Energio (ASX: EIO) has kicked off its re-entry to the ASX today with shares trading as high as $0.25 and nearly 3 million shares changing hands by 1.00pm (AEDT).
Anticipation is building as the company prepares to deliver a maiden JORC Resource at the Agbaja Iron Ore Exploration Project in Nigeria in the June quarter 2012.
Agbaja has an exploration target of 1-2 billion tonnes of iron ore at a minimum of 30% iron, with rock chip samples within the project area returning grades of up to 55% iron, highlighting direct shipping ore potential.
More than 200 drill holes have been completed to date, with the company on target to finalise the 20,000 metre drilling and sampling program in coming months.
Previously announced drill results have shown that the intersections are about 3 metres thicker in the main ore body compared to initial results with grades of up to 55% iron.
Evolution to iron ore explorer
To identify the history of Energio and the successful transition to iron ore explorer from a toy and gaming business, in 2011 the company exercised its call option with TGP to acquire 100% of the fully paid ordinary shares in KCMH Australia.
KCMH Australia is the holding company of KCM Nigeria which owns of a package of iron ore licences in Kogi State, Nigeria, including the Agbaja Iron Ore Project.
Kogi State is an iron ore rich region with abundant existing reliable infrastructure, such as sealed roads and highways and rail links to the Port of Warri.