Similar magnetite-rich mineralisation found in Block 2a of Tsodilo’s XIF project

This, the company says, will result in a significant increase in the resource tonnage for the neoproterozoic, banded magnetite iron prospect upon completion of the Block 2a drill programme.

The assay results of 755 samples, returned from laboratory services ALS Chemex in South Africa, for ten holes drilled to 2 000 m in Block 2a reveal 1 197 m of highly-magnetic magnetite-rich iron mineralisation of the same type as seen in Block 1 were intersected.

The drilling results indicate that Block 2a contains the same three magnetite resource lithological units that are seen in Block 1, with average grades of 35.6% iron in the Block 2a grade of the major banded magnetite BIF unit coded MBA.

The average Block 1 grade for MBA is 35.5% iron.

The average Block 2a grade of the major magnetite diamictite schist unit coded DIM is 25.1% iron, while the average Block 1 grade for DIM is 20.8% iron.

Further, the results show that 25% iron is the average Block 2a grade of the minor magnetite garnet schist unit coded MGS, while the average Block 1 grade for MGS is 22.1% iron.

Based on metallurgical davis tube recovery magnetic separation results for Block 1, Tsodilo reports that a general average high-grade iron concentrate of between 66% and 67% iron and above can be expected from Block 2a.

As such, the explorer reports that Block 2a will represent a significant increase in the XIF resource tonnages as it is of a similar size to Block 1.

The company has defined a common information model-compliant inferred mineral resource estimate within Block 1 of 441-million tonnes, with an average grade of 29.4% iron, 41% silicon dioxide, 6.1% aluminium oxide and 0.3% phosphorus for the magnetite XIF in Block 1.