West African Iron Ore drilling results on the Wondima target project update
July 08 2012 - 6:45AM
PR Newswire (Canada)
TSX VENTURE EXCHANGE: WAI VANCOUVER, July 10, 2012 /CNW/ - West
African Iron Ore Corp. West African Iron Ore Corp. ("WAI" or the
"Company") is pleased to report encouraging assay results from the
first 102 holes on its Wondima target. These results indicate an
average grade of 30.52% Fe, the mineralization is sub-horizontal
iron rich lateritic cap with and average thickness of 8.53 meters.
The Wondima target will form the basis of the Company maiden
NI43-101 resource report that is expected to be completed during Q4
2012. The Wondima target is an extensive iron bearing layered
prospect that has been identified along the northern extension of
the Sambalama/Kaliadi magnetic anomaly. The central part of the
target where this drilling has been concentrated consists, as of
today, of an area of 33km² out of a geophysical target of 64 km² of
raised plateau with a flat and hard iron rich cap. Identified
mineralization starts from surface to depth of up to 16 meters. WAI
started drilling in this area in March 2012 on a grid on 400m X
400m and until July 7, 2012: 9,365 meters of Reverse Circulation
("RCH") drilling have been completed in 351 drill holes. A further
854 meters of drilling in 46 Diamond Drill Holes ("DDH") have also
been completed; both RCH and DDH are drilled vertically. Our
original proposed RCH drilling programme was 8,000 meters (see
release number: WAI NR12-03 dated March 21, 2012). The size of the
Wondima mineralization identified to date has doubled in size since
our March 21, 2012 release. Our RCH drilling programme that is
ongoing, will be extended in order to define total mineralization
area of the Wondima target. The samples are being assayed at the
Inspectorate America laboratory in Vancouver, Canada. Some
interesting intercepts observed are as follows:
______________________________________________________ |Hole_ID
|From (m)|To (m)|thickness (m)|Av.-Fe(%) total|
|________|________|______|_____________|_______________| |AMARC085|
0 | 7 | 7 | 39.16 |
|________|________|______|_____________|_______________| |AMARC086|
0 | 10 | 10 | 26.6 |
|________|________|______|_____________|_______________| |AMARC087|
0 | 11 | 11 | 35.1 |
|________|________|______|_____________|_______________| |AMARC088|
0 | 6 | 6 | 35.25 |
|________|________|______|_____________|_______________| |AMARC089|
0 | 7 | 7 | 39.97 |
|________|________|______|_____________|_______________| |AMARC090|
0 | 12 | 16 | 34.46 |
|________|________|______|_____________|_______________| |AMARC091|
0 | 10 | 10 | 28.13 |
|________|________|______|_____________|_______________| |AMARC092|
0 | 10 | 10 | 31.21 |
|________|________|______|_____________|_______________| |AMARC093|
0 | 10 | 10 | 30.27 |
|________|________|______|_____________|_______________| |AMARC096|
0 | 6 | 6 | 40.95 |
|________|________|______|_____________|_______________| |AMARC097|
0 | 10 | 10 | 39.93 |
|________|________|______|_____________|_______________| |AMARC099|
0 | 6 | 6 | 28.5 |
|________|________|______|_____________|_______________| |AMARC104|
0 | 8 | 8 | 25.07 |
|________|________|______|_____________|_______________| |AMARC105|
0 | 9 | 9 | 26.82 |
|________|________|______|_____________|_______________| |AMARC106|
0 | 6 | 6 | 28.25 |
|________|________|______|_____________|_______________| |AMARC107|
0 | 6 | 6 | 26.22 |
|________|________|______|_____________|_______________| |AMARC109|
0 | 7 | 7 | 26.54 |
|________|________|______|_____________|_______________| |AMARC115|
0 | 5 | 5 | 26.36 |
|________|________|______|_____________|_______________| |AMARC116|
0 | 10 | 10 | 33.3 |
|________|________|______|_____________|_______________| |AMARC117|
0 | 7 | 7 | 29.98 |
|________|________|______|_____________|_______________| |AMARC118|
0 | 5 | 5 | 28.96 |
|________|________|______|_____________|_______________| |AMARC119|
0 | 9 | 9 | 34.11 |
|________|________|______|_____________|_______________| |AMARC120|
0 | 10 | 10 | 33.19 |
|________|________|______|_____________|_______________| |AMARC121|
0 | 8 | 8 | 27.37 |
|________|________|______|_____________|_______________| |AMARC122|
0 | 10 | 10 | 26.1 |
|________|________|______|_____________|_______________| |AMARC123|
0 | 7 | 7 | 31.81 |
|________|________|______|_____________|_______________| |AMARC124|
