Yaounde, Cameroon, Sept 22 (news.cameroon-today.com) – – African Aura Mining the exploration and development experts seeking out iron ore and gold mines in Sub saharan Africa sent out reports stating that test conducted at the Nkout Iron ore mines that it fully owns have given positive results indicating that there is considerable deposits of banded iron formation in the mines.
African Aura is thrilled with the prospects offered by the test results and stated that the project would now be propelled towards an initial resource projection covering over 30 percent of the 8 km long targeted area which is presently being excavated. The company is in the process of setting up another company owned drill rig to double the current speed of activities.
Nkout consists of an 8 km long geophysical area comprising of hilly terrain with geophysical studies revealing another 12km expanse of iron ore targets. In various projects undertaken to date, African Aura has drilled the first four holes, or 950m, of the planned 10 hole, 4,200m programme and has been able to drill out up to 75m of hematite BIF and 195m of magnetite BIF.
The samples obtained from the first batch determined to from holes NKDD002 and NKDD003 are believed to be drilled out during November. The first round of metallurgical tests will also be conducted on representative sample of core collected from the presently happening drilling programme and results of the same shall be announced in the first quarter of 2011.
Luis da Silva, the president and chief executive of African Aura, opines: “Nkout is a green field discovery made by African Aura which stemmed from initial reconnaissance field work completed in 2008. With a combined geophysical signature of 20km which is larger than the company’s Putu iron ore project in Liberia.
With its excellent strategic location being within 30km of the proposed rail line linking the coast to the 2.5 bt Mbalam iron ore project (being developed by ASX listed Sundance Resources), Nkout has the potential to evolve into a very significant iron ore project. We look forward to receipt of the first batch of assay results and updating shareholders accordingly.”
African Aura is currently handling three high profile iron ore projects in Cameroon, namely the Nkout, Ngoa and Akom Hills and is of the opinion that their the three together will provide a relatively high iron ore asset.
The company’s iron ore division also has a 38.5% stake in the Putu iron ore project, which is presently being handles as part of a pre-feasibility in sync with joint venture partner Severstal Resources.
African Aura’s gold division includes the 1.4 million ounce New Liberty gold deposit, which is is being carried out as part of a bankable feasibility study, and the proximal Weaju, Gondoja and Silver Hills projects, all in western Liberia. The company also has a 30% stake in AIM-listed diamond producer Stellar Diamonds (LON:STEL) .