Join our daily newsletter At The Bell to receive exclusive market insights
- Akora Resources (AKO) says assays from at its Bekisopa Iron ore project in Madagascar show significant volumes of readily upgradeable iron mineralisation are present
- Drilling at the Bekisopa Northern zone consists 13 drill holes with several high grade zones of up to 64 per cent iron present at surface across several drill holes
- 3,300 metres of iron mineralisation has been identified across both the Northern and Central zones of the project which the company says shows potential for a significant JORC resource
- The company also says dithiothreitol assay (DTT) performed on one of the holes has improved iron purity levels to a point where it can be used to produce green steel
- Shares weraree trading at 24.5 cents, up 4.26 per cent
Akora Resources (AKO) has said assays from at its Bekisopa Iron ore project in Madagascar show significant volumes of readily upgradeable iron mineralisation are present.
Drilling at the Bekisopa Northern zone consists of 13 drill holes with several high-grade zones of up to 64 per cent iron present at surface across several drill holes.
The company said mineral testwork suggests iron with grades of over 30 per cent can be upgraded using cominution and magnetic separation. This process could yield iron grades of over 70 per cent.
Akora said 3300 metres of iron mineralisation has been identified across both the Northern and Central zones of the project which the company said shows potential for a significant JORC resource.
The company also said dithiothreitol assay (DTT) performed on one of the holes has improved iron purity levels to a point where it can be used to produce green steel.
December Quarter results accelerate 2022 drill progam
In the company’s quarterly report Managing Director Paul Bibby said the company has enjoyed outstanding early success from drilling programs.
“The outstanding early success of the drilling campaign resulted in the company bringing forward its proposed 2022 work programme completing 1,110m of additional deeper drilling in mid-November,” he said.
According to the company, ALS Perth assaying and magnetic separation processing trial work programmes are underway, with a goal to release a maiden JORC Resource around the middle of March.
After accelerating the drilling campaign in 2021, the company finished it with 5,110m drilled.
Due to the discovery of numerous and significant iron mineralisation, a work schedule for 2022 has been developed.
During the quarter, $1.468 million was spent, with $1.301 million on capital expenditures.
At the conclusion of the quarter, the exploration and cash balances were $1.045 million.
Shares were trading up 4.26 per cent, trading at 24.5 cents at 10:31 am AEDT.
