TSX : AUE
AIM : AUE
TORONTO, Sept.
30, 2014 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus Mining" or the "Company") is pleased to announce results
from the remaining 49 holes of the phase four drilling programme at
the Ndablama gold project ("Ndablama"). These results follow those
announced on 27 January, 7 April and 10 July
2014. The phase four drilling programme included a total of
approximately 19,000 metres of reverse circulation ("RC") and
diamond drilling. The RC drilling targeted the infill areas between
diamond holes previously drilled, with the new diamond holes
testing for down dip and strike extensions to the current
mineralised system. Ndablama is located within the northern block
of the Company's 100% owned, Bea Mountain Mining licence in
Liberia, 40 kilometres north-east
of Aureus' flagship New Liberty Gold project.
Highlights
- Results are presented for the final 24 diamond drill holes
(4,101 metres) from the phase four drilling programme at Ndablama.
Drilling was undertaken to test the down dip and strike
extensions to the 2013 Inferred Mineral Resource of 451,000 ounces
at 2.1 g/t Au, released on the 11 November
2013. Intercepts include:
3.0
g/t over 28 metres from 139 metres
3.0
g/t over 22 metres from 98 metres
2.8
g/t over 24 metres from 88 metres
3.3
g/t over 18 metres from 123 metres
2.3
g/t over 24 metres from 95 metres
- All drill holes have intersected the mineralised system and
confirm the shallow westerly dip varying between 30 and 10
degrees.
- Phase four diamond drilling results confirm continuity of the
mineralised system down dip for a further 300 metres beyond the
limits of the initial maiden resource, more than doubling the down
dip extent of the mineralised system. Intercepts commence from 90
metres below surface to a maximum of 240 metres below the surface.
The mineralised zone was extended southwards by a further 100
metres and remains open northwards.
- The results announced today also include the remaining 25 RC
drill holes (3,480 metres) carried out as infill holes in advance
of upgrading the current inferred resource. Intercepts
include:
6.2
g/t over 45 metres from 85 metres
2.9
g/t over 23 metres from surface
2.5
g/t over 21 metres from 38 metres
2.4
g/t over 22 metres from 71 metres
2.2
g/t over 16 metres from 103 metres
2.3
g/t over 11 metres from 185 metres
- The infill RC drilling results confirm mineralisation
continuity within the already defined ore body. This programme was
designed to close the drill spacing down to 50 metres.
- Following receipt of the phase four results, the Company is to
commence a new NI 43-101 Resource estimate for Ndablama, due for
completion in Q4 2014.
- Further metallurgical studies are currently being conducted on
the Ndablama deposit. These studies follow initial work conducted
in 2013 which highlighted 70% gravity recovery and 94% leach
recovery for fresh ore (see press release of the 10 December 2013).
- Ndablama forms part of a five kilometre long pressure shadow
corridor. Exploration work has confirmed that gold mineralisation
is associated with a shallow, westerly dipping shear zone which can
be followed at surface for five kilometres. To date only Ndablama
and Leopard Rock have been drill tested. Exploration conducted on
Ndablama Far North and Leopard Rock South returned encouraging
trench and rock results and these targets are ready to be drill
tested.
- Towards the north-east the pressure shadow corridor connects to
the Yambesei Shear Zone which is highlighted by continuous soil
anomalies extending over 8 kilometres. This steep dipping shear
zone straddles along the northern edge of the Ndablama granitoid.
Reconnaissance work along this shear corridor has outlined four
gold targets for follow up drill programmes.
Commenting on the latest Ndablama drilling results,
David Reading, President and Chief
Executive Officer of Aureus Mining, said:
"The phase four drilling programme continues to return excellent
results. We believe that the Ndablama target is part of a new
goldfield which can be traced for over thirteen kilometres around a
granite body and to date only 15% of this area has been drill
tested. The Company now looks forward to developing an upgraded
resource during the next quarter."
