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 "BIF" averaging approximately 40% Fe. Localized supergene and hypogene 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 70km of magnetics which correlate to banded iron formations grading at approximately 40% Fe.
- The Iron has been locally enriched to >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 >650Mt @ 60% Fe currently under development).
- 60km from existing railway and 65km from the "Ogooue" River, which is barge-able to the coast.
Figure 1. Location of the Mitzic license in relation to the main iron deposits in Central Africa. Three deposits >650Mt are currently under development in the region.
About Gabon: Gabon is a French speaking democratic country located in West-Central Africa. It has an area of nearly 270,000 square kilometers (100,000 sq mi) and has an estimated population of 1.5 million people, of which 800,000 live in the Capital city of Libreville. Gabon has the third highest GDP per capita in Africa, is the 2nd largest exporter of manganese in the world, and is the 5th largest producer of oil in Africa. In addition to manganese, Gabon is also extremely prospective for iron ore and has numerous deposits including "Belinga", thought to be one of the largest undeveloped iron ore deposits in Africa.