Sphere Investments will assess the exploration potential of its Bou Derga and Tintekrate magnetite deposits in Mauritania, after receiving positive early indications from a feasibility study at the nearby Guelb el Aouj iron ore project.
The Western Australian headquartered company has already developed the Guelb el Aouj deposits to an Inferred Resource of 675 million tonnes (Mt) (36.4 per cent Fe head grade) including 450 Mt (36.6 per cent Fe) for the East Deposit and 225 Mt (36.0 per cent Fe) for its Centre Deposit.
The decision to evaluate the two additional deposits was announced by the Company today following positive results from recent mapping and modelling by Sphere's geologists.
"Based on similar procedures to those used for the initial assessments of Centre and East, we believe that Bou Derga provides a magnetite-quartzite target in the order of 450-600 million tonnes (Mt)," Sphere's Managing Director, Mr Alex Burns, said today.
"An assessment of the potential of the Tintekrate Deposit is also underway."
The two deposits are located less than 20 kilometres south of Guelb el Aouj and are situated within the established joint venture area, itself embedded within a major iron ore province. All deposits in the JV area are located within 30km of SNIM's iron ore rail network that feeds its 160,000DWT iron ore port at Nouadhibou.
