Canadian junior miner Kilo Goldmines Ltd said it found high grade iron ore at the Asonga Prospect in the Republic of Congo, sending its shares up 14%

The company said Rio Tinto, its joint venture partner for Asonga, drilled five holes in the mine and found 73.5 meters of iron ore containing 66.6% iron.

Kilo said the drill results indicated the area may contain direct shipping iron ore a high grade ore variety that requires less processing and is therefore cheaper to mine.

(Sourced from Thomson Reuters)