TIDMSBLM
RNS Number : 9637D
Sable Mining Africa Limited
04 February 2015
Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector:
Natural Resources
4 February 2015
Sable Mining Africa Limited ('Sable Mining' or 'the
Company')
Significant DSO Tonnage Increase Demonstrated in Resource
Update
at Nimba Iron Ore Project
Sable Mining Africa Limited, the AIM listed exploration company,
is pleased to announce a further JORC Code (2012) compliant
Resource update at the Nimba Iron Ore Project in south-east Guinea
('Nimba' or 'the Project'). This follows the completion of 231
Reverse Circulation ('RC') drill holes conducted as a resource
definition exploration drilling campaign across Plateau 2 and
Plateau 3.
Overview
-- Total JORC Resource increased to 205.2 million tonnes ('Mt')
at an average in-situ grade of 57.8% iron ('Fe') from 181.8 million
tonnes ('Mt') at an in-situ grade of 58.8% iron (announced 23 April
2014) - both estimated at a Fe cut-off of 40%
-- Resource confidence improved with measured and indicated
portion increasing by 31%, from 148.4Mt to 195.0Mt
-- Significant anticipated increase in premium DSO product -
on-going investigation has identified the upper portion of the
unconsolidated domain to contain a very low clay content, which is
expected to be screenable as a DSO product thereby significantly
increasing the potential lump and fines products available for DSO
mining
-- DSO product will require a relatively simple crush and
screen, and thereby a reduced operating cost is anticipated
-- Considerable further potential to increase current JORC
Reserve and enhance the robust fundamentals demonstrated in the
Preliminary Feasibility Study ('PFS')
o PFS was based on a maiden JORC Reserve of 53.96Mt at a grade
of 61.6% Fe calculated from the August 2013 JORC Resource of
135.5Mt @ 59.4% Fe
-- Metallurgical test work to progress marketing studies for
Sable Mining's end product is on-going, based on 16 HQ and 26 PQ
drill hole's core, and detailed product characteristics are
expected Q3 2015
-- Results confirm the deposit contains easily fragmented rock
(UCS averaging 20Mpa and CWI averaging 3kWh/t), which will allow
for high crushing rates at low power consumption
-- Further drop tower test work has confirmed the initial
overall lump yields, with higher lump yields in the P2 South area -
the high proportion and quality of lump product is expected to
achieve a premium to the prevailing iron ore spot price as it is a
direct blast furnace feed and does not require sintering
-- Re-evaluated timeline for feasibility studies to take into
account Liberian infrastructure development, as per Infrastructure
Development Agreement announced on 26 January 2015 - a study
progress report and updated Reserve statement is scheduled for Q3
2015 and full Bankable Feasibility Study to be published by Q1
2016
Sable Mining CEO Andrew Groves said, "Swiftly following on the
back of our landmark rail access and infrastructure development
agreement with the Government of the Republic of Liberia, this
increase in our JORC compliant resource to 205.2Mt further
highlights the scope, scale and potential commercial value of this
asset. It is of particular importance to note the increase in
screenable DSO material together with the higher lump yields, as
this will directly impact the quality of our final saleable product
and potentially further enhance margins.
"The Sable Mining team continue to drive progress at Nimba
forward as we approach our ultimate goal of achieving commercial
iron ore production in H2 2016. In line with this, the additional
components of our development continue to make headway; mine design
/ scheduling and metallurgical test work is underway to progress
the marketing studies for our end product. I look forward to
providing additional news in due course as we look to unlock the
significant value of Nimba for the benefit of all stakeholders, and
open up this region as a new development corridor between the
Republic of Guinea and the Republic of Liberia."
Updated Resource Statement
Table 1: Nimba Mineral resource statement for January 2015
Category Fe Tonnes* Bulk Fe SiO(2) Al(2) P LOI
Cut-off (Mt) Density (%) (%) O(3) (%) (%)
(%) (t/m(3) (%)
)
----------- --------- -------- --------- ----- ------- ------ ----- -----
Measured 40 20.8 3.1 61.4 3.6 3.3 0.08 4.9
----------- --------- -------- --------- ----- ------- ------ ----- -----
Indicated 40 174.2 2.8 57.5 6.3 4.6 0.08 6.3
----------- --------- -------- --------- ----- ------- ------ ----- -----
Inferred 40 10.2 2.7 55.8 7.8 5.0 0.08 6.9
----------- --------- -------- --------- ----- ------- ------ ----- -----
Total 40 205.2 2.9 57.8 6.1 4.5 0.08 6.2
----------- --------- -------- --------- ----- ------- ------ ----- -----
* The tonnage has been factored to account for cavities
Table 2: Nimba Mineral resource statement for April 2014
Category Fe Tonnes* Bulk Fe SiO(2) Al(2) P LOI
Cut-off (Mt) Density (%) (%) O(3) (%) (%)
(%) (t/m(3) (%)
)
----------- --------- -------- --------- ----- ------- ------ ----- -----
Indicated 40 148.4 2.7 59.0 4.7 4.1 0.08 6.3
----------- --------- -------- --------- ----- ------- ------ ----- -----
Inferred 40 33.4 2.7 57.7 5.3 5.0 0.08 6.6
----------- --------- -------- --------- ----- ------- ------ ----- -----
Total 40 181.8 2.7 58.8 4.9 4.3 0.08 6.3
----------- --------- -------- --------- ----- ------- ------ ----- -----
* The tonnage has been factored to account for cavities
Xstract Mining Consultants, an Australia-based consultancy group
and wholly-owned subsidiary of engineering services company Calibre
Group, which has significant expertise in iron ore, conducted the
Updated Resource Estimate for Nimba.
