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Charter Pacific Corporation's tests show potential for marketable iron concentrate  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 29/11/2012

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(MENAFN - ProactiveInvestors - Australia) Charter Pacific Corporation (ASX: CHF) has delivered results of Davis Tube Recovery tests on surface rock chip samples from the Kaoua El Khadra Iron Ore project that show the potential for concentrate grades of up to 70.43% iron and mass recoveries of up to 56.1%.

Importantly, this provides further confidence that a marketable concentrate could potentially be produced from the Mauritanian project.

The results continue to show typical ranges for magnetite iron ore projects with some exceptional results.

The banded iron formation (BIF) concentrates with low silica, alumina, phosphorous and sulphur are all within the typical ranges for magnetite concentrates on comparable projects.

Worth noting is that these are surface rock chip samples that have been affected by weathering and oxidation processes which may affect the physical properties of the samples.

More consistent properties are expected in "fresh" rock beneath the surface.

Charter Pacific now plans to conduct trenching and drilling on the BIF targets as soon as possible.

Field inspection and sampling confirms earlier exploration results and confidence in the exploration target of 4.4 billion tonnes.

A number of direct drill targets have been identified along with suitable trenching targets.

To date mapping, ground magnetics and surface sampling has identified extensive magnetite BIF which has characteristics typical of magnetite iron ore deposits with potential to produce high grade iron, low impurity, concentrates.

Kaoua El Khadra is a highly prospective magnetite iron ore BIF occurrence covering 960 square kilometres and located 345 kilometres from the port of Nouadhibou.

Importantly, the project has access to three international airports, two deepwater ports currently being upgraded and bulk rail handling facilities.

Kaoua El Khadra is strategically located in a region full of iron ore mines and propsects, including the 2.5 billion tonne at 32.3% iron Lebtheinia Mine, the 2.4 billion tonne Guelb el Rhein Mine, and the 926 million tonne at 36.2% Guelb el Aouj Mine.

Charter Pacific holds a 51% interest, with the rights to acquire 100%, of both Permit 792 and 791 for Group 1 Minerals - iron, manganese, titanium (hard rock), chromium and vanadium.

The company has also applied for a gold permit over 403 square kilometres in Mauritania.


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