Go Back Email this Link to a friend


Drn - Delrand Resources Limited - Delrand Reports Further Iron Ore

Release Date: 15/11/2011 09:06:01      Code(s): DRN
DRN - Delrand Resources Limited - Delrand reports further iron ore              
exploration results                                                             
DELRAND RESOURCES LIMITED                                                       
(formerly BRC DiamondCore Ltd.)                                                 
(Incorporated in Canada)                                                        
(Corporation number 627115-4)                                                   
Share code: DRN & ISIN Number: CA2472671072                                     
("Delrand" or "the Company")                                                    
DELRAND REPORTS FURTHER IRON ORE EXPLORATION RESULTS                            
Toronto, Canada - November 14, 2011.  Delrand Resources Limited                 
("Delrand" or the "Company") (TSX - DRN; JSE - DRN) is pleased to               
announce, further to the Company`s press release of May 3, 2011,                
additional positive drilling results from the Company`s iron ore joint          
venture project with Rio Tinto Minerals Development Limited ("Rio               
Tinto").  The Company`s May 3, 2011 press release stated that its joint         
venture with Rio Tinto has discovered high grade haematite (a form of           
iron ore) in its exploration areas within Province Orientale, Democratic        
Republic of the Congo (the "DRC").                                              
To date, a total of 1,117.1 metres of diamond drill holes have been             
drilled and all the drill cores have been analysed revealing average            
grades from the mineralised intercepts ranging from 62.5% to 68.5% iron.        
This is a wider range, slightly lower and slightly higher, than the             
initial results but nevertheless high grade by international standards.         
The weighted average grade is 66.6%.                                            
Rio Tinto, as the operator, has commenced the helicopter supported              
reconnaissance over the remainder of the Bomokandi permit area.  It is          
expected that the first phase of this reconnaissance work will be               
completed during the first half of 2012.                                        
Delrand owns 25% of the joint venture company that holds exploration            
permits which cover areas totalling approximately 4,550 square                  
kilometres. Under the agreement with Rio Tinto, all iron ore exploration        
up to and including the completion of any feasibility study will be             
funded by Rio Tinto.  Delrand will not suffer any dilution during this          
period, such that the Delrand`s 25% interest in the properties will be          
maintained during this period.                                                  
The exploration for iron ore is being carried out by Rio Tinto (or one of       
its affiliates) as operator.  After the completion of any feasibility           
study, funding for the project is to be provided by Rio Tinto and Delrand       
pro rata based on their respective interests in the joint venture               
company.                                                                        
Rio Tinto has completed the drilling of the first two haematite targets         
(Zatua 01 and 02).  In total, 11 holes were drilled of which one was            
abandoned.  The drilling results for 1,117.1 metres of diamond drill            
holes, which are detailed in the table below, revealed grades of 62.5% to       
68.5% iron.  Of the effective ten holes drilled, seven intersected high         
grade haematite mineralization. The mineralised package was not present         
in the remaining holes despite their central location.  Mineralized             
intervals, where intercepted by a drill hole, range in thickness from 37        
metres to 121 metres with both friable and massive textures being               
observed.                                                                       
The detailed results are shown in the following table:                          
Hole no.  Depth  Intersection  Fe %    Al2O3%   SiO2%   P%                      
         (m)    (m)                                                             
ZAT 001   161    10-130        67.8    0.91     0.48    0.108                   
ZAT 002   Abandoned                                                             
ZAT 003   163    4-87.7        66.47   1.41     2.14    0.049                   
ZAT 004   158    44.5-93.2     68.47   0.56     0.66    0.148                   
ZAT 005   115    No haematite                                                   
ZAT 006   87.1   18.8 - 66.3   65.61   2.99     0.98    0.060                   
77.9-87.1     63.50   1.59     6.36    0.049                    
ZAT 007   111    No haematite                                                   
ZAT 008   88     No haematite                                                   
ZAT 009   89     2-23          66.55   1.90     1.68    0.053                   
39-85         66.97   1.42     1.68    0.048                    
ZAT 010   64     4-52.2        66.50   2.04     1.10    0.040                   
ZAT 011   81     0-37          62.48   4.78     2.79    0.049                   
The target areas had been selected after a regional airborne magnetic           
survey had identified geophysical anomalies which subsequent ground             
follow up indicated to be associated with outcropping haematite                 
mineralization.                                                                 
Despite limited thicknesses in some of the holes, the results give              
encouragement that high grade haematite is present in the area.                 
Commenting on these results, Dr. Mike de Wit, President of Delrand, said:       
"The additional results continue to be encouraging and confirm that a           
significant iron ore project could potentially be developed in the area.        
We are very pleased to have Rio Tinto as our partner in the DRC for both        
our diamond and iron ore properties."                                           
Qualified Person                                                                
Dr. Mike de Wit, President of the Company and a "qualified person" (as          
such term is defined in National Instrument 43-101), has reviewed and           
approved the technical information in this press release.                       
Delrand Resources Limited is an African-focused mineral explorer with           
projects in the DRC.  Led by a management team with extensive experience        
in diamond exploration and mine development, the Company works in a             
systematic and responsible manner to discover, assess and develop               
resources for the benefit of its shareholders and local stakeholders.           
For further information, please visit our website, www.delrand.com, or          
contact:                                                                        
In Toronto:  Tom Sipos, (416) 366-2221 or 1-800-714-7938.                       
In Johannesburg and the DRC: Brian P. Scallan, Vice President, Finance,         
+27 82 902 6273 or +243 991772978.                                              
This press release contains forward-looking statements.  All statements,        
other than statements of historical fact, that address activities, events       
or developments that the Company believes, expects or anticipates will or       
may occur in the future (including, without limitation, statements              
relating to exploration results, potential mineralization and plans and         
objectives with respect to iron ore exploration) are forward-looking            
statements. These forward-looking statements reflect the current                
expectations or beliefs of the Company based on information currently           
available to the Company.  Forward-looking statements are subject to a          
number of risks and uncertainties that may cause the actual results of          
the Company to differ materially from those discussed in the forward-           
looking statements, and even if such actual results are realized or             
substantially realized, there can be no assurance that they will have the       
expected consequences to, or effects on the Company.  Factors that could        
cause actual results or events to differ materially from current                
expectations include, among other things, the possibility that future           
exploration results will not be consistent with expectations, changes in        
equity markets, uncertainties relating to the availability and costs of         
financing needed in the future, changes in commodity markets, foreign           
currency fluctuations, political developments in the DRC, changes to            
regulations affecting exploration or development activities, delays in          
obtaining or failure to obtain required project approvals, the                  
uncertainties involved in interpreting geological data and the other            
risks involved in the mineral resource exploration business.  Any forward-      
looking statement speaks only as of the date on which it is made and,           
except as may be required by applicable securities laws, the Company            
disclaims any intent or obligation to update any forward-looking                
statement, whether as a result of new information, future events or             
results or otherwise.  Although the Company believes that the assumptions       
inherent in the forward-looking statements are reasonable, forward-             
looking statements are not guarantees of future performance and                 
accordingly undue reliance should not be put on such statements due to          
the inherent uncertainty therein.                                               
Date: 15/11/2011 09:06:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.