Investment company, Charter Pacific Corporation Limited (ASX:CHF) announces the renewal of the two iron ore Exploration Permits 791 B1 and 792 B1 in accordance with the Mauritanian Mining Code, granted by the decrees 2013-082 PM/MPEM and 2013-083 PM/MPEM.
The Exploration Permits gives us the right to explore for group 1 minerals (iron, manganese, titanium (hard rock), chromium & vanadium (i.e. the ferrous metals)).
Under the provisions of the Mauritanian mining laws the Exploration Permits can be converted to Exploitation Permits on discovery of exploitable iron ore which allows the Permits to be valid for a minimum period of 40 years.
Following on from the 10 September 2012 ASX announcement where we advised a potential exploration target for the magnetite-bearing Banded Iron Formations (BIF) up to 4.4 billion tonnes* on Permit 792 we commenced a Trenching and RC Drilling program in March 2013. The primary objective of the trenching program is to define the mineralisation width and grade at intersections along the 130km strikeline.
The trenching program was expanded to include a further five trenching sites and has now completed with samples undergoing assay at ALS Minerals Laboratory, Ireland.
The trenching laboratory results are expected within the next few weeks following which the RC drilling program will be determined to define the down-hole thickness and grade of BIF on Permit 792.
* It should be noted that the potential tonnages and grades outlined by SEMS Exploration for the exploration target within the Kaoua el Khadra permit remain conceptual in nature as there has been insufficient exploration to define a Mineral Resource as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 2004 JORC Code). Furthermore, investors should be aware that based on the information currently available it remains uncertain whether further exploration will result in the determination of a Mineral Resource.