Mining broker FinnCap has given a 10.4p BUY recommendation (358% increase to current sp of 2.27p) for African iron-ore and manganese company Ferrex.

Ferrex has announced its final DSO iron assay result (61.4% Fe) from its latest drilling programme at the Mebaga iron ore project in Gabon, West Africa, a high grade DSO project located in an extensive iron ore rich province in the north of the country.

All results received from the nine hole drill programme undertaken over 1km of the 19km BIF strike have recorded significant DSO (+55% Fe) grades. Mebaga has a Exploration Target of 90 to 150mt @ 35 to 65% Fe (Oxide target) and 550mt to 900mt @ 25% to 40% Fe (Primary target) which has been defined over 8km of the total 19km strike length, indicating the significant exploration upside that this project holds.

The planned 2014 exploration programme will focus on regional mapping and sampling followed by a second drill programme that will test for strike extensions in the 1km drilled area, plus testing high-priority targets identified along the full 19km of strike to understand the true scale and potential of Mebaga.