Equatorial Resources Limited (ASX:EQX) September 2012 Quarterly Report
Perth, Australia (ABN Newswire) - Equatorial Resources Limited (ASX:EQX) is pleased to present its quarterly report for the period ended 30 September 2012 with the following highlights:
Mayoko-Moussondji Iron Project
- Drilling continued at the Mayoko-Moussondji Iron Project with a total of 39,456 metres of RC and diamond drilling completed as at 30 September 2012.
- Independent consultants were appointed to prepare a maiden JORC resource estimate which is expected to be completed in Q1 2013.
- Metallurgical testing program continued to demonstrate that the near surface hematite mineralisation at the Makengui Prospect can produce a premium high grade iron product of 64.1% Fe using standard processing techniques.
- The government of the Republic of Congo approved the renewal of Equatorial's 100% owned Mayoko- Moussondji exploration license.
- Feasibility work on rail and port infrastructure solutions continued under the supervision of Equatorial's project management team.
Badondo Iron Project
- Drilling continued at the Badondo Iron Project focusing on the identification of shallow high grade DSO hematite mineralisation.
- Exceptionally high grade near surface iron was intersected in the first two drill holes at Badondo including 40 metres at 65% Fe.
- The Republic of Congo government approved the renewal of Equatorial's 100% owned Badondo exploration license.
- Based on the encouraging exploration results, infrastructure development options are being assessed to enable access for larger track mounted drill rigs.
- Strong balance sheet with no debt and $71 million in cash as at 30 September 2012.
- Exceptional safety performance record contined with zero LTI's.
- Community Relations Committee finalised the Company's community investment schedule for 2013 with a focus on skills training to grow workforce capacity.
View the full quarterly report at:
About Equatorial Resources Limited:
Equatorial Resources Limited (ASX:EQX) is focused on the exploration and development of two 100% owned potentially large-scale iron ore projects located in the politically stable and investment friendly Republic of Congo (ROC) in the emerging global iron ore province of Central West Africa.
The Mayoko-Moussondji Iron Project, located in the southwest region of the ROC, has an estimated global exploration target of between 2.3 and 3.9 billion tonnes1 of iron mineralisation at a grade of 30% to 65% Fe. The project has access to a rail line running directly to the deep-water port of Pointe-Noire, where the Company’s operational office is located.
The Badondo Iron Project, in the northwest region of ROC, covers 998km² and includes a ridgeline more than 7km long of outcropping iron mineralisation. The project is located within a regional cluster of world-class iron ore exploration projects including Sundance Resources’ Mbalam and Nabeba projects.
Equatorial Resources Limited
Equatorial Resources Limited