Australian resources company Cape Lambert Iron Ore reported on Thursday that it had started an air core drilling campaign of the historical iron-ore tailings at the Marampa project, in Sierra Leone.
The tailings resource estimate would likely be completed later this year.
The objective of the programme was to enable a joint ore reserves committee (Jorc) compliant resource estimate to be completed, and to provide samples for metallurgical test work, which would be conducted in Australia.
The company would use the results in evaluating the viability of a tailings retreatment operation, while exploring extensions to the hematite mineralisation and regional targets.
In October 2008, Cape Lambert formalised an agreement with Aim-listed African Minerals for a 30% investment in the Marampa project. It paid an initial script consideration of 44-million fully paid ordinary shares, committed to sole funding $25-million towards a feasibility study, and assumed management of the project.
The company had the option to terminate its investment, subject to achieving a minimum expenditure of $5-million towards a feasibility study.
In January this year, Cape Lambert increased its investment in the Marampa project to 35%, with the payment of a further script consideration of 17-million shares.
Source: Mining Weekly
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