A new iron ore deposit in Cameroon is drawing investor attention.
Reconnaissance pitting and mapping at AIM listed Altus Strategies’ Bikoula and Ndiele iron ore project in southern Cameroon has confirmed additional supergene haematite. Historic drilling results include 57.8m at 51.4% Fe (iron) and previous metallurgical testing by SGS has yielded a 62.7% Fe concentrate from gravity separation.
According to Steven Poulton, CEO of Altus, one of the factors that makes the project attractive is its strategic location close to existing roads and a potential rail line to the Kribi deep sea port.
“High grade iron ore products are currently yielding significant premiums to general market prices. Our Bikoula project is located within a strategic iron ore corridor in southern Cameroon and hosts a high grade unconsolidated colluvial and haematite weathered blanket, above a primary magnetite orebody,” explains Poulton.
“The recent pitting programme has successfully confirmed the presence of clasts of supergene oxidised banded iron, indicating that the colluvial iron ore body continues along strike into these areas,” Poulton adds.
The programme of reconnaissance geological mapping and pitting has been completed over two previously untested magnetic anomalies at Bikoula. Surface mapping has identified oxidised supergene magnetite banded iron formation (BIF) as well as haematite colluvium. Five hand dug pits, each up to 5m in depth, have been excavated and logged. Mapping of the pit walls has revealed a number of oxidised and highly weathered BIF clasts, within an iron rich matrix.
The 200km2 Bikoula and adjacent 200km2 Ndjele licences were selected based on the presence of significant magnetic anomalies that are coincident with historically mapped BIFs. The BIFs form the westerly strike extension of the Nkout iron ore deposit. A high resolution airborne magnetic survey completed by the company identified three priority prospect areas.