An Australian Company, Energio Limited, said it has found a huge Iron Ore in Agbaja, Kogi State.
In a statement, it said the discovery of 488 million tons in its Agbaja Project, with an In-situ Iron grade of 42.7 per cent, is bound to change the pace of iron ore development in Nigeria.
Besides, the company noted that the discovery, from about 13.9km2 represents approximately 15 percent of the prospective areas and 9.2 per cent of the company’s 151km 2 landholding for Iron.
This discovery according to the statement, is the first ever JORC Iron Ore resources discovery in Nigeria.
Energio informed the Australian Securities that the resources update on the Agbaja project, would be released on June 2013. With improved geological confidence, the company according to the statement, believed the entire resources potentials of the project would have been classified by June 2013.
The company said it would soon begin the metallurgical test work on approximately 300m of P.Q diamond core to beneficiate the In-situ Iron grade from 42.7 per cent to 58 pe rcent.
The modern JORC resources estimate enables the admission of project development studies as inputs to the pre-feasibility study stage of the development of the Iron Ore production project.
Expatiating further on the feasibility potentials of the Agbaja Iron Ore project, Energio noted that it is located in a shallow flat lying channel, adding that the Iron deposit is uniquely positioned to an existing, underutilised rail and port infrastructure.
The Chairman of Energio Limited, Dr. Ian Burston, described the discovery as a “landmark result, considering that drilling at the site only commenced in late November, 2011. He added that within 12 months, the firm has released its JORC resource results.
