Minbos Resources (ASX: MNB) is focused on the Cabinda phosphate project which covers an extensive 400,000 hectare across Angola and the DRC.
An Exploration target (confirmed by Coffey Mining Pty Ltd) of 333 million tonnes to 538 million tonnes with grades reported historically of around 10% to 20% of phosphate bearing material located within the Angolan licence area.
Minbos Resources (ASX: MNB) is moving forward quickly at the company's African operations, and has now delivered a high grade maiden phosphate JORC Resource at the Kanzi Project in the Democratic Republic of Congo.
The results have prompted Minbos to consider proceeding directly to a Bankable Feasibility Study for the Kanzai Project, which potentially would asses a 1 million tonne per annum phosphate rock export operation.
Coffey Mining compiled and reviewed all relevant drill hole data and geological information, developed a geological model and used this to derive the stated resource of 46 million tonnes at 17.2% phosphate, but importantly includes the high grade zone of 31 million tonnes at 21.4% phosphate.
Due to the tonnage and grade of the resource surpassing Minbos's exceptions, the company is now in a position for the immediate assessment of a Bankable Feasibility Study.
Peter Richards, executive chairman, commented “The maiden resource surpasses the company’s initial expectations for Kanzi both in terms of tonnage and grade.
"Internal numbers for Kanzi suggest the deposit has the potential to be developed into a low cost phosphate rock producer.
"Minbos now has two high grade deposits with combined resources of over 50mt at 21.4% P2O5, Cacata in the Cabinda province of Angola and Kanzi in the DRC."
Richards added, "both deposits are high grade and capable of fast-track development, positioning the Company to capitalise on the increasing demand for fertilisers as it aims to be a supplier to the world fertiliser market.”
Kanzi - strategically located
Kanzi is located in the far west of the Democratic Republic of Congo, and is just 35 kilometres from a recently constructed tar road to the operating port of Boma, which is located on the Congo River.
The high grade resource and favourable location bode well for the possibility of a low capex and opex producer of phosphate rock.