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 SERIAL mining entrepreneur Roy Pitchford has now turned his attention to
Sierra Leone through African Minerals – the AIM-listed exploration company of
which he is CEO.
"Our major emphasis is on the Tonkolili iron ore project. We have a huge
potential resource here that we need to prove up as fast as we can. We have put
together a very large exploration programme with nine drill rigs," said
Pitchford.
Pitchford has seen two of the platinum companies he previously headed,
Zimplats and Afplats, bought by Impala Platinum. If Tonkolili lives up to
expectations it may be another project that could attract the attention of major
mining companies or steel producers.
He commented, "One has to anticipate that one of the major producers or
consumers would express an interest in what we are doing, especially given that
anything over 1bn tonnes of ore is classed as world class deposit.
“One has to expect somewhere in the piece we may receive an offer for the
asset. At the end of day it is the shareholders who will decide and we would be
obliged to take any serious offer that comes to shareholders."
African Minerals intends defining inferred and indicated resources over the
next 12 months at Tonkolili where the prospect is 28kms long on strike and 500m
to a kilometre wide.
A prefeasibility study will be carried out in parallel to be completed early
next year after which a full feasibility study is planned.
"We have every reason to believe there is at least more than a billion tonnes
of iron ore in the deposit," Pitchford added.
Sierra Leone, which emerged from a decade of civil war in 2002, is now
encouraging investment by mining companies. Pitchford said mining companies
started going back into the country to assess the mineral resources there from
about 2003/2004.
Any iron ore produced would be destined for the European market using an
existing railway facility running from the former Marampa iron ore mine.
Pitchford said African Minerals has extensive exploration ground around the
former Marampa mine and there is a possibility of an extension to the Marampa
ore body which African Minerals could mine.
It would be smaller than any Tonkolili operation but has access to the
railway which runs to the deep water Pepel Port near Freetown.
"In the first instance we have the reliability of the port and rail line as
far as Marampa and could then build an extension from Marampa to Tonkolili to
take the iron ore from there to Pepel for export to Europe," said Pitchford.
African Minerals has five active projects in Sierra Leone including
Tonkolili. The company is also carrying out exploration work on diamonds, nickel
and gold and has a very early stage uranium project called Lovetta.
At Gori Hills and Nimini Hills the company is developing possible nickel
projects. Work at Gori Hill is more advanced and Pitchford said it may yield a
"world class" nickel and cobalt project. He said after the iron ore project,
nickel was the company's other major focus.
"We are drilling at the moment and we have been very encouraged with results
so far," said Pitchford.
To date, African Minerals has sold 30,000 carats of diamonds from its bulk
sampling operations at a number of kimberlite targets in Sierra Leone but
diamonds are not a particular focus at present.
The company has carried out an aeromagnetic survey over the whole country
which, in addition to the other prospects, has defined what Pitchford described
as an "intriguing gold anomaly".
He questioned whether gold and base metals would sit nicely in African
Minerals' portfolio but the company has done some early stage exploration with
"encouraging results" at the gold project which is called Laminaia Hills.
"In six to nine months we will have defined the target area and planned the
drilling programme that would take us to an inferred resource," said Pitchford.
Outside Africa, African Minerals this month bought Canadian exploration
company White River which has a potential nickel deposit in the Yukon.
"We think we secured it at a reasonable price. The company comes with a full
administrative and technical team. It will add to the group's senior
management," said Pitchford.
African Minerals will pay for White River through the issue of 2m new shares.
www.miningmx.com |
juniors Roy Pitchford heads into Sierra Leone
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