Mofe Creek Project

 

Mofe Creek Iron Ore Project, Liberia (TAW 100%) | Overview

  • Grassroots iron ore discovery within a proven iron ore district in Liberia
  • Recent DSO discovery, averaging 62.8% Fe and up to 66% Fe
  • High-grade, coarse-grained friable itabirite intersected from surface
  • Capacity to generate a premium grade 65% to 68% Fe final product concentrate at 43% to 48% mass yields with very low contaminants
  • Excellent infrastructure options: 20km from coast or 17km from rail alignment 65km to port or 85km via sealed road to port – low capital intensity project
  • 95Mt Exploration target of high-grade friable itabirite within a >500Mt Global Exploration target size
  • Maiden Mineral Resource estimate of 61.9Mt at 33% Fe including an Indicated Mineral Resource of 16.2Mt at 35.4% Fe
  • Scoping Study confirming 14-year initial mine life with a production target of 2.5 Mtpa
  • Scoping Study demonstrated potential for a low-capex, low-cost, high-margin operation with a strong Net Present Value (NPV) and Internal Rate of Return (IRR)

The Mofe Creek Project is located within one of Liberia’s historic premier iron ore mining districts. The project is 10km along strike from the abandoned Bomi Hills mine (>50Mt DSO @ 65% Fe), 80km along strike from the historic Bong Mine (>275Mt @ 38% Fe), 45km from the Mano River mine (100Mt @ 52% Fe) and 20km from the Bea Mountain resource (>100Mt @ 45% Fe).

The project is characterised by exceptionally coarse grained, high-grade itabirite that has the potential to deliver a high-grade product (63%Fe – 68%Fe) at a coarse crush sizing, with high mass recoveries, and potentially low mine stripping ratios and free-dig material.

The project is exceptionally well-located being approximately 20km from the coast for potential haul-road trucking or conveyor of product to the coast and transhipment via barge to deeper water for on shipment or barging to the port of Monrovia. Other possible infrastructure solutions exist; road or rail to the deep water port of Monrovia via a 80km sealed road from the central licence area or a 65km decommissioned standard-gauge iron ore railway alignment2 from the Bomi Hills mine to the port of Monrovia; 17km east from the easternmost magnetic anomaly.

The project hosts a 95Mt high-grade +45% Fe friable itabirite exploration target within a global exploration target of >500Mt of friable itabirite and intermixed itabirite/amphibolite. Initial metallurgical test-work completed in mid 2013 on representative samples from the maiden 2,500m reverse circulation drill programme confirmed the potential to beneficiate through crushing to only 3.35mm, a +60% Fe product with low contaminants and 44-57% mass recovery within the itabirite. Subsequent metallurgical  testing has confirmed that crushing the same material to a 1.0mm size fraction generates a 63% Fe to 68% Fe ‘Premium’ product with a 58-68% mass recovery, at a 3.6 SG.

Proximity to the coast and positive initial metallurgical test-work results suggests the potential for an early start-up, low capital intensity project, with low operating costs.

Left: Medium-coarse grained, laminated quartz-magnetite iron formation.
Right: weathered iron formation crushed by hand forming soft, friable quartz-magnetite sands.

Left: Outcropping iron formation with larger 10’s cm scale magnetite segregations.
Right: Weathered, friable magnetite from outcrop forming high-grade, clean magnetite/hematite fines.