Mount Burgess targets magnetite at Tsumkwe Base Metals Project, Namibia

Mount Burgess Mining (ASX: MTB) plans to test two linear magnetic high targets at the Tsumkwe Base Metals Project in Namibia, which have potential to host an economic iron ore resource.

The company will start a reverse circulation drilling program on targets 5 and 6 at the Makuri Vlei magnetite iron prospect on Monday, December 5.

Previous drill holes at target 5 intersected hematite/magnetite breccia.

Each target will be drill tested at various sections along strike, with the two targets covering a combined strike length of more than 6 kilometres.

Additionally, recent drilling at targets 1, 3 and 4 intercepted highly magnetic and heavily mineralised intersections.

Assay results and Davis Tube Recovery tests for two drill holes from target 1 have returned:

- 14 metres at 50.94% iron from 47 metres at recoveries of 69%;
- 3 metres at 52.31% iron from 41 metres at recoveries of 72.6%; and
- 10 metres at 49.22% iron from 27 metres at recoveries of 66.4%.

The deeper magnetite horizons have a cumulative thickness of 24 metres with an average head grade of 50.22% iron, while the Davis Tube Recovery composition of 68.2% iron makes it comparable with commercially traded iron ores.

An initial thin section petrographic analysis of drill chips from one of these holes, taken at 45-46 metres depth, shows that the dominant iron mineral is magnetite.

Magnetite particles range from 25 microns to more than 100 microns, hosted within a schist.

Some of the geochemistry, in particular the purity of the magnetite, is more compatible with a sedimentary origin.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22927/mount-burgess-targets-magnetite-at-tsumkwe-base-metals-project-namibia-22927.html