West Peak Iron has discovered large deposits of iron ore stored in the ground at the Bomi South Project in Liberia. The find could prove to be a huge boost for the Liberian economy and trade in the country should the ore deposits be as large as reports are speculating.
Recent field activities in the area have identified a number of new targets where iron ore deposits are believed to be sitting. Activities have been taking place so far due to the fact that there is too much risk in using heavy equipment to dig in the areas in the west of the Bomi Project region due to the wet season and the potential for large landslides in the area.
The Bomi Project is located approximately 60 kilometres North-East of Monrovia with its main point of access a series of sealed roads connecting the western and eastern tenement boundaries. Not only that but in what could be a rather lucky coincidence it lies quite conveniently between the two railway corridors that have historically connected the mining facilities at both Bomi and Bong.
Along with the prospect of Iron Ore the field activities have pointed to the possibility that deposits have the potential for a DSO product that could generate huge profit from any ore that is extracted. Whilst the high grade rock chip samples that have been analysed returned iron grades of up to 66% some of the hematite rich capping in the samples have returned iron traces of up to 59%. This indicates there is the possibility that rich rock samples could return potential DSO product in the future when larger portions can be extracted in the long-term. Therefore should Liberian government officials be willing to act on these findings as quickly as possible it is more than likely that potential revenue could start to rise high and fast if the right steps are taken.
Once the current site at Bomi is deemed safe enough larger-scale work is due to take place at the facility to look at the iron deposits more thoroughly. The plan is expected to be the next phase of field activities in the area involving hand auger drilling and trenching to start taking greater samples for analysis. Not only has the wet season affected the work schedule for those digging at the site but has also got the potential to damage iron ore and deposits in the ground and much lower down. The potential for landslides and general breaking up of the land at the Bomi project could damage any deposits in the ground and would thus damage the current statistics being drawn from field activities taking place there.
However Bomi is not the only site now going through the stages of rock sampling for iron traces. The facility at the Bobo Creek Project in the country is now undergoing the early processes of the sampling program with the same field activities taking place there. The earliest reports suggest a similarly rich iron ore vein in the form of hematite rich cap with rock chip samples from beneath returning iron grades of up to 58% making the Bobo Creek project a strong prospect for the future alongside the findings at Bomi.
It doesn’t take a genius to realise the potential that both these projects have in helping Liberian trade as a whole should they produce the returns for potential iron deposits that reports are currently suggesting. It is a very lucky coincidence that the iron rock samples found at the Bomi project lie right in the vicinity of one of the most important mining and trading routes via the historic train lines in the region.
Another potential source of income and employment for the country is needed now more than ever in the wake of the criticism that Liberia has taken in recent years over their handling of keeping trade in the country completely legal and in keeping with the needs of the Liberian people. It is likely that any iron trade that could come from these sites in the future will need to be regulated for the benefit of those living nearby and those needing iron more than others. This would mean it would be controlled on both financial and ethical grounds like the vast logging trade in the country and the control of other precious mineral resources that keep the fragile economy just about afloat.
The current government however do have a lot to prove to their own people after recent audits revealed the shocking misconduct over illegal trade in the country resulting in the loss of billions of pounds worth of profit for the nation. Therefore the eventuality of future profits in iron must be considered very highly and in detail to make sure that the country can maximise any potential revenue that could come from such finds. But should the future remain kind to those looking to create more opportunities and stimulate national growth through iron trade (which would subsequently come via mining trade and quarrying) then the business potential could be immense!
BY: ROBERT PRITCHARD
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