Sundance Resources acquires second drill rig to accelerate exploration
13 octubre, 2012 | Autor: crushermiracle | Posted in Negocios y Economia
JOHANNESBURG (miningweekly.com) – ASX-listed iron-ore company Sundance Resources has purchased a second diamond drillitalian market leader waste compactoring rig which would enable it to accelerate exploration of high-grade hematite prospects at its Mbalam iron-ore project, in West Africa.
The second track-mounted drill rig would supplement the rig currently being mobilised to site for drilling at the Nabeba deposit, located 42 km south of the flagship Mbarga deposit.
The drilling programme was aimed at converting the exploration target for the Nabeba deposit of 100-million tons to 250-million tons hematite grading between 55% to 65% iron to a joint ore reserve committee-code compliant resource, thereby increasing the project’s inventory of high-grade hematite.
“As foreshadowed to shareholders at yesterday’s annual general meeting, the company has decided to accelerate its work programme to facilitate project financing in 2010,” said Sundance CEO Don Lewis.
“The definition of additional high-grade hematite resources is a key part of this work programme and has the potential to add significant value as we progress discussions with prospective strategic partners.”
Sundance will self-perform drilling operations for both rigs with the first rig expected to be commissioned on site this week. The second rig was expected to be delivered in Johannesburg, ready for shipment to Cameroon later this month.
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Regards, GAZZA
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