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High grades lift carbon steel materials play
One of Australia's more intriguing mineral
project development houses has thickened
the eyebrows on an iron ore play in Africa's
Republic of Congo.
Cape Lambert Resources Ltd recently told
the market that assay results from eight of
the first nine diamond drill holes from the
recently completed drilling program at its
80%-owned Mayoko project had turned up
some interesting findings.
First of all the supergene hematite grades
were consistent with some shallow surface
drilling carried out by earlier explorers during
1975. This information formed the basis of the
current 2008 inferred mineral resource of 33.1
million tonnes grading 55.5% iron.
Two drill holes (MKDD001 and MICDD002).
however, demonstrated that additional
transported, supei gene material existed outside
of the above-mentioned work, thus enabling the
2010 resource size to be increased.
Secondly, the hematite iron mineralisation
was associated with low phosphorous and
sulphur.
Thirdly, the primary magnetite banded
iron formation (RIF) iron grades were typically
higher at 32-36% than other magnetite projects.
Finally, the primary magnetite BIF lenses
varied from 50-200 metres thick and extended
to more than 300m below surface over the full
7 kilometre strike length of the two prospects.
The Mayoko exploration licence covers
about 1,000 square km and embraces the
Archean rocks of the Congo Craton.
Cape Lambert executive chairman Tony
Sage said the initial drill results indicated
the hematite cap direct
shipping ore (DSO)
potential was of better
iron grade and larger than
initially thought "which Tony Sage
improves the prospects
of early cashflow from an initial DSO
development".
Sage also suggested the high grades of 32-
36% were encouraging.
"For example, the 10 billion tonne JORC
resource Tonkolili project in Sierra Leone, West
Africa, has a magnetite grade of approximately
30% iron, and 25% of that project is in the
process of being sold to a major Chinese steel
group Shandong Iron and Steel for US$1.5
billion, valuing the project at US$6 billion,"
he noted.
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