Wrap Text
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
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