Arrow (ASX:AMD) confirm high grade iron promise at Simandou North

Arrow Minerals have reported rock chips yielding more than 64 per cent iron at its Simandou North Iron Project in New Guinea.

Exploration has identified up to 7km strike within Arrow’s Simandou North Iron Project, demonstrating iron-bearing lithologies with development potential with 9 from 21 of the latest samples containing the stellar grade and the falling in a more than respectable range between 58% Fe and 64% Fe.

Arrow Managing Director Hugh Bresser said the high iron-grade iron mineralisation is comparable with the known deposits of the Simandou Range.

“I am delighted by these results – they confirm the iron formation at our Simandou North Iron Project hosts the high-grade iron we are targeting,” Mr Bresser said.

“It also provides evidence of iron grades equivalent to those on the Winning and Rio projects to the south,” he added.

“We are progressing rapidly to our first drill program with ongoing support from the local communities and the Government of Guinea.”

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Geological mapping and infill sampling in the southern target zones are underway in preparation for resource-defining drilling expected to begin next month.

The maiden program is also hoped to deliver a handy 60.5% controlling interest in the project.

Iron Ore Market Outlook

The iron ore market outlook for 2023 is expected to be positive due to the growth in global steel production and demand from major economies such as China and India.

Source Trading Economics 

Additionally, the ongoing technological advancements and innovations in the mining process and transportation systems are expected to improve efficiency and reduce costs, resulting in higher profitability for iron ore producers.

However, this year, market volatility and the potential impact of geopolitical tensions, trade disputes, and environmental regulations could also influence the market.

ARROW MIN FPO [AMD]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Arrow Minerals Limited engages in the development and exploration of mineral deposits in Australia and West Africa. The company primarily explores for gold, copper, and iron deposits. It holds 33.3% beneficial interest in the Simandou North Iron project comprising exploration permit 22,967 located in northern end of the Simandou Range. The Company has an option to acquire the Niagara Bauxite Project, and option to acquire 80% interest in the Yarraloola Copper Project located in the Pilbara of Western Australia. The company was formerly known as Segue Resources Limited and changed its name to Arrow Minerals Limited in December 2017. The company was incorporated in 2005 and is headquartered in West Perth, Australia.