Cardero Resource has obtained the last batch of high-grade results from the phase I program carried out at the Sheini Hills iron project, located in Northeast Ghana. The company completed the phase I drilling during August 2012 and has received the complete results.
DRILL SECTION 1014950N
The company intersected 50.81% iron over 16.00 m and 48.50% iron over 51.60 m in hole 063 and 47.38% iron over 48.00 m in hole 064. Four cross-sections, namely 1012800N, 1013050N, 101440N and 1014950N, out of seven have weighted average iron that ranges from 41.1% to 43.92%, which reflect the high-grade results obtained from the drill region’s northern part.
According to Cardero's CEO and President, Michael Hunter, the company is happy to complete a successful phase I drilling and exploration campaign at the Sheini iron project. The discovery and acquisition of the project added a high-quality second asset to the company’s portfolio.
The drilling campaign specifically targeted a core zone that is 9 km long with outcropping ironstone-haematite ridges together with marginal surface ferricretes. The company has drilled 67 diamond holes and the results have been received from all the holes. It sent 58 diamond drill holes for assaying and drilled 9 holes for metallurgical testing and geological analysis.
Regional work has discovered further 24 km of prospective ironstone deposit areas that will be drill-tested during phase II program. This work includes aerial geophysical surveys, satellite analysis, mapping and verification.
With respect to NI 43-101, a maiden resource calculation report has been retained by SRK Consulting, which expects to complete and distribute the report in the fourth quarter of 2012.