0 | 10 | 10 | 28.27 |
|________|________|______|_____________|_______________| |AMARC125|
1 | 7 | 6 | 31.28 |
|________|________|______|_____________|_______________| |AMARC127|
0 | 10 | 10 | 32.01 |
|________|________|______|_____________|_______________| |AMARC128|
0 | 5 | 5 | 25.11 |
|________|________|______|_____________|_______________| |AMARC129|
0 | 10 | 10 | 28.91 |
|________|________|______|_____________|_______________| |AMARC130|
0 | 8 | 8 | 28.71 |
|________|________|______|_____________|_______________| |AMARC133|
0 | 10 | 10 | 32.48 |
|________|________|______|_____________|_______________| |AMARC134|
0 | 12 | 12 | 32.34 |
|________|________|______|_____________|_______________| |AMARC136|
0 | 10 | 10 | 27.44 |
|________|________|______|_____________|_______________| |AMARC137|
0 | 10 | 10 | 37.09 |
|________|________|______|_____________|_______________| |AMARC139|
0 | 12 | 12 | 30.62 |
|________|________|______|_____________|_______________| |AMARC140|
0 | 10 | 10 | 30.73 |
|________|________|______|_____________|_______________| |AMARC141|
0 | 10 | 10 | 28.01 |
|________|________|______|_____________|_______________| |AMARC142|
0 | 10 | 10 | 26.21 |
|________|________|______|_____________|_______________| |AMARC143|
0 | 10 | 10 | 30.68 |
|________|________|______|_____________|_______________| |AMARC144|
0 | 10 | 10 | 31 |
|________|________|______|_____________|_______________| |AMARC145|
0 | 10 | 10 | 31.3 |
|________|________|______|_____________|_______________| |AMARC146|
0 | 6 | 6 | 25.54 |
|________|________|______|_____________|_______________| |AMARC148|
0 | 10 | 10 | 28.98 |
|________|________|______|_____________|_______________| |AMARC149|
0 | 12 | 12 | 25.41 |
|________|________|______|_____________|_______________| |AMARC150|
0 | 10 | 10 | 26.05 |
|________|________|______|_____________|_______________| |AMARC151|
0 | 16 | 16 | 32.61 |
|________|________|______|_____________|_______________| |AMARC152|
0 | 8 | 8 | 28.98 |
|________|________|______|_____________|_______________| |AMARC153|
0 | 6 | 6 | 26.65 |
|________|________|______|_____________|_______________| |AMARC154|
0 | 12 | 12 | 30.62 |
|________|________|______|_____________|_______________| |AMARC155|
0 | 12 | 12 | 25.8 |
|________|________|______|_____________|_______________| |AMARC156|
0 | 8 | 8 | 26.54 |
|________|________|______|_____________|_______________| |AMARC159|
0 | 6 | 6 | 34.45 |
|________|________|______|_____________|_______________| |AMARC166|
0 | 6 | 6 | 26.17 |
|________|________|______|_____________|_______________| |AMARC171|
0 | 6 | 6 | 26.83 |
|________|________|______|_____________|_______________| |AMARC173|
0 | 6 | 6 | 25.74 |
|________|________|______|_____________|_______________| |AMARC175|
0 | 6 | 6 | 28.61 |
|________|________|______|_____________|_______________| |AMARC177|
0 | 6 | 6 | 28.23 |
|________|________|______|_____________|_______________| |AMARC186|
0 | 8 | 8 | 25.86 |
|________|________|______|_____________|_______________| |AMARC187|
0 | 8 | 8 | 25.47 |
|________|________|______|_____________|_______________| |AMARC194|
0 | 8 | 8 | 28.51 |
|________|________|______|_____________|_______________| |AMARC196|
0 | 10 | 10 | 34.25 |
|________|________|______|_____________|_______________| |AMARC197|
0 | 8 | 8 | 32.47 |
|________|________|______|_____________|_______________| |AMARC198|
0 | 6 | 6 | 34.16 |
|________|________|______|_____________|_______________| |AMARC199|
0 | 10 | 10 | 27.33 |
|________|________|______|_____________|_______________| |AMARC200|
0 | 8 | 8 | 36.74 |
|________|________|______|_____________|_______________| |AMARC204|
0 | 6 | 6 | 33.67 |
|________|________|______|_____________|_______________| |AMARC205|
0 | 10 | 10 | 31.8 |
|________|________|______|_____________|_______________| |AMARC213|
0 | 6 | 6 | 25.32 |
|________|________|______|_____________|_______________| |AMARC214|
0 | 10 | 10 | 32.44 |
|________|________|______|_____________|_______________| |AMARC215|
0 | 10 | 8 | 30.83 |
|________|________|______|_____________|_______________| |AMARC217|
0 | 8 | 8 | 32.38 |
|________|________|______|_____________|_______________| |AMARC218|
0 | 8 | 8 | 28.35 |
|________|________|______|_____________|_______________| |AMARC219|
0 | 8 | 8 | 27.12 |
|________|________|______|_____________|_______________| |AMARC220|
0 | 6 | 6 | 33.67 |
|________|________|______|_____________|_______________| |AMARC221|
