Putu Resource Increases by 36% to 3.24 Billion Tonnes with 58% as Indicated status

Afferro Mining Inc. (TSXV:AFF,LON:AFF) reports an increase in its mineral resource estimate at its Putu iron ore project in Liberia.

The press release is quoted as saying,

In total, SRK has estimated for the Putu Project an Indicated Mineral Resource of 1.89 billion tonnes (“Bt”) grading 33.9% Fe, 44.5% SiO₂, 0.98% Al₂O₃ and 0.07% P and an additional Inferred Mineral Resource of 1.36 Bt grading 34.7% Fe, 43.3% SiO₂, 1.37% Al₂O₃ and 0.07% P. Of this, 224 million tonnes (“Mt”) grading 36.8% Fe lies within surface oxidized zone, 1.13 Bt grading 34.3% Fe lies within the fresh magnetite itabirite zone.

Afferro’s Chief Executive, Luis da Silva says,

Afferro now has close to 2.7 billion tonnes of attributable iron ore equating to more than 900 million tonnes of contained iron in the ground. With this tonnage justifying the base case investment outlined by the two shareholders, the JV is now in a position to concentrate on the exploration of the oxide cap during the prefeasibility study.

For the complete press release, click here.