Afferro Mining (LON:AFF, CVE:AFF) this morning unveiled some encouraging drill results from its Ntem iron ore project in Cameroon.
The highlights of the 23-hole project include 107 metres from surface at 38.1% iron, 80.7 metres 37.4% and 116 at 34.6%.
Davis Tube testwork is to be carried out on samples to assess recoveries from the material recovered. At the same time the consultants SRK are compiling a mineral resource for the project, which is expected some time in the second quarter.
Afferro says Ntem is emerging as an opportunity to develop a standalone mine with lower capital expenditure than its flagship Nkout project, also in Cameroon, with the potential to generate cash flow to support the development of the 2.5bn tonne deposit.
Earlier this week the London and Toronto listed explorer revealed it is close to sealing a deal with one of the world’s largest iron and steel companies, which would fund the development of its assets in Cameroon.
It has signed a memorandum of understanding with the African arm of Korea’s POSCO, which wants to help fund the development of all Afferro’s assets in the country.
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