EXCELLENT DRILL RESULTS AT NEW MARAMPA PROSPECTS
Key Points:
- First pass drill results received from three new prospects at Marampa identifying near surface, oxide and fresh hematite mineralisation.
- Significant oxide intersections include:
- MPDD083 (Mafuri): 39.1m at 39.2% Fe from surface; and
- MPDD079 (Rotret): 54.6m at 41.5% Fe from surface.
- Significant fresh intersections include:
- MPDD083 (Mafuri): 84m at 27.5% Fe from 24m;
- MPDD079 (Rotret): 49.4m at 32.1% Fe from 54.6m; and
- MPDD097 (Gafal South): 82m at 27% Fe from 62m.
- These new drill results will be included in the first mineral resource update for Marampa, which remains on track to be released to the market late in the June 2011 quarter.
- This new, near surface oxide hematite mineralisation will add to the soft, low-strip mineralised inventory being ear-marked as first production from Marampa.
Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) (“Cape Lambert” or the “Company”) is pleased to announce the first drill results from the Mafuri, Rotret and Gafal South prospects (“Mafuri”, “Rotret”, “Gafal South” respectively) at its 100% owned Marampa Iron Ore Project located in Sierra Leone, West Africa (“Marampa” or the “Project”) (refer Figure 1 of the ASX announcement).
The Company announced to the market on 10 March 2011, the identification of shallow, soft, higher-grade oxide hematite mineralisation at the Gafal West and Matukia deposits (“10 March ASX Announcement”).
As set out in the 10 March ASX Announcement the shallow, soft, higher-grade oxide mineralisation has the potential to defer the initial need for capital intensive, long lead concentrator items comprising the crushing and grinding circuit and presents an attractive “starter” opportunity to release early cash flow from the Marampa Project.
Additional shallow, soft, higher-grade oxide mineralisation has now been identified at the Mafuri and Rotret prospects.
Cape Lambert Executive Chairman, Mr Tony Sage, said “the occurrence of shallow, low strip ratio oxide material, at Rotret and Mafuri strengthens a low capital intensity 2012 project start at Marampa based on open pit mining, simple wet scrubbing and magnetic separation of this oxide mineralisation”.
Drilling Metrics
Drilling commenced at Mafuri, Rotret and Gafal South in the December 2010 quarter. Diamond and reverse circulation (“RC”) drilling has been carried out on 200m spaced sections with the aim of testing for iron mineralisation and delineating maiden, Inferred Mineral Resources for these three prospects.
A total of 69 holes (16 diamond and 53 RC) for 9,348m have been completed to date at Mafuri, 60 holes (19 diamond and 41 RC) for 7,276m at Rotret and 10 holes (2 diamond and 8 RC) for 1,224m at Gafal South (refer Figure 2 of the ASX announcement).
Geological Context
The majority of drill holes at Mafuri, Rotret and Gafal South have intersected medium to coarse-grained specular hematite in quartz-albite-mica schist, similar to the hematite schist mineralisation at the Gafal West and Matukia deposits. Both Rotret and Mafuri have higher-grade, soft oxide hematite schist averaging 20m thickness overlying the fresh hematite schist.
Mafuri represents the western strike continuation of the Gafal West deposit with an arbitrary separation defined on a drainage cross-cutting the hematite schist (refer Figure 2 of the ASX announcement).
Drilling to date at Mafuri has covered a strike length of 2.2km and it is still open to the west and down-dip. In the eastern part of Mafuri the hematite schist dips at a moderate angle to the south and splits into two units before merging into one unit to the west. The dip flattens in the west, producing a broad outcrop of sub-horizontal hematite schist mineralisation lying at the surface.
Rotret is located approximately 1km south of Gafal West. Rotret contains two zones of hematite schist mineralisation, which are interpreted to be two limbs of an overturned antiformal fold. The east end of the Rotret mineralisation is interpreted to be truncated by a fault. Drilling to date at Rotret has covered a strike length of 1.2km on the north limb of the fold and 0.6km on the south limb (refer Figure 2 of the ASX announcement). Both limbs are still open to the west and down-dip.
Gafal South represents the southern extension to the Gafal Hill deposit, held by London Mining plc under ML02/09. The hematite schist unit here is interpreted as a tight antiform fold.
Assay Results
Assay results and drill hole details for Mafuri, Rotret and Gafal South are summarised in Tables 1, 2 and 3 of the ASX announcement respectively.
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