Australian explorer, Energio Limited has announced the discovery of huge Iron Ore deposits in Kogi State, Nigeria.
According to the company, the discovery of 488 million tons in its 100 percent-owned Igbaja Project, represents 9.2 percent of the company’s 151km2 landholding for Iron.
Iron, formerly valued at $150 per ton on the international market, now goes for $107.7, putting the value of the find in billions.
Dr. Ian Burston, Chairman of Energio, described the find as a “landmark result.”
In a statement by Energio, the discovery is the first ever JORC Iron Ore resources discovery in Nigeria and is bound to change the pace of iron ore development in mineral rich West African country.
According to a Nigerian daily, the Austrialian Stock Exchange -listed firm informed the Australian Securities that the resources update on the Agbaja project, would be released on June 2013. Energio further explained that with improved geological confidence the entire resources potentials of the project would have been classified by June 2013.
The company disclosed it would soon begin the metallurgical test work on approximately 300m of P.Q diamond core to improve the In-situ Iron grade from 42.7 percent to 58 percent.
The Energio exploration project is located on the Agbaja Plateau in Kogi State. Drilling began at the site in November 2011 after evaluation of aeromagnetic surveys.