Aquila Resources shares soared today after the company announced a maiden inferred resource for its Avontuur manganese project in South Africa.
The company said the project had inferred resources of 34 million tonnes at 40 per cent manganese across two deposits which were 20km apart.
The Gravenhage deposit hosts 32,500 million tonnes at 39.9 per cent manganese and the Eersbegint deposit has 1800 million tonnes at 45.5 per cent manganese.
Aquila said the Gravenhage deposit was suitable for open pit and subsequent underground mining with the potential to produce one million tonnes a year for more than 15 years.
The company also indicated potential to expand the Gravenhage resource and explore further within its 370sqkm licence area.
Source: The West Australian
The project is north of the Kalahari Manganese Field, which contains more than 50 per cent of the world’s known resources of minable manganese ore.
Aquila Resources is focused on raising funds to bring its West Pilbara iron ore project into production, where it is targeting 30 million tonnes a year from as early as 2012.
Aquila closed up 68 cents, or 26.77 per cent, at an intraday peak of $3.22.
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