Genmin ramps up feasibility studies at iron ore project in Gabon, 65% grade achieved in test work
Genmin anticipates assays in December from resource drilling at the Bandjougoy prospect within its Baniaka iron ore project.
West Africa iron ore explorer and developer Genmin (ASX: GEN) reports that its second full quarter as a listed company has seen a series of “major achievements” at its projects in Gabon.
The company, which listed on the ASX in March, said in its September quarterly report that in the three months test work on iron ore at its flagship Baniaka project in Gabon returned premium iron ore grades.
Product grades of 65% iron were achieved on the first five samples put through the commercial-scale pilot test work.
In addition, pre-feasibility study work was ramped up.
Genmin to deal directly with Chinese steelmakers
Genmin is targeting the China market, a recent company presentation noting that China is aiming at controlling 45% of iron ore imports, and Beijing has been focusing on Africa, particularly Guinea and the Republic of Congo (Congo-Brazzaville).
The company is working with China’s Central South University, where its Baniaka lump and fines products are being assessed.
During the quarter, the executive team was broadened to handle in-house marketing, adding sales expertise enabling direct engagement with Chinese steelmakers.
Also in the period, Genmin completed resource definition diamond drilling at its Bandjougoy target at Baniaka, with assay results expected in the current quarter.
Managing director and chief executive officer Joe Arti said he was particularly pleased by the 65% iron grade achieved during test work.
“Our second full quarter since listing has been pivotal for the company,” he added.
Genmin was holding more than $22 million in cash as at 30 September.
Genmin to begin vaccination program next month
Gabon has an established mining industry, led by French majors, with significant manganese production.
Baniaka is located in southeast Gabon and covers a total area of 881sq km.
The project area is divided into 12 prospects of what the company describes as “varying maturity”.
In August, Genmin received ministerial approval for its exploration licence transfers.
Vaccination against COVID-19 for workers at the project is pending, awaiting finalisation with Gabon’s national committee running the program.
Only 6% of people in Gabon have so far been vaccinated, and Genmin is sponsoring and supporting the vaccination of its workforce.
The company says its workforce vaccination program is expected to begin in early November.