Sable Mining Africa, the AIM-listed exploration company, has announced a further JORC Code compliant resource update at the Nimba Iron Ore Project in south-east Guinea following expansion exploration drilling on a limited area of Plateau 3.
The increase brings the total JORC Resource to 181.8 Mt at an in-situ grade of 58.8% iron estimated at a Fe cut-off of 40%, with a 10% increase in indicated resource to 148.4 Mt from 134.4Mt.
The updated Resource statement includes data from an additional 36 diamond drill holes and further demonstrates the potential upside to the robust fundamentals demonstrated in the preliminary feasibility study, which was based on a maiden JORC probable reserve of 53.96 Mt at a grade of 61.6% Fe (January 2014) which was derived from the August 2013 JORC Resource of 135.5Mt @ 59.4% Fe.
Metallurgical sampling is on-going, and shipment of the initial 4 000 kg of sample ore from Plateau 2 has been sent to Perth, Western Australia for sinter testing, decrepitation and drop testing. The drill rig is now repositioned on Plateau 3 for the purpose of generating additional material for metallurgical testwork and progressing the marketing study. Reverse circulation infill drilling has also now been completed on Plateaux 2 and 3 and samples are being sent for testing
“This further Resource upgrade is another key objective secured in our development strategy for 2014. The Sable Mining team continue to drive progress at Nimba as we approach our ultimate goal of achieving commercial iron ore production at the end of 2015. In line with this, the additional components of our development continue to make headway; metallurgical testwork is underway to progress the marketing studies for our final product in addition to continuing encouraging discussions with the relevant authorities regarding our end-to-end logistics solution,” says Sable Mining CEO Andrew Groves.
“I look forward to providing additional news on the deposit and infrastructure in due course as we look to unlock the significant value of Nimba for the benefit of all stakeholders. We continue to work closely with the governments of the Republic of Guinea and the Republic of Liberia and with their support, we remain focused on opening up this region as a new development corridor between these two countries.”