AKORA Resources Limited (ASX: AKO) Announces Satrokala Drilling Results
Drilling Results Overview
AKORA Resources Limited (ASX: AKO) has reported significant intersections of low-grade iron mineralisation from its exploratory drilling at the Satrokala Project in Madagascar. Results indicate intersection thicknesses reaching up to 51 metres, with an average iron content of 5.1% Fe across five drill holes. The drilling program covered a total of 501.68 metres.
Geological Insights
The targeted area involved a 10km long by 2km wide magnetic anomaly identified previously. The results confirm extensive drill intersections but show grades lower than anticipated. Managing Director and CEO, Mr Paul Bibby stated, “the continuous and wide iron intercepts were extensive and explain the magnetic anomaly but grades were lower than expected.” The company will reassess geological data to identify potential higher-grade areas along the remaining 8km strike before further drilling.
Flagship Project Focus
As 2024 concludes, the company maintains its focus on the flagship Bekisopa Project. The Pre-Feasibility Study for a high-grade direct shipping ore operation is scheduled for completion in early 2025. This project aims to produce up to 2 million tonnes per annum of 60% Fe average grade ore, catering to steelmakers.
Future Plans
The results from the Satrokala Project have positioned the company to explore mineralogy testing and further assessment of the area. The company continues to advance in the development of its high-grade iron ore projects in Madagascar, ensuring all material assumptions remain unchanged as they progress.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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