. The mineralisation
identified is currently constrained within a magnetic high.
The Fe08 mineralisation consists of cycles of finely laminated,
crystalline to massively banded magnetite grading into coarsely
crystalline, sheared magnetite aggregates contained within a coarse
grained quartz-feldspar matrix often containing amphibole and
garnet. The magnetite ore horizons are bound by strongly foliated
quartz-biotite-amphibole gneiss and meta-sediment. The mineralised
intersections have raised the question whether the mineralisation
is sedimentary in origin, or related to fractionation of an
intrusive mafic host. Samples have been sent for petrographic
analysis to assist in understanding the magnetite genesis.
All intersections are presented in Table 1 and link below:
http://www.Afferro-Mining.com/i/maps/cameroon/Complete-Drill-Plan.png
Table 1 All intercepts:
Hole_ID Azimuth Dip UTM_East UTM_North Elevation EOH From To Interval Fe % SiO2 % P % AlO3 %
(deg) (m) (m) (m) (m)
--------- -------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD035 180 -55 657828 323810 576 281.7 0 107 107 38.1 41.1 0.04 0.7
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
117 119 2 34.9 43.1 0.06 1.1
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD036 180 -55 657805 323207 510 175.6 18.8 24.8 6 38.1 41.8 0.06 2.0
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
32.3 113 80.7 37.4 43.1 0.06 0.4
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
139 143 4 34.0 45.0 0.06 1.6
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD037 180 -55 657810 323699 556 179.5 0 98 98 37.9 41.6 0.05 1.0
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
110 116 6 36.9 43.8 0.05 0.6
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
126 142 16 36.7 44.1 0.06 0.6
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD038 180 -55 657802 323937 477 125.8 NSR
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD039 180 -55 657800 323444 529 176.9 0 116 116 34.6 44.5 0.06 2.3
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD040 180 -55 658338 323789 572 161.8 0 2.1 2.1 41.0 18.4 0.12 10.1
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
NTDD042 180 -55 657806 323061 505 124.9 42 46 4 34.2 45.9 0.07 1.4
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
64 68 4 31.9 46.5 0.06 2.4
-------- ------ --------- ---------- ---------- ------ ----- ----- --------- ----- ------- ----- -------
*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.
Fe08 Metallurgical Testwork
A preliminary testwork programme using 200kg of 4.5t of samples
has commenced with SGS Lakefield Oretest ("SGS") in Perth
Australia. Results due in Q2 2013 from the program will provide key
physical parameters and also determine concentrate grade and
recovery through a low intensity magnetic separation process.
Should the results of this preliminary testwork prove encouraging,
a more detailed laboratory testwork programme will commence in Q3
2013.
Fe08 Davis Tube Tests
Assay pulps from the fresh magnetite have been used to produce
eight metre composite samples. 125 composites are undergoing Davis
Tube testwork with ALS Perth Australia and results are expected in
Q2 2013.
Further Exploration
Field exploration has commenced at the Ntem Fe11 magnetic
anomaly with a campaign of grab sampling, mapping and a ground
magnetic surveys to enhance the airborne geophysics. Fe11 lies
within 5km of Fe08.
Contact Information
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) 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 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.
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 matters relating to the
geology, exploration results and mineral resources 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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