Cardero Resource has declared that the first reverse circulation results from the Phase I Ferricrete drill program carried out at the Sheini Hills iron project has been obtained.
This project is located in Northeast Ghana. Besides drilling haematite ironstones, the company has examined surface detrital or ferricrete deposits with the help of 127 short reverse circulation holes, totaling 1,923 m.
The company encountered 40.05% iron over 4 m in RC Hole 17; 40.68% iron over 3 m in RC Hole 19; 48.93% iron over 6 m in RC Hole 22; 46.02% iron over 7 m in RC Hole 23; and 40.73% iron over 6 m in RC Hole 24.
The company has obtained assay results from 33 RC holes drilled in 3 out of 8 Ferricrete fields. The thickness of ferricrete in these 3 fields varies from 1 to 18 m. Cardero has identified detrital iron deposits, where deposited ironstone and bedded ironstone fragments have been eroded by means of weathering program.
Some deposits are naturally cemented and some are loose graveled, and both types are present at the marginal level of the Sheini Hills ironstone ridges. Weathering process breaks down the rock units, which are affected constantly by circulating groundwater, and under suitable circumstances, hard indurated zones like laterite and Ferricrete are formed.
The value of the iron ore potential in these deposits is based on the quality and grade of the iron particles, which form the clasts in the conglomerate. The Ferricrete at the Sheini project contains high-grade, banded-type ironstone, apart from the low-grade diamictite that is broken down easily through weathering methods. All ferricrete deposits exist at surface.
Cardero has retained SRK Consulting to finish a preliminary resource calculation.