Accelerated work over the past 15 months has delivered Bekisopa a total inferred resource of 194.7 million tonne magnetite deposit capable of producing 67.6% concentrate, with the Southern Zone adding 110.2Mt at 67.6%.

 

Managing director Paul Bibby said the results to date had exceed its initial exploration target of 50-100Mt.

 

He said with the Davis Tube Recovery level at 37.8% that just 2.6t of raw ore would be needed to recover 1t of high-grade concentrate.

 

The ore has low levels of impurities, and while there appeared to be high levels of sulphur, averaging 0.285%, that was localised to an area in the north-east, within a 21Mt ore block at 20-30m sub-surface, which would not be processed for decades, and could likely be managed at that time. 

 

The Southern Zone adds to March's Central Zone resource of 41.2Mt at 67%, and Northern Zone resource of 43.3Mt at 68.2%.

 

Bekisopa contains a 7.8Mt direct shipping ore resource at surface

 

The resources sit within just 2km of the 7km of strike, which offers growth potential.

 

The company said the project now had substantial tonnages, excellent grades, and significant opportunities for resource growth along the undrilled areas of the magnetic anomaly.

 

Akora, which listed 15 months ago, recently completed a A$3.5 million placement at 32c to ensure it has the funding required to continue its accelerated work program. 

 

The company has said its project looks like being able to generate a high-grade, lump product with only conventional mining, crushing, and screening.

 

Akora's stock has traded at 18-47c over the past year, closing yesterday at 34.5c, capitalising it at $24 million.