Email Alerts

Please fill in your details below if you wish to be alerted about news from the Company.

Positive results from Aeromagnetic Survey & Access to Cameroon Infrastructure

25 April 2012

 

West African Minerals Corporation
("WAFM" or the "Company")

Positive results from Aeromagnetic Survey

Access to Cameroon Infrastructure

 

Highlights

  • 27,000 line km of aeromagnetic surveys targeting potentially high tonnage, 60-65% Fe content, hematite-rich mineralisation completed on WAFM’s six exploration properties in Cameroon.
  • 30 discrete demagnetised zones covering over 100km2 in total area have been initially identified as potential DSO targets.
  • Seven of the anomalies on the south-eastern permits have geophysical signatures similar to other major DSO deposits in the region.
  • Board approval given to Phase Two of the exploration programme which will comprise of approximately 400 fifty metre holes (20,000 metres in total) to target DSO material overlying magnetite banded iron formation (BIF) bedrock.
  • Government assurances given that the Company will be given equal access to proposed new port and rail infrastructure being built in the country. 

Commenting on the results of the recently completed aeromagnetic survey and geophysical interpretation, Brad Mills, Executive Vice-Chairman of WAFM, commented:

“We are extremely pleased with the quality of data we have received from the detailed aeromagnetic survey of our six Cameroon permits. Preliminary geophysical interpretation of this data has highlighted a number of large, demagnetised areas that are highly prospective for hematite DSO ores. The significant size, abundance and quality of these aeromagnetic anomalies are extremely encouraging. Next steps will involve a significant programme of RAB drilling to test the most prospective of these targets in conjunction with a fixed wing gravity survey to better define the thickest concentrations of hematite mineralisation.”

Stephen Dattels, Executive Co-Chairman and Chief Executive Officer, said:

“The number of targets identified, and their geophysical signatures, confirm that the licences in Cameroon are highly prospective and suggest the Company has the potential to be a significant iron ore producer in West Africa.  The close proximity of some targets to the coast will be a strategic advantage, potentially reducing the lead time to, and costs of, production.  In addition, the welcome correspondence received from the Government of Cameroon provides great comfort to management and shareholders that WAFM will be able to access infrastructure in-country.  Although the project is only at an exploration stage, access to infrastructure goes a long way to ensuring that, if results on the ground continue to be positive and the Company moves from exploration, to development, to production, the Company can process and export its production on competitive terms and maximise shareholder value.”

Interpretation of Aeromagnetic Results

West African Minerals Corporation (AIM: WAFM), the iron ore exploration company with interests in Cameroon and Sierra Leone, is pleased to report that it has received independent interpretation of  the results of its detailed, high resolution, aeromagnetic survey conducted on its six exploration properties in Cameroon. The aeromagnetic survey represented Phase One of the Company’s exploration programme in Cameroon.  WAFM, through its 95 per cent. owned subsidiary Compagnie Minière du Cameroun SA, owns six exploration permits granting the exclusive rights to explore for iron ore and associated minerals in areas referred to as Djadom, Dja, Lélé, Minko, Sanaga and Binga in Cameroon covering a total area of approximately 6,000 square kilometres. 

As announced by the Company on 16 March 2012 the aeromagnetic survey was targeting potentially high tonnage, 60-65% Fe content, hematite-rich mineralisation, that is regionally known to occur as a cap overlying, and derived from weathering and oxidation of, underlying banded iron formations (BIF).

The helicopter-borne aeromagnetic survey, which completed 27,000 line kilometres, was carried out by South African company New Resolution Geophysics, and the results have been interpreted by The MSA Group (“MSA”), the exploration and mining consultants retained by the Company, lead by Dr Brendan Clarke, the Geological Operations Manager of The MSA Group and associate consultant Dr Ian Basson.

MSA’s geophysical interpretation of the data has identified 30 discrete demagnetised zones overlying magnetite-enriched bedrock which are considered by our geophysical team to represent potential DSO targets.  Importantly, 10 of these targets are on the near coastal concessions of Binga and Minko, close to a planned deep water port at Kribi, reducing significantly the time to, and cost of, processing and production of high grade iron. 

