Arrow Minerals (ASX:AMD) has confirmed the presence of hematite and other iron oxide minerals via geological logging at its Simandou North Iron Project in West Africa.
The $40.10 million market capitalisation company is ‘highly encouraged’ by the geology identified in the first 4 out of the 50 holes planned, but chemical analyses are yet to be completed by ALS Global laboratories.
Managing Director David Flanagan says receiving such ‘excellent’ geological indications in such a short time provides valuable information to support developing an exploration model and follow-up drillholes.
The results are expected to be returned during the June quarter.
Flanagan says: “Given there is 40km strike of targets yet to drill, we are confident we will have many quality prospects. Of particular interest are the intercepts in DALDDH006 that feature what appears to be hydrothermal iron mineralisation.
This is regionally important in producing high-grade iron ore deposits to our south at the giant Simandou Iron project.”
A second drill rig has arrived on site and plans to begin drilling soon.
Arrow Minerals is a mineral explorer focused on iron ore deposits in Guinea, West Africa.
As of 31 December 2023, the company had $699,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Arrow Minerals
