Arrow Minerals (ASX:AMD) has posted results from its maiden drilling program at the Niagara Bauxite Project in Guinea, with these showing mineralisation extends across more than five square kilometres at the project.
The assays – which included 73 holes in three batches – included four metres at 50.3% Al2O3 (aluminium oxide) 3.1% SiO2 (silicon dioxide) from surface; four metres at 46.6% Al2O3, 0.7% SiO2 from one metre; and six metres at 47.1% Al2O3, 2.3% SiO2 from surface.
The work was focused on three of nine targets which Arrow delineated at Niagara, and will include 111 holes to test extensions – these results are due in coming weeks.
Managing director David Flanagan said the reported assays showed the project to have strong parameters.
“These latest outstanding results confirm that Niagara is a substantial bauxite discovery with high-grade mineralisation already outlined over 5km2, with results from another 111 holes offering potential to grow the discovery further,” he said.
“This is all within trucking distance of a multi-user railway at a time of record alumina and bauxite prices.
“Guinea is the world’s largest and most important supplier of high-quality bauxite. These results are comfortably in line with the product that has made Guinea the world’s number one bauxite producer.”
Arrow shares spiked upwards after the news, and at 10:43 AEDT, they were trading at 0.2 cents – a rise of 100% since the market opened.
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