Mamba Minerals is pleased to announce the latest drilling intersection shows the CLC hematite iron ore discovery at the Snelgrove Lake Project in Canada’s Labrador Trough is significantly wider than initially thought having increased 36% from 125m to an estimated 170m. The third diamond drill hole at CLC (MM-13-08) has returned a 90m hematite intersection. The hole remained in hematite when drilling was stopped due to difficult conditions at a down-hole depth of 260m. In light of this result, CLC is now estimated to have a true width of 170m. Hematite has been intersected from just 15m below the surface to a vertical depth of 235m, where it remains open. The strike length of the deposit is estimated to be ~2km based on gravity and magnetic data.

“This latest result provides more strong evidence that CLC is a substantial hematite deposit,” Mamba Chairman Greg Burns said. “And given that the mineralisation remains open at depth and along strike, there is clearly potential to expand on known boundaries.” The dimensions of the CLC deposit will be tested as part of the summer drilling program, which will see the first of ~15 holes drilled in July. This drilling program will be assisted by the impending results of a ground gravity survey over the CLC, Blaire and Bryman targets and an infill airborne gravity and magnetic survey over most of the DSO targets of the project. The original airborne gravity and magnetic surveys were conducted at 200m spacing. These two new programs will infill to 100m spacing and provide much clearer outlines of the target boundaries and drilling priorities.

Importantly assays have confirmed that the deposit contains very low aluminum (0.50%) and low levels of phosphorus (0.053%), which would potentially increase the price paid for the final product because it could be blended with high-aluminum iron ore fines from the Pilbara. Metallurgical test work is being undertaken to confirm the ability to upgrade Snelgrove hematite ore using conventional mechanical processes. Low cost hydro-electricity is available at C$0.04/kwh, making processing inexpensive. The highly significant CLC discovery has encouraged Mamba to begin the process of strengthening its Board and senior management. These appointments will be aimed at ensuring the Company has the technical depth and corporate experience needed to maximise the substantial opportunity presented by the CLC discovery.