Equatorial Resources Limited (ASX:EQX) has reported what it describes as excellent metallurgical testing results from its Mayoko-Moussondji Iron Ore project in the Republic of Congo.
The iron ore miner says the results confirm the potential to produce a premium iron product graded at over 64 per cent from the site; the higher end of estimates of between 30 and 65 per cent.
CEO John Welborn says the results demonstrate the huge advantages of the mineralisation the company is delineating at Mayoko Moussondji, and will provide the focus for its initial resource estimate.
The site has an estimated global exploration target of between 2.3 and 3.9 billion tonnes of iron ore mineralisation.
Equatorial Resources posted a net loss of $7.4 million for fiscal 2012.
EQX Price at posting:
$1.67 Sentiment: None Disclosure: Held
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