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Cape Lambert Resources Limited (ASX:CFE) Marampa Hematite Resource Increased 245% to 680Mt

MARAMPA HEMATITE RESOURCE INCREASED 245% TO 680 MILLION TONNES

 Key Points:

-  JORC Mineral Resource at Marampa increased by 245% to 680 million tonnes at 28.2% Fe.
 
-  38% of the new Mineral Resource is classified as Indicated.
 
- The Mineral Resource covers approximately 60% of the known mineralised strike with exploration upside for further resource growth.
 
- The resource estimate covers four deposits comprising updates for Gafal and Matukia, and maiden Mineral Resources at Mafuri and Rotret.
 
-  Mineral Resources at Marampa can be beneficiated to produce a high grade, hematite concentrate typically with a Fe grade of 63%-65% and mass and iron recoveries of 42-46% and 93-94% respectively.
 
-  The Mineral Resources include 42 million tonnes at 31.7% Fe (deposits range from 28-37% Fe) of shallow, soft oxide mineralisation representing potential early-start, low cost ore feed.
 
- The Mineral Resources can support a production profile of 10 million tonne per annum of hematite concentrate for more than 20 years.
 
Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) (“Cape Lambert” or the “Company”) is pleased to announce a 245% increase to the Mineral Resources at its 100% owned Marampa Iron Ore Project located in Sierra Leone, West Africa (“Marampa Project” or “Marampa”) (Figure 1). The total Indicated and Inferred Mineral Resource now stands at 680 million tonnes (“Mt”) at 28.2% Fe (refer Table 1).

Commenting on the Mineral Resource update, Mr Tony Sage, Executive Chairman of Cape Lambert said: “this is an important milestone for Cape Lambert and the Marampa Project as we have now defined a resource inventory capable of supporting a production profile of 10 million tonnes per annum of hematite concentrate for more than 20 years, thereby enabling Cape Lambert to move forward with its plan to sell down its interest and raise money for the project to be further developed”.

He also added “Cape Lambert has ceased resource drilling at Marampa and is now focused on the commencement of drilling at its 90% owned Kukuna (Sierra Leone) and Sandenia (Guinea) iron ore projects”.

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