0 | 10 | 10 | 34.35 |
|________|________|______|_____________|_______________| |AMARC222|
0 | 6 | 6 | 37.19 |
|________|________|______|_____________|_______________| |AMARC223|
0 | 8 | 8 | 28.46 |
|________|________|______|_____________|_______________| |AMARC224|
0 | 10 | 10 | 30.32 |
|________|________|______|_____________|_______________| |AMARC228|
0 | 6 | 6 | 28.68 |
|________|________|______|_____________|_______________| |AMARC234|
0 | 8 | 8 | 31.21 |
|________|________|______|_____________|_______________| |AMARC235|
0 | 8 | 8 | 36.19 |
|________|________|______|_____________|_______________| |AMARC236|
0 | 8 | 8 | 29.61 |
|________|________|______|_____________|_______________| |AMARC238|
0 | 8 | 8 | 26.93 |
|________|________|______|_____________|_______________| |AMARC242|
0 | 10 | 10 | 31.79 |
|________|________|______|_____________|_______________| |AMARC245|
0 | 10 | 10 | 26.84 |
|________|________|______|_____________|_______________| |AMARC247|
0 | 6 | 6 | 37.6 |
|________|________|______|_____________|_______________| |AMARC248|
0 | 8 | 8 | 35.81 |
|________|________|______|_____________|_______________| |AMARC249|
0 | 10 | 10 | 30.12 |
|________|________|______|_____________|_______________| |AMARC250|
0 | 6 | 6 | 27.8 |
|________|________|______|_____________|_______________| |AMARC251|
0 | 10 | 10 | 33.41 |
|________|________|______|_____________|_______________| |AMARC254|
0 | 10 | 10 | 30.06 |
|________|________|______|_____________|_______________| Encouraged
by the success of the initial drilling and observing consistent
results in grade and thickness, WAI believes that this drilling
could form a firm basis for a future resource estimate. To further
strengthen the confidence in any such estimate, an infill drill
programme on a tighter, 200 x 200 m grid spacing is planned on the
Wondima target once the current drilling grid is completed. Wondima
RC and DD updated map: Available in a more detailed and larger
format at:
http://westafricanironore.com/pdfs/WONDIMA_Drilled_Holes400x400_plan07_07_2012.pdf
"These initial laboratory assay results on the Wondima target are
extremely encouraging. We are anticipating that the other results
still pending will demonstrate similar results. This news, coupled
with our highly strategic location just 40kms from a proposed
deep-water port together with the potentially low capital and
operating expenditures that a simple, shallow, surface mining
operation typically demonstrates, provides encouragement that our
Forécariah project will develop into a mining project once the
NI43-101 is complete", stated Guy Duport the CEO of West African
Iron Ore Corp. New discovery - the Awa prospect: The Awa prospect
was discovered in May 2012 using a combination of Satellite Remote
Sensing, field mapping and geomorphological study. Mineralization
in the Awa prospect is similar to the ferrecrete lateritic type as
observed in Wondima albeit with a possibly higher thickness but a
smaller surface footprint, currently estimated at 30km². The Awa
prospect is located at the southeastern edge of the Company's
Forécariah permit near the border with Sierra Leone. It is part of
the same geological trend where the Marampa iron ore mine in Sierra
Leone is currently being developed. Grab samples collected during
geological mapping revealed an iron content of up to 58.7%Fe. A
portable diamond drill machine used in exploration (a "Winkie"
drill) was used to obtain a rapid indication of both the thickness
and the grade of Awa prospect. These field results were highly
encouraging by revealing an iron oxide thickness between 20 to 30
m. This prospect will now become the focus of a systematic
drill programme once the expanded Wondima drill programme has been
completed. An initial RCH drilling program of 5,000 meters has been
planned on the Awa prospect. The mineralization over the Awa
prospect is composed of hematite-goethite and possibly magnetite
pisolites. Other discovery: A number of potential targets have been
identified similar to Wondima or Awa on other areas of the
Forécariah permits. These prospects are being tested by field
mapping and Winkie drilling. Sampling and Quality Control: The
Company prepared all cuttings on site from the reverse
circulation-drilling program. SRK Consulting of Australia inspected
our facility and confirmed our quality control program.
