West African Iron Ore Corporation – World-Class Iron Ore Assets in Guinea
Overview
West African Iron Ore Corporation (TSXV:WAI) is dedicated to the sustainable development of its mineral resources in the Forécariah and Kérouané provinces of the Republic of Guinea. Based in Vancouver, British Columbia, West African Iron Ore strives to maintain a harmonious working relationship with the local community and the Guinean authorities. The focus on the minimization of environmental impact and the promotion of economic opportunity for all our stakeholders are a high priority for the company and their projects.
The West African Iron Ore Corporation’s phased exploration program aims to establish the existence of minable iron ore mineral reserves in sufficient quantities to permit viable production of iron concentrate and other mineral deposits.
Investment Highlights
- A rare “large-scale” iron ore deposit
- Strategic Location – targets ~40km from proposed deep sea ports and near proposed rail lines.
- Three prospecting tenements cover 1050 km2 renewed in November 2012 for a first period of 2 years by Ministerial Decree
- Wondima drilling May 2012-September 2012
- Awa preliminary drilling in August / September 2012
- Other targets identified including other potential minerals
Key Properties
Forécariah Project
West African Iron Ore’s (WAI) Forécariah tenements are strategically located in the West African country of Guinea, close to tidewater, transportation and infrastructure. The GDC barging Port of Konta, a joint venture between Bellzone and China International Fund, currently ships iron ore and is located within the boundaries of our tenements, just 35km from our primary iron target, Wondima. The property lies roughly 40km away from the proposed deep sea ports of Matakang and Ile de Kabak. There is good road access, with connection to Guinea’s capital city of Conakry, just 90 km away. This proximity to transportation and infrastructure provides significant cost and logistical benefits, providing many advantages over other iron ore projects in both Guinea and the rest of the world. Additional advantages to this location include leverage to $25B Chinese-funded regional development expected over the coming years, an estimated $14B to develop other iron ore projects in West Africa, and China’s search for long-term sources of iron ore outside of Brazil and Australia.
West African Iron Ore is focused on its Wondima target, an extensive iron bearing layered prospect that has been identified along the northern extension of the Sambalama/Kaliadi magnetic anomaly. The central part of the target, where drilling has been concentrated, consists of a 33km² area (out of a 64km² geophysical target) of raised plateau with a flat and hard iron rich cap. Iron mineralization starts from surface to a maximum depth of up to 26 meters.
Drilling results on the Wondima target show consistency in grade and thickness. The mineralization is contained within a sub horizontal iron rich lateritic cap with an average thickness of approximately 8.5 meters, starting from surface.
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Flagship Project: Wondima Target
- 64km2 target area
- Sub-horizontal iron rich lateritic cap
- Completed 449 hole >11,000m drill program in September 2012 – a) 384 holes (9,955m RCH), b) 65 holes (1,088m DDH)
- Assays: 326 holes averaging 30%Fe for 8.5m at surface on 400m x 400m spacing
The Company intends to release its NI43-101 technical report prior to June 30, 2013 once comprehensive resource estimation and metallurgical testing has been completed. The report is expected to provide a resource estimate, full metallurgy on Fe and other minerals, and initial estimates for both capital expenditures and operating expenditures. SRK Consulting (UK) Limited previously completed a full QA/QC analysis of the drilling and assays database as well as a site visit to the Wondima target in early September, 2012.
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Wondima: Planned Development
- Strategic partnership: Off-take agreement to fund mine development under negotiation with China International Fund (CIF) and other interested parties for 50% of the production at a price equal to 95% of the market price
- H1/2013: Maiden 43-101 Resource Estimate including metallurgy
- H2/2013: Preliminary Economic Assessment
- H1/2014: Feasibility Studies for Potential Mine Development – Potential for simple, shallow, surface mining operation with low capital and operating expenditures
- 2015: Begin mine operation – Generate cash flows to fund further exploration & development
Wondima Intercepts of Interest:
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