Agbaja Iron Ore Exploration Project: Energio Advances Towards Maiden Iron Ore Resource With Further Drill Results

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Kogi State is an iron ore rich region with abundant existing reliable infrastructure, such as sealed roads and highways and rail links to the Port of Warri.

The Agbaja licences contain magnetite in banded iron formation, along with rich oolitic deposits with a conceptual exploration target of 1-2 billion tonnes of iron ore at a minimum of 30% iron, with rock chip samples within the project area returning grades of up to 55% iron, and showing potential for the presence of direct shipping ore.

Energio continues to prove up the potential of its Agbaja Iron Ore Exploration Project in Kogi State as it moves closer to a maiden JORC Resource.

 A third batch of assays show grades of up to 55%, confirming the consistency of the grade and thickness compared with previous results.

Energio  has received its third batch of assays from the 200 drill holes completed to date at its Agbaja Iron Ore Exploration Project in Kogi State which indicate the thickness of intersections average about 3 metres thicker in the main ore body when compared with the initial results.

The grade and thickness of the ore body is consistent with previous results, with latest assays returning grades of up to 55% iron.

Importantly, the results continue the positive pattern of the analysis of the first four holes with the grade and thickness of the ore body surpassing Energio’s expectations.

Agbaja has a resource potential of 1-2 billion tonnes of iron ore.

Chairman Ian Burston said these results compared with the results to date are encouraging as they appear to be homogeneous.

“Also, over the next few months in addition to completing the analysis of drill samples, we will also be selecting samples for metallurgical testing to determine optimal ways of processing this material,” he said.

Late last month Energio confirmed grades at the high end of the initial target range of 48-53% iron with its second batch of assays.

The company received the initial batch of samples from the project a week earlier which confirmed the thickness and grade of the oolitic mineralisation, with grades up to 55% iron.

The 20,000 metre drilling program, which is aimed at defining a maiden JORC Resource, is on track for completion in the June quarter of 2012. So far, 200 drill holes have been completed.

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