Keras Resources upbeat on fresh Nayega assay results

The AIM-traded firm said the results returned average Mn grades of 41.15% - substantially in excess of budget.

It said Mn grades ranged from 39.61% to 42.76%, with an average of 41.15%.

The average Mn grade of 41.15% was 18% higher than the budgeted grade of 35%.

“The initial assay results from the bulk sampling testwork programme at Nayega have exceeded our expectations,” said chief executive officer Russell Lamming.

“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.”

Lamming said that, with the current installed plant capacity, Nayega would be able to produce around 6,500 tonnes per month of manganese ore without any further capital investment.

“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.”

Keras Resources explained that a 10,000-tonne bulk sampling metallurgical testwork programme, fully-funded by a major producer of manganese-based alloys, was underway at Nayega.

The testwork programme involved the collection of 10 samples, which were selected from the screened stockpiles.

It said those samples were then manually scrubbed on site, and delivered to the third-party funder, which undertook further analysis.