West Peak Iron (ASX: WPI) has increased the company’s footprint in West Africa after obtaining two iron ore exploration licenses and one reconnaissance licence covering 1,255 square kilometres in Liberia.
Several major projects located within close proximity to the licenses include: China Union’s Bong Mines with 1.3 billion tonnes iron and $2.6 billion investment planned; BHP Billiton’s (ASX: BHP) Goe-Fantro Licence; and Elentilo Mining Mineral’s Western Cluster Iron Projects including the Bomi Hills Deposit with 50 million tonnes at 68% iron.
The three licenses have been selected on the basis of geological and geophysical data compiled by the United States Geological Survey, the proximity to existing iron ore deposits and the proximity to infrastructure.
The Bomi South Exploration Licence covers 490 square kilometres and contains 40 kilometres of mapped iron bearing formations considered highly prospective for iron ore mineralisation.
Bomi South is located 60 kilometres north-northeast from Monrovia and lies adjacent to a railway terminating in the capital city.
The Grand Bassa Exploration Licence covers 573 square kilometres and contains 48 kilometres of known iron bearing formations considered highly prospective.
Grand Bassa is located 15 kilometres inland from the port of Buchanan with an adjacent railway terminating at the port.
A reconnaissance licence has also been granted adjacent to Grand Bassa, with three more licenses in application.