springhill
Make the drill work for YOU
- Joined
- 20 June 2007
- Posts
- 2,555
- Reactions
- 11
MC - $25m
SP - 19c
Shares - 136m quoted (239m total)
Options - 1.5m
Cash - $4.1m
Energio is an ASX listed company focused on the exploration and development of the Agbaja Iron Ore Project in Nigeria.
On 29 February 2012, Energio completed the purchase of 100% of the fully paid ordinary shares in Australian company, KCM Mining Holdings Pty Ltd and Nigerian company, KCM Mining Limited, thereby providing Energio 100% ownership and control of the Project.
The granted licence areas for exploration total 384 km² and are situated in Kogi State, which is part of the central region of Nigeria. In addition to this, the Project is located some 2 hours’ drive south of Nigeria’s capital city, Abuja, providing the Project excellent logistical benefits including access to various equipment and service providers.
Close proximity of the Project to existing rail infrastructure also provides potential advantages in reduced capital expenditure and project development schedule.
Energio has recently commenced metallurgical test work and infrastructure reviews as part of its overall study development program for the Project.
Energio is currently undertaking a 740 hole reverse circulation and diamond drill program at the Project with the objective of defining a maiden JORC Mineral Resource by Q3 2012.
Key Achievements
As at 30 June 2012, Energio had completed 555 reverse circulation (“RC”) holes (80% of proposed program) and 11 diamond drill holes of the Agbaja Project exploration program.
Over half of the 102 RC holes released to the ASX during the June Quarter returned shallow, high grade iron mineralisation (46-53% iron) with widths of 6 to 14 metres. Results in excess of 54% iron were also recorded. All holes intersected significant iron mineralisation.
The Company remains on track to report a maiden JORC resource in September 2012.
Early metallurgical results have proven encouraging from sighter tests carried out on samples to investigate options for increasing iron grade and deleterious material removal / reduction.
Development
Energio has:
• Commenced or will commence in Q3 2012, a number of key infrastructure reviews relating to port / marine and rail. The results of these studies will provide the Company with a high level understanding of capacity, capital and operating costs, as well as provide options for future expansions;
• Commenced a detailed metallurgical program which is likely to continue through to Q4 2012. The object of this work will be to determine a preliminary flow sheet and product specifications to be used in discussions with potential off-take partners. Sighter tests have been carried out on some samples to investigate options for silica, alumina and phosphorus removal / reduction. Although not representative, the samples were of dissimilar ironstone minerals taken from different locations within the Project area. Early results have been encouraging. Preliminary Bond Work Index test work has returned results of 13kWh per tonne reinforcing the Company’s view that the material is unlikely to consume significant energy within the crushing and grinding process;
• Requested proposals from a number of consultants to carry out a preliminary mining study. Expected deliverables include a high level mine design, basic mining method(s) and equipment requirements. The study is expected to commence late Q3 2012;
• Received proposals for a preliminary environmental review within and adjacent to the potential Project areas. Although much of the work will be based on various databases and publicly available information, the high level study will be undertaken to standards that conform with potential equity and debt financiers’ requirements;
• Requested proposals from a number of consultants regarding undertaking a social assessment study. The report will contain a high level review of the socio-economic impacts of the Project via consultation with the Government and local communities, and review of available data; and
• Undertaken a preliminary review of global iron ore markets to gain a clearer understanding of market product specifications. On completion of the current metallurgical program, Energio will engage marketing specialists to provide a more detailed understanding of potential off-take partners. This should be completed during Q1 2013.
SP - 19c
Shares - 136m quoted (239m total)
Options - 1.5m
Cash - $4.1m
Energio is an ASX listed company focused on the exploration and development of the Agbaja Iron Ore Project in Nigeria.
On 29 February 2012, Energio completed the purchase of 100% of the fully paid ordinary shares in Australian company, KCM Mining Holdings Pty Ltd and Nigerian company, KCM Mining Limited, thereby providing Energio 100% ownership and control of the Project.
The granted licence areas for exploration total 384 km² and are situated in Kogi State, which is part of the central region of Nigeria. In addition to this, the Project is located some 2 hours’ drive south of Nigeria’s capital city, Abuja, providing the Project excellent logistical benefits including access to various equipment and service providers.
Close proximity of the Project to existing rail infrastructure also provides potential advantages in reduced capital expenditure and project development schedule.
Energio has recently commenced metallurgical test work and infrastructure reviews as part of its overall study development program for the Project.
Energio is currently undertaking a 740 hole reverse circulation and diamond drill program at the Project with the objective of defining a maiden JORC Mineral Resource by Q3 2012.
Key Achievements
As at 30 June 2012, Energio had completed 555 reverse circulation (“RC”) holes (80% of proposed program) and 11 diamond drill holes of the Agbaja Project exploration program.
Over half of the 102 RC holes released to the ASX during the June Quarter returned shallow, high grade iron mineralisation (46-53% iron) with widths of 6 to 14 metres. Results in excess of 54% iron were also recorded. All holes intersected significant iron mineralisation.
The Company remains on track to report a maiden JORC resource in September 2012.
Early metallurgical results have proven encouraging from sighter tests carried out on samples to investigate options for increasing iron grade and deleterious material removal / reduction.
Development
Energio has:
• Commenced or will commence in Q3 2012, a number of key infrastructure reviews relating to port / marine and rail. The results of these studies will provide the Company with a high level understanding of capacity, capital and operating costs, as well as provide options for future expansions;
• Commenced a detailed metallurgical program which is likely to continue through to Q4 2012. The object of this work will be to determine a preliminary flow sheet and product specifications to be used in discussions with potential off-take partners. Sighter tests have been carried out on some samples to investigate options for silica, alumina and phosphorus removal / reduction. Although not representative, the samples were of dissimilar ironstone minerals taken from different locations within the Project area. Early results have been encouraging. Preliminary Bond Work Index test work has returned results of 13kWh per tonne reinforcing the Company’s view that the material is unlikely to consume significant energy within the crushing and grinding process;
• Requested proposals from a number of consultants to carry out a preliminary mining study. Expected deliverables include a high level mine design, basic mining method(s) and equipment requirements. The study is expected to commence late Q3 2012;
• Received proposals for a preliminary environmental review within and adjacent to the potential Project areas. Although much of the work will be based on various databases and publicly available information, the high level study will be undertaken to standards that conform with potential equity and debt financiers’ requirements;
• Requested proposals from a number of consultants regarding undertaking a social assessment study. The report will contain a high level review of the socio-economic impacts of the Project via consultation with the Government and local communities, and review of available data; and
• Undertaken a preliminary review of global iron ore markets to gain a clearer understanding of market product specifications. On completion of the current metallurgical program, Energio will engage marketing specialists to provide a more detailed understanding of potential off-take partners. This should be completed during Q1 2013.
