Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
16 January 2019
Keras Resources plc ('Keras' or the 'Company')
High Grade Assays From Nayega Manganese Project Exceed Expectations
Keras Resources plc, the AIM listed mineral resource company, is pleased to announce assay results from samples taken from stockpiles for its 10,000-tonne bulk sampling metallurgical testwork programme at the Nayega Manganese ('Mn') Project in northern Togo ('Nayega' or 'the Project'), which have returned average Mn grades of 41.15%, substantially in excess of budget.
Highlights
· Mn grades ranged from 39.61% to 42.76% with an average of 41.15%
· The average Mn grade of 41.15% is 18% higher than the budgeted grade of 35%
Russell Lamming, Chief Executive Officer of Keras, commented, "The initial assay results from the bulk sampling testwork programme at Nayega have exceeded our expectations. Most importantly, these results also exceed the required Mn specifications of the third-party producer of manganese-based alloys, who have funded the bulk sample. With the current installed plant capacity, Nayega will be able to produce circa 6,500 tonnes per month of manganese ore without any further capital investment. With this in mind, the Project is proving to be a significant asset for Keras and we look forward to providing further updates regarding its development."
Bulk Sampling Metallurgical Testwork Programme
A 10,000-tonne bulk sampling metallurgical testwork programme, fully funded by a major producer of manganese-based alloys, is underway at Nayega. The testwork programme involved the collection of 10 samples, which were selected from the screened stockpiles. The samples were then manually scrubbed on site and delivered to the third-party funder, which undertook further analysis - results below:
|
SNM1 |
SNM2 |
SNM3 |
SNM4 |
SNM5 |
SNM6 |
SNM7 |
SNM8 |
SNM9 |
SNM10 |
Average |
Mn (%) |
40.96 |
42.76 |
39.61 |
40.24 |
40.10 |
41.23 |
40.64 |
41.05 |
42.58 |
42.31 |
41.15 |
Fe(%) |
6.39 |
7.36 |
6.92 |
7.35 |
7.95 |
6.31 |
6.15 |
7.78 |
7.62 |
7.60 |
7.14 |
Mn/Fe |
6.41 |
5.81 |
5.72 |
5.47 |
5.04 |
6.53 |
6.61 |
5.28 |
5.59 |
5.57 |
5.76 |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Russell Lamming |
Keras Resources plc |
[email protected] |
Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
Financial PR Susie Geliher / Cosima Akerman |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa, and also has a significant interest in a highly prospective gold exploration and development Company in Australia, Calidus Resources Limited ('Calidus').
The Company currently holds of 458m Calidus shares ('Current Interest'), on the successful completion of the Pre-Feasibility Study at Calidus' Warrawoona gold project, an additional 265m performance shares ('Performance Shares') owned by Keras will be converted into ordinary shares of Calidus.
Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia with proven success in advancing assets up the value curve.
