AI assistant
MACRO METALS LIMITED — Capital/Financing Update 2018
Apr 30, 2018
65283_rns_2018-04-30_1792d7f4-07ef-4d9a-b69c-4665a5193512.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [596 x 143] intentionally omitted <==
----- Start of picture text ----- Nigerian Subsidiary----- End of picture text -----
1 May 2018
TESTWORK PROGRAM PROGRESS UPDATE
Kogi Iron Limited (ASX: KFE , “ Kogi ”, “the Company ”) is pleased to report on the progress of metallurgical testwork associated with the commercialisation of the Agbaja oolitic iron ore deposits in Kogi State, Nigeria.
Mintek Refining Testwork (South Africa)
The refining testwork was continued during the month of April and initial analysis and results continue to be very pleasing. Testwork will now be focused on confirming the reproducibility of these results and to optimize conditions for further refining.
The Company has confirmed that an approximately 50-80 kg sample of the refining testwork product will be required for marketing purposes.
==> picture [487 x 255] intentionally omitted <==
Figure 1: Experimental set-up of the refining testwork showing the induction furnace and other apparatus
KFE Capital Summary Board of Directors Contact Ordinary Shares: 621,543,370 Dr Ian Burston – Non Executive Chairman Unit 23, 4 Ventnor Avenue, Unlisted options: 29.8m Mr Martin Wood – Chief Executive Officer West Perth WA 6005 Share price: $0.115 Mr Kevin Joseph – Executive Director Tel : +61 8 9200 3456 Market capitalisation: $71m Mr Don Carroll – Non Executive Director Email: [email protected] Mr Michael Tilley – Non Executive Director W: www.kogiiron.com
==> picture [90 x 25] intentionally omitted <==
==> picture [35 x 35] intentionally omitted <==
==> picture [293 x 290] intentionally omitted <==
Figure 2: Tapping of final metal and slag from crucible at end of converting test
Torex Testwork (Russia)
The two coal samples from Nigeria were delivered to Torex during April and analysis is now in progress. The Torex testwork will also be focused on the pre-reduction of the lumpy ore sample which was delivered to Torex in March.
Haver & Boecker Testwork (Western Australia)
Sample identification and selection of ore was completed and the ALS proposal for sample preparation and attrition scrubbing was approved by the Company. SGS Bateman is now preparing a preliminary block flow diagram for the beneficiation plant.
Ian Burston – Non Executive Chairman of Kogi commented “The testwork program results continue to meet or exceed our expectations and we are looking forward to progressing to the next phase soon.”
The Company will continue to keep shareholders advised as the testwork enters its final stages.
For more information, please contact:
Kogi Iron Limited Tel (office): +61 8 9200 3456 Email: [email protected]
==> picture [90 x 25] intentionally omitted <==
==> picture [35 x 35] intentionally omitted <==
About Kogi Iron (ASX: KFE)
Kogi Iron Limited is a Perth-based company with the objective of becoming a producer of cast steel product that can be sold to manufacturers of steel products through the development of its 100% owned Agbaja Cast Steel project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”).
Nigeria has substantial domestic demand for steel products, which is currently met largely through imports. The Agbaja project, located on the Agbaja plateau approximately 15km northwest of Lokoja city in Kogi State and approximately 200km southwest of Abuja, the capital city of Nigeria, opens the opportunity for domestic production of steel billets.
The Company holds a land position which covers a large part of the Agbaja Plateau. The Agbaja Plateau hosts an extensive, shallow, flat-lying channel iron deposit with an Indicated and Inferred Mineral Resource of 586 million tonnes with an in-situ iron grade of 41.3% reported in accordance with the JORC Code (2012). This mineral resource covers approximately 20% of the prospective plateau area within ML24606 and ML24607.
Table 1 – Summary Grade Tonnage for Laterite (Zone A) and Oolitic (Zone B) Horizons (20% Fe lower cut off is applied) Refer ASX announcement 10 December 2013.
| Classification | Tonnes (Mt) | Fe (%) |
|---|---|---|
| Zone A(Laterite Mineralisation) | ||
| Indicated | 147.5 | 33.2 |
| Inferred | 33.9 | 31.7 |
| Total Indicated + Inferred (Zone A) | 181.4 | 32.9 |
| Zone B(Oolitic Mineralisation) | ||
| Indicated | 318.7 | 45.2 |
| Inferred | 86.3 | 44.7 |
| Total Indicated + Inferred (Zone B) | 405.0 | 45.1 |
| Combined Zone A and Zone B | ||
| Total Indicated | 466.2 | 41.4 |
| Total Inferred | 120.1 | 41.1 |
| Total Indicated + Inferred | 586.3 | 41.3 |
The Company confirms that it is not aware of any information or data that materially affects the information included in the original market announcements and, in the case of estimated Mineral Resources, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.