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Charter Pacific

Charter Pacific Announces Mauritania Iron Ore Exploration Programme Proceeds to Next Stage

2011-10-28 11:50
  • English

Exploration Target of between 2.4 and 2.6 Billion Tonnes (Bt)

SYDNEY--(BUSINESS WIRE)--Charter Pacific Corporation Limited ("Charter Pacific") (ASX:CHF), a diversified investment company listed on the ASX, has appointed SEMS Exploration Services (SEMS) to undertake the next phase of the exploration programme at the company's iron ore mining tenements in Mauritania, West Africa.

SEMS will conduct the survey works at Kaoua el Kahdra permit 792, one of Charter Pacific's two mining tenements in Mauritania. This will involve a north-south oriented ground magnetic profile survey followed by a second phase infill program where required.

SEMS will also undertake a ground gravity survey consisting of approximately 3000 sample points that will be commenced after the phase one ground magnetic survey.

These surveys are targeted at confirming SEMS earlier analysis that showed that a 300km2 portion of permit 792 offers potential for an exploration target of between 2.4 and 2.6 billion tonnes (Bt) at an average grade ranging between 28 and 32% Fe.

SEMS will commence this phase of the project in October 2011. Charter Pacific expects this phase to be completed by the end of 2011. Charter Pacific will continue to update the market.

Market Update on 24 August 2011

On 24 August 2011, Charter Pacific announced that following collation of publicly available data for permit 792, as well as drilling and gravity surveying in an adjoining third-party project, SEMS had estimated that a 300km2 portion of permit 792 offers potential for an exploration target of between 2.4 and 2.6 billion tonnes (Bt) at an average grade ranging between 28 and 32% Fe. (see CHF ASX announcement of 24 August 2011).

Permit 792 covers a total area of 960 square kilometres and is 250km northeast of the capital, Nouakchott, by paved road. It is located a short distance from the copper-gold mining operations at Guelb Moghrein and the district capital of Akjoujt.

The Cetal tenement (Permit 791) is the northern project of some 498km2, and is located less than 70km south of heavy gauge rail and road infrastructure and a further 180km east, by rail, of the port of Nouadhibou. It lies immediately north and along strike of the eastern most of the two exploration licences of the Lebtheinia iron ore project owned by Sphere Minerals Ltd (ASX:SPH).

Charter Pacific has entered into an agreement with Sonko Lowenthal Mauritanie sarl ("Sonko"), a company incorporated in Mauritania, and the shareholders of Sonko for the potential acquisition of up to 100% interest in Sonko's two Mauritanian iron ore exploration permits (791 and 792) subject to certain conditions and obligations ("Agreement").

About Charter Pacific
Charter Pacific is a diversified investment company listed on the ASX (ASX:CHF). Charter Pacific's investment strategy is to invest in listed or unlisted companies in growth sectors that will generate superior returns over the long term. Charter's investments focus is in the resources and agri-business.

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Contacts

Charter Pacific
Kevin Dart, +61 7 5538 2558
Managing Director
or
Kirkwoods Corporate Relations
Justin Kirkwood, +61 2 9231 5600
Fax: +61 411 251 324

Map of Mauritania (Graphic: Business Wire)


The Kaoua el Khadra tenement (outlined in blue) over total magnetic intensity map. Showing the ground magnetic and gravity survey area of interest in green. At 200 m line spacing the green area requires 2400 line km of ground magnetic (excluding tie lines) and 3000 gravity stations. The magnetic will be performed in two phases of 1200 line km each - one at 400m line spacing and another phase for infill. (Graphic: Business Wire)