Weaju

Weaju is located 30km north-east of New Liberty, within the 457km² Bea Mountain mining licence. Situated at the eastern end of the Bea Mountain; a prominent east-west running topographic feature. Weaju has historically been the focus of intermittent mining, both by small mining companies and artisanal miners for the past 50 years. More recent exploration by Mano River began in the late 1990’s, with Avesoro Resources resuming exploration of the Weaju target in November 2012. In November 2013 Avesoro Resources released the maiden resource of 178 000 ounces at 2.1 g/t Au estimated using a 1.0 g/t cut-off.

Geology

Weaju has similar host rocks to the New Liberty and Ndablama deposits. Mineralisation is concentrated in shear zones along contact zones between granites, ultramafics, and amphibolites. Gold mineralisation is found within a synformal fold, with mineralisation observed on both limbs and within the fold closure.

Mineralization-related alteration includes silicification and a phlogopite-tourmaline-magnetite-carbonate assemblage. Free gold has also been observed within the core.

Exploration work

• 48 diamond drill holes were drilled at Weaju by former license holder Mano River during the period 2000 to 2005.
• Weaju has been subjected to intense artisanal mining activity and in July 2012 the Company announced the settlement of a legacy mining claim with a local Liberian company, Weajue Hill Mining Corporation.
• In November 2012 the Company commenced exploration activities at Weaju involving an airbourne LIDAR survey, geological mapping, soil geochemistry for gold, trenching and pitting, airborne geophysics and a diamond drilling programme.
• The Company has recently completed a phase one drilling programme of 62 holes for approximately 8,726m
• Drilling outlined multiple gold intercepts within 3 zones; North, Main, and Ridge and Creek. The North and Main zones represent the two limbs of the fold, with the Ridge and Creek zone the fold closure.
• The North zone has been defined with an east to west strike continuity of 400 metres and has been drilled down to a depth of 150 metres. It remains open in all directions. Gold intercepts vary in width from 1 to 18 metres and many holes have multiple intercepts. Higher grade zones are controlled by a 45 degree plunge to the SW.
• Drilling in the Main zone highlights a complex geometry controlled by tight folding which plunges to the west. Mineralized bodies can be traced over a north east-south west strike of 200 metres, with widths of between 1 and 19 metres.
• The Ridge zone has a strike continuity of some 150 metres in a north east-south west direction and can be traced down to 80 metres vertical depth.
• Overall the drilling results suggest a potential cumulative strike of mineralised rock of over one kilometre.
• Soil anomalies, trenching and pitting show a strong potential for an 800m continuation of mineralisation to the south west of the main zone.

Resource

• A NI43-101 compliant Inferred Mineral Resource of 178,000 ounces at 2.1 g/t Au has been estimated using a 1.0 g/t cut-off was announced in November 2013.

1. Mineral Resources for the Weaju deposit at 1.0 g/t Au.
2. The effective date of the Weaju gold deposit mineral resource estimate is 11 November 2013.
3. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
4. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated and measured mineral resources.
5. Totals and average grades are subject to rounding to the appropriate precision.

• Modelling has shown that plunging mineralised shoots are open at depth.
• Metallurgical testing has shown that gravity / cyanide leach testwork on the oxide material returned recoveries of between 92% and 98%. The sulphide material had recoveries between 89% and 93%. Gravity recoveries for both the oxide and sulphide material returned values ranging from 39% to 48%