Akora Resources discovers 68.03% iron in the unexplored Satrokala prospect

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The easing of COVID restrictions in China pushed the iron ore price past U$145/t for a 63.5% commodity.

Rock chips from Akora Resources’ (ASX:AKO) Satrokala prospect in the southwest buildings of its Bekisopa project returned up to 68.03% iron.

Describing Satrokala as unexplored, Akora recovered the rock shards over 10 km strike.

Akora managing director Paul Bibby said the results were “extremely encouraging” and indicate another “potentially high-quality discovery” within 40km of the flagship Bekisopa resource.

“The 102 analyzes of rock chips show very promising iron contents.”

Mr. Bibby added that 89 samples returned iron contents above 50%, with an average of 62%.

Of the 102 samples, 66 returned an average grade of 64.5% iron and ranged from 58% to 68%.

Mr Bibby said the results indicated that Satrokala could host a resource comparable to Bekisopa.

Bekisopa iron ore project

Akora’s Bekisopa project has a worldwide inferred resource of 194.7 million tonnes, which includes 7.8 Mt of direct-shipment ore.

The DSO has an iron content of 64% and is found on surface and over less than 30% of the entire 6 km strike of the main anomaly.

With a grind size of 75 microns, the 194.7 Mt resource produces an average iron concentrate grade of 67.6%, which Akora describes as a premium product with low impurity content.

The global resource consists of 110Mt from the South Zone, 41.2Mt from the Central Zone and 43.3Mt from the North Zone.

Bekisopa is located in Madagascar and contains “lots of rising resources”.

Akora’s strategy is to mine ultra-high-grade DSO first, which will have lower investment and operating costs.

The company raised $3.5 million in April to accelerate exploration at Bekisopa.

The recent exploration and resource success at Bekisopa comes as the price of iron ore continues to rise.

The easing of COVID-19 restrictions in China pushed the commodity price above US$146 per tonne for a product containing 63.5% iron.

Other iron projects

Besides Bekisopa, Akora also owns the Tratramarina and Ambodilafa iron ore projects in Madagascar.

Together, the three projects cover 308 square kilometers of buildings.

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