Inspectorate Exploration & Mining Services Ltd a Bureau Veritas
company in Reno, Nevada, United States, conducted all samples
analyzed mentioned above at their laboratory facility in Richmond,
Vancouver, Canada. The Company maintains a systematic quality
control program including the use of standards, blanks, duplicates,
and an independent check laboratory. The DDH and the RCH assay
samples collected are sent to Inspectorate Exploration & Mining
Services Ltd, for sample preparation and assay. Samples selected
randomly will be re-analyzed by SGS Canada Inc. in Lakefield,
Ontario to ensure inter laboratory quality control and umpire
validation. The performance of the quality control samples
associated with these data indicates acceptable analytical quality.
Please refer to the NI 43-101 Technical Report, which is filed on
SEDAR and available on the Company's website, for further
discussion of sample methodology, detailed quality control
procedures and other information regarding the project. Forécariah
permits renewal update: The Forécariah permits in Guinea are owned
by WAI through its 100% owned Guinea registered company, Sky
Alliance Resources Guinée S.A. (SAR Guinée). The Forécariah permit
is covered by 3 exploration permits under license Number
A2008/043/DIGM/CPDM, published as order A/2008/3722/MMG/SGG on 8
October 2008. In accordance with the Mining Code, the Company has
filed a renewable application for those 3 permits. In a letter
addressed to the Company on June 29(th) 2012 the Minister of Mines
and Geology confirms that the Company has met all its legal
requirements and that as soon as the members of the Commission in
charge of examining the renewal applications have been designated
they will study our request with a view to granting the renewal
applied for. About the Company: West African Iron Ore
Corporation is dedicated to the sustainable development of its
mineral resources in the Forécariah provinces of the Republic of
Guinea. We nurture a harmonious working relationship with the local
community and the Guinean authorities. We advocate the minimization
of environmental impact and the promotion of economic opportunity
for all our stakeholders. Our phased exploration program aims to
establish the existence of minable iron ore mineral reserves in
sufficient quantities to permit viable production of iron
concentrate and other mineral deposits. Jonathan Challis, FIMMM, is
a qualified person under National Instrument 43-101, and has
reviewed and is responsible for the contents of this news release.
ON BEHALF OF THE BOARD Guy Duport CEO Statements in this release
that are forward-looking statements are subject to various risks
and uncertainties, certain of which are beyond the control of the
Company including, but not limited to, the impact of general
economic conditions, industry conditions, volatility of commodity
prices, risks associated with the uncertainty of exploration
results and estimates and that the resource potential will be
achieved on exploration projects, currency fluctuations, dependence
upon regulatory approvals, the uncertainty of obtaining additional
financing and exploration risk. Readers should also refer to the
specific factors disclosed under the heading "Risk Factors" in the
Company's filings with Canadian securities regulators. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently available. The
Company does not assume any obligation to update any
forward-looking statements, save and except as may be required by
applicable securities laws. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. West
African Iron Ore Corp. CONTACT: Guy
DuportCEOguyduport@westafricanironore.comTel: 604-558-1198 Investor
RelationsVanguard Shareholder SolutionsTel: 604-608-0824Toll Free:
1-866-638-0824ir@vanguardsolutions.ca
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