NDABLAMA DRILLING EXPANDS MINERALISED SYSTEM
April 7, 2014Back
7 April 2014
Aureus Mining Inc.
TSX : AUE
AIM : AUE
- Results are presented for eleven diamond drill holes (2,542 metres) from the phase four drilling programme at Ndablama. Drilling was undertaken on the down dip and northern extensions to the current Inferred Mineral Resource of 451,000 ounces at 2.1 g/t Au. Intercepts include:
- 2.7 g/t over 20 metres from 211 metres
- 13.5 g/t over 3 metres from 193 metres
- 3.3 g/t over 11 metres from 108 metres
- 2.7 g/t over 13 metres from 186 metres
- 2.8 g/t over 8 metres from 251 metres
- 2.2 g/t over 9 metres from 253 metres
- Phase four results received to date (21 holes) confirm continuity of the mineralised system down dip for another 250 metres beyond the limits of the maiden resource, doubling the down dip extent of the mineralised system. Intercepts commence from 90 metres below surface to a maximum of 180 metres below the surface. To date all drill holes have intersected the mineralised system and confirm the shallow westerly dip of about thirty degrees. The mineralised body is still open in all directions.
- Geological mapping, soil geochemistry, trenching, geophysics and previous reconnaissance drilling have outlined a five kilometre mineralised structural zone which dips shallowly to the west and locates at the sheared and altered contact between granite and metavolcanics. This zone is referred to as the pressure shadow corridor. It is associated with extensive bedrock and alluvial artisanal gold mining. Recent work has outlined that this zone can be followed at surface over the total five kilometre area.
- The phase four drilling programme is designed to expand the current Inferred Resource both down dip and along strike. A total of 50 diamond drill holes for approximately 10’000 metres are planned over a target area that strikes north for one kilometre, extends down dip for vertical depths of 200 metres below surface and encompasses the target now referred to as Ndablama Central zone. Drilling is on-going with seventy per cent of the programme completed to date.
- The Company’s exploration team continues to actively explore the whole five kilometres of the pressure shadow zone. Trenching and detailed soil sampling confirm continuous mineralisation northwards from Ndablama Central. To the south, rock chip and soil sampling and trenching confirm that there is no longer a gap between Ndablama and Leopard Rock and that the mineralised system continues for a further two kilometres.
Commenting on the latest Ndablama drilling results, David Reading, President and Chief Executive Officer of Aureus Mining, said:
“The latest drilling results at Ndablama highlight the contiguous nature of what appears to be an extensive mineralised system, linking the deposits of Leopard Rock with Ndablama. This system is both open down dip and along strike and the opportunity of defining further resources in the large pressure shadow corridor provides yet further upside to the Ndablama discovery. Aureus remains on track to deliver an expanded Resource at the end of the current field season. We are very excited about the opportunity that this new goldfield presents for our shareholders”.
Details relating to the latest drilling results and the pressure shadow corridor are illustrated in the following diagrams:
The Ndablama gold target is located within the Northern block of the Company’s 457 km2, 100% owned, Bea Mountain Mining licence in Liberia, and is situated approximately 40 kilometres north-east of Aureus’ flagship New Liberty Gold project. To date a total of 75 diamond drill holes covering 13,352 metres and 63 trenches for 3,967 metres have been completed at the Ndablama gold target. The majority of drilling and trenching has been focused in the Ndablama Central area with some reconnaissance drilling undertaken at Leopard Rock. Geological mapping and trenching has now been undertaken over the whole pressure shadow zone.
The mineralization is located within a sheared package of intercalated ultramafic and mafic rocks which are enveloped by a gneissic sequence and overly a granite batholith. The mineralization has a shallow westerly dip reaching on average 30° and striking to the North. It has been drill investigated to a maximal vertical depth of 180 metres below surface. It remains open along strike and down dip.
The latest phase four drilling results are presented below:
Drilling to date has shown that mineralisation is hosted in sheared and altered metavolcanics which dips shallowly to the west at approximately 30o. Mineralisation is associated with phlogopite, chlorite alteration and disseminated pyrrhotite.
Of the 11 drill holes reported in this release, 9 holes tested the down dip extension of the mineralisation and confirm that it can be followed for another 250 metres down dip effectively doubling the downdip continuity of the mineralised system.. The maiden Inferred resource of 451,000 at 2.1g/t, as reported on 11 November 2013 was based on only 250 metres of down dip mineralisation. The current maximal vertical depth that the mineralised zone has been intercepted is now 180 metres below surface. Holes NDD073 and 74 drilled to test the first portion of Ndablama North both confirm mineralisation continuity but with some lower grades. Further drilling is required in the North and South as the mineralisation is open in both directions as well as downdip.
