Cabral Resources - Focus moves to DSO hematite ore
Jan 17th 2013 - Edison Investment Research today published a report on Cabral Resources entitled "Focus Moves To DSO Hematite Ore". In summary, the report says:
On 22 November, Cabral Resources released the remaining drill hole assay results from its maiden drilling programme at Morro do Gergelim. Although the drill results were consistent with the company’s original geological theories, in terms of the presence of banded iron formation horizons, they indicated lower iron ore volumes than expected. As a result, Cabral now believes it is unlikely to meet the original target tonnage range of 200-450Mt. Furthermore, it is unlikely that Morro do Gergelim alone hosts enough iron ore volume to become an economic iron ore project based on criteria set out in the pre-scoping study commissioned by ProMet Engineers in 2011. Notwithstanding further assessment of magnetite ore potential at Morro do Gergelim and now Ibitira, management...
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