"These are truly exceptional results, which further underpin our confidence that Nimba has the potential to develop into a world class high tonnage, high grade, high margin and low capex iron ore production asset," said CEO Andrew Groves in a statement.
"In tandem with these exploration achievements, I believe that the real value uplift will come through the successful grant of the relevant licences at Nimba. With the issuance of both the mining licence and export decree anticipated imminently, we are on the brink of significantly de-risking the development phase at Nimba."
- Highly encouraging assay results demonstrate high grade canga in the expansion area with best grade and vertical width of 62.0% iron ('Fe') over 36.0m (includes 2.8m of cavities)
- Results received from the first 7 of 30 diamond drill holes on Plateau 2
- Drilling programme targeting an extension to the area of mineralisation immediately adjacent to the current JORC Code compliant Mineral Resource of 135.5Mt at an in-situ grade of 59.4% (see announcement dated 13 September 2013 for full details)
- Canga mineralised extension area 200m wide and up to 3.9km long, part of a previously announced exploration target potential of between 45Mt and 80Mt of canga on Plateau 2 and Plateau 3
- Inclusion of extension area exploration target brings total Nimba exploration target to over 200Mt, which the Company is targeting to delineate before the end of Q4 2013
- 48 drill holes completed in extension drilling programme; 18 on Plateau 3 and 30 on Plateau 2 (in addition to five geotechnical boreholes totalling 53 holes as previously referenced)
- Remaining batches from Plateau 2 and Plateau 3 drill holes delivered to Ultratrace laboratory in Perth - further results to be released in due course.
At 8:20am: [LON:SBLM] share price was +0.25p at 6.95p
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