Arrow declares 185Mt maiden mineral resource at Niagara bauxite project
ASX-listed Arrow Minerals has reported a maiden mineral resource of 185-million tonnes at 42.3% aluminium oxide (AI2O3) and 2.7% silicon oxide at the Niagara bauxite project, in Guinea.
“This is an outstanding maiden resource. In less than 12 months, the team have delivered a substantial maiden resource of high quality and great value in the current bauxite market. The project is in close trucking distance to the multi-user Trans Guinean Railway (TGR) infrastructure, which presents Arrow with the potential opportunity for access to low-cost export infrastructure," comments MD David Flanagan.
The company, which is also undertaking work at its Simandou North Iron Project, in Guinea, in August last year entered into a 12-month option to acquire the Niagara project.
Under the terms of the option agreement, Arrow is obligated to pay Kabunga Holdings A$2-million in cash and/or shares on the declaration of a resource exceeding 150-million tonnes of bauxite at an average grade of at least 42% AI2O3.
Arrow plans to settle the A$2-million payment – the first of two milestone payments – in shares.
The company points out that the Niagara project is about 100 km from the TGR, which is expected to provide a multi-user rail haulage service by the end of this year.
Arrow further notes that the large, high-grade mineral resources, characterised by low silica content, found at the Niagara project is typical of Guinean bauxite deposits and provide a strong basis for the scoping study that is under way.
“Our current scoping study is well advanced and will target a low capital expenditure starter operation, maximising cash margin by initially leveraging the high-grade subset of the mineral resource to achieve a price premium for higher-quality product.
“So far, we have only systematically drilled three of our nine targets, with systematic drilling of those to follow. This is a remarkable project,” Flanagan says.
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