Extracts from the latest RNS: http://www.stockopedia.com/news/announcement/BAO/090706bao000371.htm

  • The Tete project is located immediately north of the Provincial capital of Tete and comprises three contiguous Exploration Licences that straddle the central portion of the Tete Mafic Complex, covering an area of approximately 632km2. The Licences contain 5 known vanadiferous titano-magnetite deposits.
  • Baobab formed a strategic partnership with IFC (International Finance Corporation) in January 2009 whereby IFC earned a 15% direct interest in theTete project.
  • Tete is fast becoming a major investment centre with mining majors Vale andRiversdale in the process of opening up the Moatize and Benga coal fields. 
  • Further to the announcement of 26 June 2009, the Company is pleased to present the first round of drilling results from its Tete iron / vanadium / titanium project.
  1. Diamond drilling, testing a strike length of 500m of the +8km strike potential  of the Massamba Group, has intersected significant widths of shallowly dipping magnetite mineralisation from surface (80m cumulative thickness per section).
  2. Mineralisation remains open down dip on all sections.
  3.  Head and Davis Tube Recovery (DTR) concentrate analytical results have been received from drill core sampling on section 100,000mN.
  4.  Iron and vanadium concentrate grades are significantly higher than anticipated.
  5.  Significant concentrate intercepts include:
  • TDH0002: 20.5m @ 65.8% Fe & 0.74% V2O5 (mass recovery of 19.7%) from 62.5m
  • TDH0003: 19.5m @ 64.6% Fe & 0.69% V2O5 (mass recovery of 29.5%) from 99.5m
  • TDH0004: 28.0m @ 62.6% Fe & 0.72% V2O5 (mass recovery of 16.1%) from 106.5m
  • TDH0007: 30.0m @ 66.6% Fe &0.72% V2O5 (mass recovery of 18.4%) from 130.5m
  •  Brett Townsend, Baobab's Managing Director, said: "The significant intercepts and the DTR test work completed on the core from these diamond drill holes is highly encouraging. Particularly pleasing are the concentrate results which show significant improvement on initial reported analyses of grades to very attractive levels for the predominant breccia mineralization style. We look forward to reporting further results of the remaining holes drilled."

 


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