Proactive Investors reported that Argex Titanium Inc a multi parameter airborne platform survey over its Mouchalagane iron ore property is another step forward in its efforts to add value to the project in order to complete the planned spin off.

Argex Titanium said that Fugro Airborne Surveys, a division of Fugro Canada Corporation has completed the first commercial Gryphona airborne survey over the Mouchalagane property with the objective of covering the entire property with airborne gravity data in order to enhance the current geophysical information of the project.

In addition to the survey, Fugro and Argex entered into a technical collaboration agreement where the Mouchalagane survey will be processed by Fugro to provide advanced multi-parameter results.

As part of the agreement, Fugro will use the Mouchalagane survey as a case study for iron ore exploration projects for its marketing strategy of the Gryphona multi parameter platform capabilities.

In return, Argex said that Fugro will be able to use the Mouchalagane survey as a case study for the promotion of the Gryphon platform capabilities as a unique, integrated geophysical tool for large scale iron ore exploration.

Mr Andre Laferrière VP of mining and geology said that "We are pleased that Fugro selected Mouchalagane to be the first commercial survey for their new Gryphon platform. This survey is one of the last steps of the preliminary exploration phase at Mouchalagane.”

Mr Laferrière said that “The next phase for the project will be the initial drilling program which will be designed to test the most promising targets outlined by the recent airborne survey."

Mr Roy Bonnell president and CEO of Argex said that "Despite the challenges in the iron ore market of late, we remain committed to adding value to the project so as to complete the planned spin off at the maximum value to shareholders in a timely fashion."

Mr Bonnell said that “Mouchalagane is a highly promising project with exploration potential of 2.3 billon tonnes of iron formation grading 30% to 35%. We are committed to working with our local stakeholders to see it developed.”

Source - Proactive Investors

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