African Aura Inc Mining Explorations Operations in Cameroon, Africa
Yaounde, Cameroon Africa(Cameroon News) -
Afferro Mining has indicated that the results for the Nkout project indicate scope for adequate blast furnace feed.
When Afferro Mining was called African Aura as it revealed that the Nkout iron ore project its Cameroon asset is world class in its potential. Afferro now reveals that the test results at Nkout shows indicate a vast scope for adequate blast furnace feed.
The aim of the tests was to determine whether an adequate blast furnace feed could be manufactured and the results indicate great scope for a sinter fines product, said Affero officials.
Afferro Mining (LON:AFF) says tests carried out at its Nkout iron ore project in Cameroon has indicated results which showcase the potential to put in place a marketable product.
The aim was to find out whether a suitable blast furnace feed could be yielded and the test results indicates vast scope for a sinter fines product.
Chief executive Luis da Silva said: “It is encouraging that the early test work from last year’s surface material drill samples has rendered such positive results.
“With more metallurgical test work underway and planned, it is exciting to note that to date all aspects of the orebody – surface material and the banded iron formation – have provided such positive results indicating the potential to create a saleable product.”
The preliminary metallurgical tests, undertaken by UK-Based SGS Mineral Services, was carried out on a composite sample of the ore from the Nkout Centre area of the deposit, which had a head grade of 43.6 per cent Fe. At a top size of 6 mm, a concentrate showing 65 per cent iron ore was taken out.
More operations are proposed to determine the effect of head grade and to conduct more tests to determine the lateral variability of the orebody, it indicated.
Charles Kernot, the veteran mining analyst at City firm Evolution, said: “Afferro’s work on the Nkout project shows progress in gaining a full understanding of the geological and metallurgical characteristics of the deposit.
“With more newsflow to come we believe that the company should garner additional support.”
Afferro Mining was earlier known as African Aura Mining. Its portfolio comprises of a full stake in the Nkout iron ore project.
It has put in place a minimum initial resource target for the eastern portion of its Nkout project in southern Cameroon at 500 million tonnes of iron ore.
In a release that it made on its current drilling initiative in March this year, the firm also announced that it will reveal a second resource estimate for the complete project in September.
A maiden resource statement issued during the first half of this year showed Nkout Centre at 1.04 billion tonnes grading 34.2 per cent iron ore.
The latest findings look quite promising, but the share price was in no way indicative that the results were positive as it dipped by 0.9 pence to 123.1 pence.
Kernot points out that Severstal, Afferro’s joint venture on a different project in Liberia, had in the recent past taken over a Brazilian mine that had around 49 cents a tonne of contained ore.
Once again confirming his buy advice and 280 pence a share price target, the analyst concludes: “We believe that Afferro, on around half that valuation before the results of additional drilling which could well reduce it further, looks particularly attractive.”
About Afferro Mining Inc
Afferro Mining Inc. is a popular TSX and AIM listed gold and iron ore Development Company with projects in West Africa. The Company is headed by a team with proven expertise in the estimation and development of new commercial deposits.
