September 2024 Quarterly Activities Report
Perth, Oct 30, 2024 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX:AMD) is pleased to report on its activities for the quarter ended 30 September 2024.
Highlights
- Arrow expands its bulk commodity strategy with agreement to acquire Niagara Bauxite Project in Guinea; Guinea is the world's largest exporter of high-grade low-impurity bauxite
- Exploration Targets estimated for both Simandou North Iron Project and Niagara Bauxite Project
- At Simandou North, preliminary bench-scale metallurgical testwork results used in a flowsheet simulation achieved a 61-64% Fe, low alumina (less than 0.5%) hematite fines product from a simple wet gravity process
- Successful $5m placement to fund Simandou North and Niagara Bauxite
- Simandou North H1 2024 drilling program completed with the final 5 holes finished for 252m Subsequent to Quarter end
- At Simandou North, Arrow announced the signing of a Non-Binding Memorandum of Understanding (MoU) with Baosteel Resources that focuses on the negotiation of binding mine gate iron ore sales contracts
- Next phase of metallurgical testwork commenced on 28 composite samples of Simandou Formation Oxide BIF, which will help determine a process flowsheet to be used in scoping studylevel estimates for process plant capital and operating costs
- Drilling at Niagara Bauxite Project commenced 27 October 2024
Arrow Managing Director David Flanagan said: "We made strong progress in our strategy to create shareholder value by leveraging the Simandou multi-user railway.
Both the Simandou North Iron Project and the Niagara Bauxite Project are within trucking distance of the railway, making them highly prospective for logistics, mining, haulage and shipping operations.
The MoU agreed with Baowu Group and potential mine gate sales will provide Arrow direct access to iron ore markets through our nearest neighbour, the world's largest steel producing company.
The Niagara drilling has now started, and we look forward to delivering results in the December quarter."
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/04QUZY7Z
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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