Energio back trading as hunt to prove plus 1Bt iron ore resource in Nigeria continues

Eniron ore processing plantpage173ergio has now successfully completed a change in strategic direction and will recommence ASX trading at the opening bell on Thursday 15 March, after complying with the listing rules.

Energio now has just over 136 million shares on issue. Where the Energio story becomes really interesting is that the company wholly owns large scale exploration projects in Nigeria, which includes the Agbaja Iron Ore Exploration Project. Agbaja has an exploration target of 1-2 billion tonnes of iron ore at a minimum of 30% iron, with rock chip samples within the project area returning grades of up to 55% iron, highlighting direct shipping ore potential. A maiden JORC Resource remains on track for a June quarter 2012 delivery, with over 200 holes completed so far. Drilling at the project is aggressive, with the company on target to finalise the 20,000 metre drilling and...