MARAMPA PROJECT AND REGIONAL EXPLORATION UPDATE
Key Points:
- Airborne magnetic and radiometric survey completed over 3,000km2 of the Marampa Belt, 70km to the north and south of the Marampa Project.
- Conversion of reconnaissance licences to exploration licence applications covering the entire strike extent of the prospective Marampa Belt in progress.
- Resource definition drilling at Marampa completed and final assays received.
- Subject to the independent geological consultant completing the resource estimate in the coming weeks, updated Marampa resource estimate to be released at the end of June.
Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) ("Cape Lambert" or the "Company" ) is pleased to provide a market update on its 100% owned Marampa Iron Ore Project ("Marampa Project" or "Marampa") and regional exploration in Sierra Leone, West Africa.
On 18 October 2010, Cape Lambert announced it had been granted three reconnaissance licences and had applied for a further five reconnaissance licences covering approximately 3,000km2 of the highly prospective Marampa Group rocks, which host the iron ore deposits at Marampa. A review of the iron prospectivity of this area has identified four known hematite schist occurrences to the east and north of Marampa. As a consequence, Cape Lambert converted its reconnaissance licences and applications to exploration licence applications to enable further exploration of the Marampa Belt, which extends 70km to the north and south of the Marampa Project. These exploration licences are currently in the process of being granted.
Contractor, New Resolution Geophysics have completed 17,000 line kilometres of high resolution, airborne magnetic and radiometric geophysics surveying over the reconnaissance licences. The survey data is currently being interpreted by independent geophysics consultants, Core Geophysics Pty Ltd.
Resource definition drilling at Gafal, Matukia, Rotret and Mafuri prospects is now complete and final assay results have been received. An updated mineral resource estimate is currently being prepared by independent mining consultants Golder Associates Pty Ltd and is expected to be completed and announced to the market at the end of June. This updated resource estimate will comprise maiden mineral resources for the Rotret and Mafuri prospects as well as substantial additions to the current Gafal and Matukia resources.
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