Akora awaits Bekisopa’s MRE update

Akora Resources (ASX:AKO) is gearing up to conduct a new Mineral Resource Estimate (MRE) in Q2 2024 at the Bekisopa Project in Madagascar, amid completing a fourth drilling campaign. 

In October 2023, the $13.77 million market capitalisation company completed drilling, in which 52 out of 65 drillholes encountered new ‘high-grade’ iron ore of direct shipping ore (DSO) style mineralisation at grades of 58% and above. 

Managing Director and Chief Executive Officer Paul Bibby says the results across the project’s northern and central zones were designed to increase the overall DSO resource tonnage. 

“The assay results will be used by Wardell Armstrong consultants to update the current MRE for the Bekisopa Project, with additional DSO tonnes expected to add mine life, improve project financials, and increase cash flow for our planned low capital DSO start-up project.”

The Bekisopa iron ore (Fe) mineralisation has a 6km strike length and encompasses the southern, central, and northern zones. 

In the southern zone, 4.4 million tonnes (Mt) of indicated DSO tonnes grading 60.9% Fe have been defined according to JORC standards within the overall total project resource of 194.7Mt. 

Akora says the DSO resource formed the basis for the updated Scoping Study, announced in November 2023, which found that Akora could ramp up production to 2 million tonnes per year over an initial 5 year mine life.

The company notes that an updated Scoping Study financial model and metrics for the expected increased DSO tonnage and mine is expected to be released in due course. 

Akora will also be performing a product quality assessment on the ‘high-grade’, near surface fresh rock intercepts, 40 – 55% Fe, to evaluate the potential for minimal additional processing of crushing and magnetic separation steps, to add increased tonnes of upgraded fines DSO product. 

Akora Resources is an Australian resources company focused on developing 4 ‘high-grade’ iron ore projects in Madagascar. 

As of 31 December 2023, the company had $1.314 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Akora Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.