The phase four drill programme is ongoing within the Ndablama North and Central zones, with the aim of expanding the current NI 43-101 Inferred Resource of 451,000 oz grading 2.1 g/t Au. Drilling started in November 2013 and will continue throughout the remainder of the current field season. To date 21 holes totalling 5038 m from a planned 50 hole and 10’000 m programme have been reported with further results pending as over seventy per cent of the programme has been completed to date. The drill programme will continue testing the down dip extension of the full 1 km strike extent of the Ndablama Central target area.
Ndablama is situated within a five kilometre pressure shadow zone and is an area of extensive artisanal gold activity
The Ndablama gold project locates within a five kilometre mineralised, structural zone which dips shallowly to the west and occurs at the altered and sheared geological contact between Metavolcanic rocks (ultramafic and mafic units) and granite. This target is referred to as the pressure shadow zone (“PSZ”). The PSZ extends from Ndablama Far North to Leopard Rock South and covers a distance of five kilometres. It is associated with extensive bedrock and alluvial artisanal gold mining. To date less than 20% of the pressure shadow corridor has been drill tested.
Resource expansion work is currently being undertaken at Ndablama Central area. To the north and south of the Resource expansion area the Company has undertaken pitting, trenching, rock sampling and geological mapping in order to better delineate the mineralised system in these areas and to define additional targets for follow up drilling programmes. The work completed to date demonstrates that the PSZ can now be followed at surface for over five kilometres
At Ndablama North Zone, geological mapping, soil and rock sampling and trench results demonstrate that gold mineralization can now been traced over a further 1.5 kilometre in a northerly direction. Trenching and pitting is in progress with three trenches completed to date and results pending. At the far north end of the pressure shadow zone, historic trench NNT02 intersected 14 m @ 1.06 g/t and 7 m @ 1.76 g/t.
South of the Central zone results from soil samples and rock samples taken to cover a gap area between Ndablama and Leopard Rocks confirm the presence of continuous and high grade soil anomalism (up to 950 ppb) joining both prospects. A road cut in this area was channel sampled and returned 14 m @ 1.05 g/t. Pitting and trenching is in progress.
Eight hundred metres south east of Ndablama, the Leopard Rock target has been drilled at a reconnaissance level and demonstrated shallow westerly dipping gold mineralisation which is very similar to Ndablama. This drilling has extended the mineralisation system a further one kilometre to the south east. Soil anomalies and artisanal activity indicate that it can be extended for another kilometre south east beyond the known drilling.
Sampling and QA / QC
Drill core is split on site and samples are despatched under custody to the SGS Laboratory in in Monrovia.
All samples collected by Aureus are analysed using aqua regia digestion and fire assay analysis with an atomic absorption finish. Assay quality control protocols include the submission of commercial certified reference standards, blanks, field duplicates, pulp duplicates and umpire control samples. Standards are inserted into the sample stream at a frequency of 1 in 10. All other quality control samples are submitted at a frequency of 1 in 20. Assay quality control samples are reviewed on a monthly basis. Aureus also submits samples for screened fire assay analysis.
The Company’s Qualified Person is David Reading, who holds a MSc in Economic Geology from University of Waterloo, Canada and is a Fellow of the Institute of Materials, Minerals and Mining. David Reading is the President and CEO of Aureus Mining Inc. and consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
|Aureus Mining Inc.
David Reading / Paul Thomson
Tel: +44(0) 20 010 7690
Bobby Morse / Gordon Poole
Tel: +44(0) 20 7466 5000
|Numis Securities Limited (Nominated Adviser and Joint Broker)
John Prior / James Black
Tel: +44(0) 20 7260 1000
|GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800
About Aureus Mining Inc
The Company’s assets include the New Liberty gold deposit in Liberia (the “New Liberty Gold Project” or the “Project”), which has an estimated proven and probable reserve of 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6 years of production. The Company has financed the Project’s equity and debt funding requirement.
The New Liberty Gold Project is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 457 km² and has a 25 year, renewable, mineral development agreement. The Northern Block of the Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. Ndablama has an inferred mineral resource of 451,000 ounces of gold grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000 ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target. The Yambesei (759 km2), Archaen West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological work.
The Company also has gold exploration permits in Cameroon.
This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that Aureus Mining believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to, the future plans and objectives of Aureus Mining and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus Mining. The foregoing and any other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of Aureus Mining based on information currently available to Aureus Mining. With respect to the forward-looking information contained in this press release, Aureus Mining has made assumptions regarding, among other things: general business, economic and mining industry conditions; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs, no unusual geological or technical problems occur and no significant events occur outside of the normal course of Aureus Mining’s respective business.
Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and test work; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under “Risk Factors” in the Annual Information Form of Aureus Mining Inc. dated March 20, 2013 a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is available at www.aureus–mining.com.
Any mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While Aureus Mining believes that the mineral resource estimates in respect of their respective properties are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on Aureus Mining, as applicable. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, Aureus Mining disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason