Keras Resources (KRS) has revealed promising assay results from samples taken at the Nayega Manganese Project in northern Togo.
Russell Lamming, Chief Executive Officer of Keras, said, "The initial assay results from the bulk sampling testwork programme at Nayega have exceeded our expectations.”
The samples returned average Mn grades of 41.15%, with grades ranging from 39.61% to 42.76%, substantially higher than the budgeted grade of 35%.
They were taken from stockpiles for its 10,000-tonne bulk sampling metallurgical testwork programme, which was fully funded by a major producer of manganese-based alloys.
Shares in Keras Resources were up 8% following the news
Russell Lamming added: “Most importantly, these results also exceed the required Mn specifications of the third-party producer of manganese-based alloys, who have funded the bulk sample.
“With the current installed plant capacity, Nayega will be able to produce circa 6,500 tonnes per month of manganese ore without any further capital investment.”
Keras Resources also has development assets in cobalt and nickel, as well as an interest in gold exploration and development via its holding in Calidus Resources, Australia.
Russell Lamming told investors: “With this in mind, the Project is proving to be a significant asset for Keras and we look forward to providing further updates regarding its development."
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