- Genmin (GEN) upgrades the mineral resource estimate for its Bandjougoy Detrital Iron Deposit (DID) within its Baniaka iron ore project in Gabon
- The company drilled 57 auger holes across the deposit to fully convert the resource estimate from the ‘inferred’ category to the higher-confidence ‘indicated’ category
- Further, Genmin’s drilling adds 1.5 million tonnes to the DID resource estimate, which now sits at 19.9 million tonnes at 48.8 per cent iron
- Genmin now plans to update the resource estimates of other key prospects that form the mineral resources included in its Baniaka project pre-feasibility study
- Shares in Genmin last traded at 19 cents on Wednesday, June 15
Genmin (GEN) has upgraded the mineral resource estimate (MRE) for its Detrital Iron Deposit (DID) within its Baniaka iron ore project in Gabon through a recent infill drilling program.
The iron ore explorer drilled an extra 57 auger holes across the DID deposit, which lies in the Bandjougoy prospect within the Baniaka area, to convert 100 per cent of the deposit’s MRE from the ‘inferred’ category to the higher-confidence ‘indicated’ category.
What’s more, though the infill drilling was primarily designed to upgrade the resource classification at the prospect, Genmin said it also added 1.5 million tonnes to the DID resource estimate and slightly improved the iron ore grade.
This means the Bandjougoy DID MRE now sits at 19.9 million tonnes at 48.8 per cent iron.
Genmin Managing Director and CEO Joe Ariti said achieving 100-per-cent indicated classification at Bandjougoy was a major step forward for the company in developing the wider Baniaka project.
“Bandjougoy has surface accumulations of DID mineralisation over broad extents providing immediate mining access without the burden of pre-stripping large volumes of waste,” Mr Ariti said.
“In addition, pilot-scale metallurgical test work has shown it produces 65-per-cent iron lump and fines products with the processing flowsheet designed for Baniaka.”
Looking ahead, Mr Ariti said Genmin planned to update the mineral resource estimates for the Flouflou and Bingamba North areas. These, combined with the Bandjougoy and Tsengué prospects, form the DID mineral resources included in Genmin’s Baniaka pre-feasibility study (PFS).
All up, Genmin’s DID mineral resource is currently based on 291 auger drill holes for 3761 metres and 35 diamond core drill hole intervals for 291 metres.
Shares in Genmin last traded at 19 cents on Wednesday, June 15.