NSL Consolidated Limited acquires Indian Magnetite Development Project At AP14
NSL CONSOLIDATED LIMITED ACQUIRES FUTURE INDIAN MAGNETITE DEVELOPMENT PROJECT AT AP
NSL Consolidated (ASX:NSL, Company) is pleased to announce it has signed an agreement to acquire the AP14 project in Andhra Pradesh India, which contains significant iron ore mineralisation situatied on a mining lease application across 290 acres.
- NSL bolsters Indian iron ore business, with acquisition of AP14 magnetite project consisting of a Mining Lease application over 290 acre property in Karimnagar (200km North East of Hyderabad), which contains significant Banded Magnetite Quartzite mineralisation.
- Exploration target at the project of 62 million to 125 million tonnes of magnetite at grades of 20% and 50% Fe.
- AP14 represents future project development pathway for NSL, following development of Mangal and Kuja projects currently underway.
- Low acquisition costs, with small upfront deposit and no futher payments until grant of final mining lease. Final advance at time of grant is then deducted from future production royalty payments.
- No additional expenditure is required during the mining lease application phase, other than administrative costs related to progressing the application.
The information in this statement relating to the iron ore exploration results is based on information compiled by Mr Paul Blackney who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Blackney is employed by Optiro Pty Ltd. Paul has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Paul Blackney consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
For further information please refer to the attached NSL ASX Announcement.