Isle of Man-based miner Ferrous Resources Limited Group (Ferrous), which includes Ferrous Resources do Brasil S/A and Mineração Jacuípe S/A with iron ore assets in Brazil, has acquired a new iron ore asset near Jacuípe in Bahia state, Brazil.
Ferrous said that it has acquired a number of exploration permits for iron ore over more than 40,000 hectares of land in Bahia, only 90 km to the northwest of the state capital Salvador. Aeromagnetic surveying undertaken in the third quarter of 2009, over only a part of the area covered by these permits, has revealed a large magnetic anomaly.
Drilling commenced on the Jacuípe iron ore deposit in the fourth quarter of 2009. Ferrous is committed to an active ongoing drilling and exploration program in 2010. Ferrous intends to develop the property using large-scale mining equipment and to construct and commission processing plants to produce high grade iron ore concentrate suitable for the production of iron ore pellets.