Silver Bull Resources, Inc. (TSX: T.SVB, Stock Forum) said it has received approval for renewal of its 2,000 square kilometer Mitzic licence by the Ministry of Mines in Gabon, central Africa, for an additional 3 years.
The wholly-owned Mitzic iron prospect, located 180 kilometres northeast of the capital city of Libreville, is still in the exploration phase.
According to the press release, the Mitzic iron ore target includes over 70 kilometres of magnetics which correlate to banded iron formations grading at approximately 40% iron. The area is folded and steeply dipping suggesting the potential for a thick proto-ore keel, coupled with evidence of thickening through folding and faulting.
"We are very pleased to have the Mitzic licence renewed for another 3 years,” said Tim Barry, President and CEO. “This is a very large licence of over 2,000 square kilometers in an area which is extremely prospective for iron ore.”
Silver Bull is a Vancouver-based exploration company.
On Thursday, Silver Bull was trading at $0.465 a share. The company has a market cap of $63.3 million, based on 136 million shares outstanding. The 52-week high and low was $0.75 and $0.41 respectively.