The remaining 20 potential DSO targets are located on the Company’s south-eastern permits.  Seven of these anomalies have geophysical signatures similar to that of the Mbarga Deposit on the adjacent Mbalam exploration permit held by Sundance Resources.  

Two of the largest anomalies on the Djadom and Lele concessions are interpreted as being demagnetised, and therefore potentially hematite-rich areas, overlying the hinge zones of large banded iron formations.

Following receipt of the interpretation results the Board of WAFM has approved Phase Two of the exploration programme in Cameroon.  In particular the Directors have approved 20,000 metres of RAB drilling over six months to test for the presence of DSO.  The Phase Two programme will include approximately 400 fifty metre holes, targeting DSO material overlying magnetite BIF bedrock.  The results of this drilling will, if positive, drive infill and resource definition drilling programmes on the most prospective targets.

Further details regarding the results, and the MSA interpretation, are available on the Company’s website at www.westafricanminerals.com, under the “Presentations” tab in the Investor Centre section of the website, titled “Technical Presentation of WAFM Cameroon Aeromagnetic Survey and Interpretation dated April 24, 2012”.

Access to Infrastructure

In addition, the Company is pleased to report that it has received correspondence from Mr Emmanuel Bonde, the Minister of the Ministry of Industry, Mines and Technological Development and the Secretary General of the Ministry of Industry, Mines and Technological Development confirming the Republic of Cameroon’s commitment to providing the necessary infrastructure to support all mining in the country, and ensuring the Company will have access to the infrastructure on equal terms, including the proposed harbour and railway infrastructure, once completed.  Copies of the letters are available on the Company’s website at www.westafricanminerals.com.  Previous news, reports, commentary and announcements on the proposed development of infrastructure in Cameroon had suggested infrastructure projects would be developed by private groups, potentially excluding some operators from access. 

-- Ends –

The technical information contained in this announcement has been reviewed by Dr Brendan Clarke, the Geological Operations Manager of The MSA Group. Dr Brendan Clarke is a Member of the Geological Society of South Africa and a Professional Natural Scientist (Pr.Sci.Nat) registered with the South African Council for Natural Scientific Professions. Dr Clarke has sufficient experience relevant to the style of mineralisation under consideration and to the activities which are being reported, to qualify as a Qualified Person for the purposes of this announcement.

For further information:

West African Minerals Corporation

Denham Eke

+44 (0) 1624 639396

Beaumont Cornish Limited
(Nominated Adviser)

Roland Cornish

Michael Cornish

+44 (0)20 7628 3396

Investec Bank PLC
(Broker)

Neil Elliot

Chris Sim

+44 (0)20 7597 5970

GTH Communications

Toby Hall

Suzanne Johnson Walsh

+44 (0) 20 3103 3902

 

About West African Minerals Corporation
West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration licences in Cameroon and Sierra Leone. Further information on the Group is available at www.westafricanminerals.com.

 

Glossary of Technical Terms

banded iron formation (BIF)

a distinctive type of rock often found in Precambrian sedimentary rocks; the structure consists of repeated thin layers of iron oxides, either magnetite or hematite, alternating with bands of iron-poor silica rich shale and chert

DSO

direct shipping ore (DSO) is iron ore that can be shipped directly to a furnace

Fe

chemical symbol for iron

hematite

a reddish or bluish-grey oxide of iron (Fe2O3) which is not magnetic

RAB Drilling

Rotary Air Blast (RAB) drilling uses a pneumatic reciprocating piston-driven "hammer" to energetically drive a heavy drill bit into the rock. The cuttings are blown up the outside of the rods and collected at surface

tonnage

quantities where the ton is an appropriate unit of measure. Typically used to measure reserves of metal-bearing material in-situ or quantities of ore and waste material mined, transported or milled

weathered

altered and broken down as a result of reactions with the chemical elements in the atmosphere or as a result of mechanical processes such as the effects of heat or pressure