The updated JORC code (2012) compliant resource estimate was
conducted to incorporate an additional 231 Reverse Circulation
('RC') drill holes. The deposit consists of detrital iron
mineralisation known as 'canga' that has been deposited in
palaeochannels adjacent to the Mount Nimba mountain range.
Sable Mining has drilled a total of 604 drill holes (12,512.86
metres), made up of 373 diamond core ('DC') drill holes (7,167.86
metres) and 231 Reverse Circulation ('RC') drill holes(5,345
metres) in and around the current P2N1, P2N2, P2S, P2E, P3N and P3S
areas. The majority of the drill holes are orientated vertically
while the remaining are inclined (74). The average depth drilled is
20.7 metres. The drill holes are located along drill lines
orientated north-easterly. The spacing of the drill lines and drill
holes along the lines results in drilling grids of 400 metres by
400 metres, 200 metres by 200 metres and 100 metres by 100 metres.
These grids have been in-filled with RC drill holes improving
limited areas to a 50 metres by 50 metres grid. To ensure JORC
compliance, drill hole information considered as below an
acceptable quality control standard was excluded.
Prior to November 2012, drill hole samples were prepared by ALS
Bamako and analysed at ALS Ireland by XRF methods. After this date
samples were prepared by ALS Bamako but analysed using XRF methods
by Ultra Trace in Perth. The pre-November 2012 LOI results
displayed a bias due to handling procedures at ALS Ireland and the
pulps of these samples were re-assayed by Ultra Trace in Perth. The
Quality Assurance/Quality Control(QAQC) analyses show a marked
improvement in accuracy and precision since the changeover.
The mineral resource estimate was completed in Datamine software
using a three dimensional block model (parent block size of 100
metres by 100 metres by 6 metres in the X, Y and Z directions
respectively). A full suite of Fe elements were estimated into the
blocks using ordinary kriging from composited drill hole samples
where the targeted composited length is 1 metre. The estimation was
restricted by project and domain code, while the search was
restricted to the search ellipse and a maximum of five samples per
drill hole. The search distance was based on the general
semi-variogram range and the direction was dictated by the
anisotropy evident in the semi-variogram fan for the major areas.
Statistical and spatial comparison of the block model grades to the
drill hole samples shows strong similarities but a slight smoothing
of the model has occurred due to drill hole spacing. The tonnage of
each block has been adjusted by a factor that reflects the
estimated proportion of cavities for each parent block, based on
areas where such cavities have been recorded. The mineral resource
is stated as within the mining permit boundary.
Feasibility Study
The Company has recalculated the schedule for its feasibility
studies in light of the recently announced Infrastructure
Development Agreement with the Government of Liberia. A study
progress report will be completed in Q3 2015 which will provide an
update of the operational and economic viability of Nimba taking
into account ongoing detailed studies relating to mine and haul
road design in Guinea, plus further refinement of concepts where
appropriate. A full Bankable Feasibility Study will then be issued
by Q1 2016 which will also calculate the infrastructure development
requirements in Liberia.
The Mineral Resource Statement has been compiled in the
accordance with the guidelines defined in the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves (The JORC Code, 2012 Edition). The JORC Table 1 is
included as an attachment to this announcement.
The information in this announcement that relates to Mineral
Exploration results and Mineral Resources, together with any
related assessments and interpretations have been reviewed by a
qualified geologist. Kevin Lowe, Principal Consultant Geologist at
Xstract Mining Consultants Pty Ltd, has sufficient experience which
is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to
qualify as a qualified person as defined by the AIM Note for Mining
and Oil & Gas Companies.
To view the JORC Table 1, please click here
http://www.rns-pdf.londonstockexchange.com/rns/9637D_-2015-2-3.pdf
** ENDS **
For further information please visit www.sablemining.com or
contact:
Andrew Groves Sable Mining Africa Tel: 020 7408
Ltd 9200
David Foreman Cantor Fitzgerald Tel: 020 7894
Europe 7000
Stewart Dickson Cantor Fitzgerald Tel: 020 7894
Europe 7000
Richard Greenfield GMP Securities Tel: 020 7647
2836
Susie Geliher St Brides Partners Tel: 020 7236
Ltd 1177
Charlotte St Brides Partners Tel: 020 7236
Heap Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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