DRILLING PROGRAM UPDATE Three drill rigs are now operational at Makengui. Drilling commenced in April 2011 with an initial diamond drill rig operated by Partners Drilling International (?PDI?). Oxide iron mineralisation has now been observed over at least 800m of strike length and at depth of up to 80m. In addition, the drilling to date has confirmed the presence of fresh magnetite banded iron formation (?BIF?) beneath the oxide cap. The Makengui Prospect is more than 12km in length and up to 2km wide and the identified hematite cap mineralisation remains open to the northeast and southwest along strike from the area where drilling has taken place.
Note that Fe 62% china fob was up this week to us$177.90 / ton
Wonder how big the deposit is I think its massive!
EQX Price at posting:
$2.49 Sentiment: Buy Disclosure: Held
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