Akora Resources (ASX: $AKO) identifies significant iron ore prospect

Akora Resources Limited (ASX: $AKO) has identified a major 10km long and 2km wide magnetic anomaly at its Satrokala Iron Ore Project in Madagascar. The anomaly, 66% larger than the Company's more advanced Bekisopa iron ore project, represents potential iron mineralisation and has been modelled as steeply dipping units from several hundred metres to over 1,000 metres at depth. The promising result from the magnetic survey will guide the company's exploratory maiden drilling locations planned for 2024 to confirm iron mineralisation widths, type, and grades.

Akora Managing Director and CEO, Mr Paul Bibby, on Satrokala Iron Ore Project

This is a very significant result, confirms our expectations and highlights that AKORA's tenement area is becoming a substantial iron ore district. Satrokala's 10-kilometre-long magnetic anomaly and the substantial magnetic unit widths looks to be a bigger iron formation than AKORA's Bekisopa project. Satrokala is emerging as a major component of our exploration and development strategy and its potential to deliver high-grade iron ore tonnage will become clearer as drilling results are delivered.

Outlook for Akora Resources and Satrokala Iron Ore Project

The identification of the 10km long magnetic anomaly at Satrokala presents a significant opportunity for Akora Resources (ASX: $AKO) to establish a substantial iron ore district. The upcoming exploratory drilling in 2024 is expected to confirm Satrokala as an extensive magnetite iron ore body and solidify Bekisopa and Satrokala as a significant iron ore district. Akora's focus on cleaner iron ore for greener steel aligns with the global shift towards sustainable practices in the steel industry. The company's ambitions to produce high-grade iron ore and contribute to greener steel production position it well for future growth and development.