Establishes Significant New Exploration Target
Perth, Sep 18, 2013 AEST (ABN Newswire) - Australian based iron ore development company, Kogi Iron Limited (
ASX:KFE) ("Kogi" or the "Company") is pleased to announce an update to the Exploration Target at its 100% owned Agbaja Project and associated exploration license areas located in Kogi State, Republic of Nigeria, West Africa ("Agbaja" or "Agbaja Project").
New geological information obtained from resource definition and exploration programs since 2011 has facilitated a major upgrade to the Exploration Target for the Company's tenements with Channel Iron Deposit ("CID") prospectivity at Agbaja.
The new Exploration Target now totals 1.8 - 3.0 billion tonnes at a grade of 32 - 48% Fe and represents a 50% increase in tonnage over the previously reported Exploration Target of 1.6 - 2.7 billion tonnes at 35-50% Fe ("2011 Exploration Target").
The Exploration Target mentioned in this announcement is an estimate of the exploration potential for the type of mineral deposit and geological setting referred to in the announcement. The Exploration Target is quoted with a range of tonnages and grades, and should not be misunderstood or misconstrued as estimates of Mineral Resources. There has been insufficient exploration completed to date to more confidently determine the quantity and grade, or to estimate a Mineral Resource in accordance with the JORC Code 2012 guidelines. Further, it is uncertain if future exploration will result in the determination of a Mineral Resource.
Kogi's Managing Director, Iggy Tan welcomed the updated Exploration Target and described it as a very significant milestone for the Company.
"The Company has already established a JORC compliant Inferred Mineral Resource of 488Mt which, at a grade of 42.7% iron, ranks as one of the highest grade beneficiable iron ore resources in West Africa.
Kogi has still only drilled out about 20% of the Agbaja Project area and this new Exploration Target really reinforces the project scale and potential to develop a long life iron ore operation."
The Company holds eight exploration licenses ("EL") and one application for an exploration license ("ELA") covering the Agbaja and associated areas that are prospective for shallow CID deposits (refer Figure 1). These holdings comprise a dominant land position on the Agbaja Plateau, and significant positions on the nearby plateaus.
Exploration Target Estimate
New information obtained since 2011 from exploration and resource definition programs has enabled an update to the 2011 Exploration Target for the Company's five ELs covering prospective CID deposits located on the Agbaja and nearby plateaus.
The 2011 Exploration Target included within it the area established as an Inferred Mineral Resource of 488 million tonnes at 42.7% Fe within EL12124 ("maiden Mineral Resource") (refer ASX announcement dated 28 September 2012 for details). If the Inferred Mineral Resource is netted from the 2011 Exploration Target, the updated Exploration Target represents an average increase in exploration target size tonnage of 50%.
For tables, diagrams and figures, please visit:
http://media.abnnewswire.net/media/en/docs/75940-ASX-KFE-649022.pdf
About Macro Metals Limited
Macro Metals Limited is an ASX-listed company (ASX:M4M) with the intent to build a cast steel plant on the Agbaja Plateau in Kogi State, Nigeria. The project will utilise company leased iron ore deposits and will supply a cast steel feedstock to steel manufacturing and product fabricators in Nigeria and overseas.
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