Silver Bull Resources Inc has announced the renewal of its 2,000 square kilometer Mitzic license by the Ministry of Mines in Gabon for an additional 3 years. Silver Bull is also pleased to provide the results of the work program on the Mitzic License completed over the last 2 years.
The Mitzic license lies 180 kilometers northeast of the capital city of Libreville and is accessed via a paved road directly to site and lies 60 kilometers to the north of a functioning railway. In addition to the Mitzic license, Silver Bull also recently renewed its 2,000 square kilometer Ndjole license which is highly prospective for gold and manganese.
Mitzic License Iron Results: A regional reconnaissance work program on the Mitzic license targeting over 70 kilometers of magnetic highs has confirmed the widespread presence of a coarse grained, magnetite rich, Banded Iron Formation averaging approximately 40% Fe. Localized super gene and hypo gene enrichment in excess of 65% Fe is seen in the field but is thus far poorly constrained. Geological mapping shows the BIF forms a series of topographic highs with up to 300m of relief and has localized evidence of thickening through folding and faulting. The steep dipping nature of the BIF's also suggests they continue at depth.
Key features of the Mitzic Iron Ore target include:
Over 70 kilometers of magnetics which correlate to banded iron formations grading at approximately 40% Fe
The Iron has been locally enriched to greater than 65% Fe
The area is folded and steeply dipping suggesting the potential for a thick proto ore keel, coupled with evidence of thickening through folding and faulting
The coarse nature of the magnetite will aid in the beneficiation process
The entire Mitzic iron prospect has been staked up in one exploration license 100% owned by Silver Bull
Located in the new world class iron ore district of Central Africa (3 deposits greater than 650 million tonnes @ 60% Fe currently under development)
60 kilometers from existing railway and 65 kilometers from the Ogooue River, which is barge able to the coast?
Mr Tim Barry president & CEO of Silver Bull Resources said that "We are very pleased to have the Mitzic license renewed for another 3 years. This is a very large license of over 2,000 square kilometers in an area which is extremely prospective for iron ore and contains over 70 kilometers of magnetic highs. Preliminary work indicates the magnetic highs correspond to a coarse grained banded iron formation that has in places been locally enriched to greater than 65% Fe. We believe that Central Africa will become a major iron ore producing region in the years to come with 3 major deposits already under development. The Mitzic license falls within the same suite of rocks as these deposits and is very promising."
Source - Silver Bull Resources Inc
(www.steelguru.com)
