Silver Bull Resources, the Canadian mineral exploration firm primarily focused on their flagship Sierra Mojada (silver, zinc, and lead) project in Mexico, reported some really good news today out of their 1,243 sq. mile Mitzic site, which is on the western edge of the region's major iron belt (three deposits greater than 650 metric tonnes at 60% Fe currently under development), in the French-speaking West-Central African democracy of Gabon - as the Gabonese Ministry of Mines renewed the site license for another three years.
In addition, the company offered a pertinent status update from the work program conducted on the Mitzic license during the last two years, offering some choice iron mineralization data. As expected, significant iron values appropriate to this iron-rich region (home to BHP Billiton Ltd.'s massive Belinga deposit, projected 30M metric tonnes annual output capacity) were roundly correlated via the empirical data gathered.
Focusing on over 43.5 miles of magnetic highs, the work program at Mitzic validated the presence of banded iron formations containing, on average, 40% iron; however, highly localized supergene/hypogene enrichment (basically a kind of oxidation process generally occurring near the surface) has produced concentration values up to 65% and greater in the field. The magnetite-rich, widespread mineralization is revealed by the geological mapping as occurring in a series of formations with extensive thickening via folding and faulting. Characterized as coarse enough to significantly accelerate beneficiation (crushing/separation of ore), the series of banded iron formations show solid structural repetition occurring in tight chevron folds and thrust faults. The steeply dipping pattern of the banded iron formation units suggests that they also continue at depth.
The company also recently renewed their Ndjole Exploration license (1,243 sq. mile site that is highly prospective for gold/manganese, also in Gabon), upon which some 4k meters of diamond drilling, in addition to extensive soil sampling, has already been performed by SVBL. The company's acreage footprint in this stable African nation (third highest GDP per capita on the continent) is developing nicely and forms a solid second pillar to the company's flagship silver project in Mexico, offering shareholders a diverse mineral value proposition.
President and CEO of SVBL, Tim Barry, MAusIMM, who is also the NI 43-101 Qualified Person for the report, commented on the emerging profile for the 100% company-owned Mitzic license, which is well-positioned geographically for future production, being just 37 miles from existing railway and the barge-capable Ogooue River. Barry noted the strong, established regional mineralization model and underscored the fact that Mitzic resides within the same suite of rocks as being one of the major drivers behind SVBL's positive outlook for the license.
The Export-Import Bank of China has put about $67.2B into sub-Saharan Africa development in the last decade alone, as China moves to secure more raw resource inputs for their economy. With a global appetite for steel not slowing down any time soon, SVBL looks very well-positioned to capitalize for shareholders, while helping to further stabilize the prosperous nation of Gabon (roughly 1.5M population, of which more than half live in the Capital city of Libreville). Gabon is a great place to be setting up shop for the future, as the international developmental presence clearly attests to and SVBL shareholders will no doubt be eager to see further reportage coming out of the company's operations there.
For more information on Silver Bull Resources, Inc., head on over to the company's website at: SilverBullResources.com
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