African Aura Mining (LON:AAAM, TSX‑V:AUR) revealed new drilling results that will boost the pending maiden resource estimate for the Nkout iron ore project in southern Cameroon.
The company recently completed the phase one exploration drilling programme, which focused on the Nkout Centre target with 4,191 metres of drilling. Nkout centre makes up around 3 kilometres of a regional magnetic anomaly that extends for some 20 kilometres.
This morning’s drill results confirmed an east-to-west trending and concordant banded iron formation (BIF).
The result highlights include intersects of 178 and 100 metres of magnetite BIF grading 35.1 and 38.1 percent iron respectively. There was also a 92.5 metre intersect of haematite mineralisation (dominant cap) with 46.7 percent iron.
"The geology and extent of iron ore mineralisation within the initial 3 kilometre long Nkout centre area bodes very well for the future upside to be tested along the balance 8 kilometre of strike,” chief executive Luis da Silva said.
“The extensions east and west and further anomalies to the south will be part of a more aggressive drilling campaign in 2011.
“This should allow the pending resource estimate to be both increased and the resources category upgraded.”
Nkout’s maiden NI43-101 resource statement is slated for early February 2011.
African Aura also reminded investors of the recently announced metallurgic testing results from Nkout.
Last week African Aura reported excellent Davis tube recovery (DTR) results from Nkout, which showed an average iron concentrate grade of 70 percent with a mass recovery of 42.2 percent.
No deleterious materials were present with the final concentrate low in silica, phosphorous and alumina.
The oxidized cap material shows elevated iron grade that ranges from 40 percent iron to 61.8 percent iron, which African Aura said was a typical weathering profile of iron deposits in Central and West Africa.
Luis da Silva said: “The excellent drill results to date combined with the successful metallurgical testing bode very well for the potential of Nkout."
African Aura is now planning to follow up with an intensive 24,000 metre drill campaign later this year.