The Ferensola project contains two units Banded Iron Ore Formation (BIF), known quite simply by the team as ‘BIF Target 1’ and ‘BIF Target 2′. BIF Target 1 is contiguous to African Minerals’ Tonkolili iron ore deposit in the south of ABM’s licence area and has been the subject of our recent JORC drilling programmes. BIF Target 2 is located in a 20 sq km region to the north east of BIF Target 1 and is currently being grid surveyed and line cut by field crews in preparation for a new ground-based magnetometer survey which will be completed later this year.
In March 2014 £2.1 million was raised via a placing of new ordinary shares in order to carry out the exploration drilling at Ferensola to define a JORC Oxidised Mineral Resource Estimate (MRE) and JORC compliant Magnetite MRE by the end of 2014 (the “Drill Programme”) and further determine the commercial value of the asset. The BIF Target 1 Drilling Programme designed by SRK UK Ltd commenced on the 9 April 2014. On 16 December, the company declared a total oxide resource of 55.5Mt at 45.39% Fe with a total resource of 514.5Mt at 31.8% Fe. In addition to the above, SRK have identifed an exploration target comprising an additional 100Mt to 250Mt, with a grade range of between 20% Fe and 35% Fe that lies below the optimised pit shell and have recommended a short drill programme of 6 holes at an average of 150m depth per hole which has the potential to add to resource accordingly.
Nine Hole 2,000 metre, scout drilling programme completed in September 2013, targeting iron mineralization at its wholly owned 153 sq km Ferensola Project. demonstrated high grade iron consistency – 73.18m at 43.66% Fe, 99.81m at 31.17% Fe and 43.73m at 33.89% Fe.