Aquila gets iron ore tenements in SA

Aquila gets iron ore tenements in SA

Australian mining group Aquila Resources announced on Thursday that it has been granted a suite of strategic iron ore exploration tenements in South Africa.

The tenements comprise the Northern Cape and Thabazimbi Projects, strategically positioned adjacent to existing iron ore mines and associated infrastructure.

Aquila and Rakana Consolidated Mining, in which Australian and South African-listed Tawana Resources has a 26 percent stake, have formed the Thabazimbi Joint Venture to develop iron ore projects in South Africa.

Seven rights

A total of seven prospecting rights, covering some 3400 square kilometres have been granted in the Limpopo and Northern Cape Provinces over highly prospective iron ore settings.

Rakana, holding a 26 percent interest in the tenements, is a mineral prospecting company that is owned and operated in accordance with the Broad-Based Socio-Economic Empowerment Charter of the Mineral and Petroleum Resources Act in South Africa.

The principal high-grade hematite iron ore deposits in South Africa occur within the banded iron formations of the Palaeoproterozoic Transvaal Supergroup in the Northern Cape and Limpopo Provinces of South Africa.

The company’s exploration tenements in these provinces are situated in close proximity to existing iron ore mines and established road and rail infrastructure within a relatively open access regime.

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