Sable Mining said its subsidiary African Iron Ore Investment has signed an agreement to access the Gulukwane iron ore project in South Africa.
The company will acquire a 61% interest in two different companies, which together hold the prospecting rights for the Gulukwane project.
Sable Mining CEO Andrew Groves said that the company is planning to immediately initiate a development plan to fully quantify the project's resource potential.
A ten-hole drilling programme will also be implemented to determine whether the company will proceed with the acquisition, Sable said.
The Gulukwane iron ore project comprises approximately 25,000ha in the Thabazimbi area in the Limpopo Province of South Africa.