Genmin (ASX:GEN) grows Baniaka resource by 168pc

• Genmin (GEN) reports a significant increase to the mineral resource estimate at its wholly owned Baniaka iron ore project in the Republic of Gabon, Central West Africa
• The MRE saw an increase of 168 per cent to almost 700 million tonnes at 39.3 per cent iron
• Baniaka’s 12 major prospects are home to PFS Prospects and eight exploration stage prospects, which are yet to undergo a significant technical assessment
• Of Genmin’s 85 kilometres of interpreted iron mineralised strike, only 16 per cent of this cumulative strike potential has been tested
• Shares in Genmin are up 2.5 per cent to $0.20 as of 10:37 am AEST

Genmin (GEN) has reported a significant increase to the mineral resource estimate at its wholly owned Baniaka iron ore project in the Republic of Gabon, Central West Africa.

The MRE saw an increase of 168 per cent increase, from 260.4 million tonnes grading 40 per cent iron to 696.7 million tonnes at 39.3 per cent iron. This was due to the addition of a maiden resource calculation at the Bandjougoy prospect, where two diamond drilling campaigns have recently been completed.

“At 700 million tonnes, Baniaka is now by a large margin the biggest JORC mineral resource in Gabon for any commodity,” Managing Director and CEO Joe Ariti said.

“We are starting to build a substantial magnetite inventory, which has significant intrinsic value with our locked-in, renewable, low-cost hydropower supply and increasing market demand for high grade pellets to support decarbonisation of the iron making process.”

Independent specialists at Golden Associates completed the MRE on site.

Of Genmin’s 85 kilometres of interpreted iron mineralised strike, only 16 per cent of this cumulative strike potential has been tested.

Resource estimates have been prepared for 15 kilometres of the strike length, leaving over 70 km as upside. 

Baniaka’s 12 major prospects are home to PFS Prospects and a further eight exploration stage prospects, which are yet to undergo significant technical assessment.

A MRE update for Bandjougoy is in progress for the DID zone following the completion of 57 infill auger holes for 815 metres of drilling.

The company hoped to do the infill drilling to find more geological information and assay densities. In addition to this, Genmin would be able to convert the remaining 40 per cent of mineralisation classified as inferred or indicated.

Infill Reverse Circulation (RC) and diamond drilling at Bandjougoy continued through Q1 2022 and have recently been completed.

With that said, additional infill auger drilling has also been finished at Flouflou and Bingamba North, which will inform DID MRE updates for both prospects.

Shares in Genmin are up 2.5 per cent to $0.20 as of 10:37 am AEST.