June 2024 Quarterly Activities Report
Perth, July 29, 2024 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX: AMD) ("Arrow" or the "Company") is pleased to report on its activities for the quarter ended 30 June 2024 ("June 2024 Quarter" or "Quarter 2").
Highlights
- Strong start to 2024 drilling campaign with the identification of iron mineralisation in the very first holes with assays up to 63% Fe from surface
- Completed 479 drill holes for 7,867 metres during the June 2024 Quarter with up to 6 rigs drilling simultaneously targeting iron mineralisation
- Drilling continued with a further 5 holes completed for 252 metres subsequent to quarter end, results pending
- Completed detailed reprocessing of magnetics and commenced ground penetrating radar surveys as part of generating and prioritising iron mineralisation drilling targets
- Appointed highly experienced mining finance professional Tony Muir as CFO, proven mine builder Jeremy Sinclair as Projects Director and experienced mining and mine development executive, Chris Tuckwell, as an Independent Non-Executive Director
Mr David Flanagan, Managing Director said:
"The iron ore industry has enormous potential to create shareholder value, deliver huge benefits in the countries where it's developed, and provide the steel to industrialise and electrify the world. Combined with the multi-user rail and port infrastructure being built in Guinea, the opportunity for economic diversity and prosperity will be transformative. Arrow has a highly prospective iron project, we've just drilled our first 11 targets and reported very encouraging early drilling results and there are many more to come. Our strategy focuses on the discovery of and defining economically viable mineral deposits, and efficiently delivering ore to the Simandou multi-user railway, located approximately 25 km from our tenement."
"We are also very pleased to report our neighbours, Winning Consortium Simandou and Rio Tinto Simfer, remain on track for commissioning a multi-user, heavy haul rail network linking our Simandou North Iron Project to the port in late 2025."
SUMMARY OF ACTIVITIES DURING THE JUNE 2024 QUARTER
Arrow's Simandou North Iron Project is located immediately north of the Simandou Iron Ore Project, the world's largest high grade iron ore project (Figure 1*). Approximately 40 kilometres of strike of the prospective Simandou iron formation is interpreted to extend into the Company's Simandou North license (Figure 1*) which has been validated by an extensive field mapping and rock chip sampling campaign. As announced, the Company has identified high grade mineralisation in the sequence and is now systematically testing targets across the project.
Arrow's Simandou North Iron Project comes within 25km of the rail construction corridor (Figure 1*) which presents a unique opportunity to Arrow to access this rail infrastructure under the Government of the Republic of Guinea's mandate that the rail should be available for third party use.
Winning Consortium Simandou and Rio Tinto Simfer are collectively spending approximately US$26Bn (equivalent to approximately AU$38Bn) to develop a mine, multi-user rail, and port system (Figure 2*). This is a significant investment undertaken after 30 years of studies and investment in due diligence.
*To view the full quarterly report with tables and figures, please visit:
https://abnnewswire.net/lnk/MC5UD61I
About Arrow Minerals Ltd
Arrow Minerals Ltd (ASX:AMD) is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits in West Africa. The Company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.
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