Details relating to the latest drilling results and the pressure
shadow corridor are illustrated in the following diagrams:
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Phase4_Drilling.png
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Section83.png
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Section79.png
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Section71.png
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Section68.png
http://aureus-mining.com/wp-content/uploads/2014/09/ND_LS_Phase4.jpg
http://aureus-mining.com/wp-content/uploads/2014/09/Ndablama_Pressure_Shadow_Zone.png
http://aureus-mining.com/wp-content/uploads/2014/09/Yambesei_Shear_Zone_Corridor.png
Ndablama Background
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 115 diamond
drill holes covering 21,322 metres, 39 RC infill holes totalling
5,828 metres and 63 trenches for 3,967 metres have been completed
at the Ndablama gold target. Ndablama locates within a five
kilometre gold bearing pressure shadow zone which is defined by a
shallow, westerly dipping shear zone locating near the contact
between granite and greenstone rocks. Geological mapping and
trenching has now been undertaken over the whole pressure shadow
zone.
Gold 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 of 30° or less and
strikes to the North. It has been drill investigated to a
maximal vertical depth of 240 metres below surface. It
remains open along strike and down dip.
The phase four diamond drill programme that started in
November 2013 was completed in early
August 2014 for a total of 61 holes
totalling 13,000 metres. The results for the remaining 24 holes
(NDD092 to NDD115) are presented below.
Borehole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
NDD092
|
126
|
130
|
4
|
1.0
|
NDD093
|
178
|
184
|
6
|
0.6
|
NDD094
|
35
|
43
|
8
|
0.7
|
and
|
52
|
54
|
2
|
1.1
|
NDD095A
|
140
|
143
|
3
|
0.8
|
and
|
154
|
158
|
4
|
1.1
|
NDD096
|
94
|
111
|
17
|
1.2
|
incl
|
97
|
107
|
10
|
1.9
|
NDD097
|
59
|
70
|
11
|
1.0
|
NDD098
|
114
|
125
|
11
|
0.8
|
incl
|
114
|
118
|
4
|
1.2
|
and
|
132
|
134
|
2
|
1.5
|
NDD099
|
94
|
101
|
7
|
1.0
|
and
|
110
|
115
|
5
|
1.9
|
NDD100
|
138
|
142
|
4
|
1.1
|
and
|
186
|
191
|
5
|
1.0
|
NDD101
|
130
|
143
|
13
|
1.0
|
and
|
151
|
153
|
2
|
2.4
|
NDD102
|
54
|
120
|
66
|
1.2
|
incl
|
56
|
60
|
4
|
2.0
|
incl
|
95
|
119
|
24
|
2.3
|
NDD103
|
98
|
141
|
43
|
1.7
|
incl
|
123
|
141
|
18
|
3.3
|
NDD105
|
121
|
126
|
5
|
0.8
|
and
|
136
|
139
|
3
|
1.0
|
and
|
154
|
158
|
4
|
1.1
|
and
|
166
|
168
|
2
|
1.2
|
NDD106
|
78
|
113
|
35
|
1.2
|
incl
|
80
|
86
|
6
|
2.4
|
incl
|
105
|
113
|
8
|
2.0
|
and
|
154
|
155
|
1
|
4.9
|
NDD107
|
31
|
34
|
3
|
1.2
|
and
|
64
|
77
|
13
|
1.0
|
and
|
93
|
100
|
7
|
2.6
|
NDD108
|
79
|
102
|
23
|
1.0
|
incl
|
79
|
81
|
2
|
8.8
|
incl
|
100
|
102
|
2
|
2.4
|
NDD109
|
88
|
134
|
46
|
1.7
|
incl
|
88
|
112
|
24
|
2.8
|
NDD110
|
98
|
120
|
22
|
3.0
|
NDD111
|
53
|
74
|
21
|
0.5
|
incl
|
56
|
58
|
2
|
1.0
|
incl
|
66
|
69
|
3
|
1.0
|
NDD112
|
39.3
|
46.8
|
7.5
|
0.7
|
and
|
57
|
61
|
4
|
0.7
|
NDD113
|
94
|
97
|
3
|
1.4
|
and
|
121
|
124
|
3
|
1.1
|
NDD114
|
139
|
167
|
28
|
3.0
|
NDD115
|
113
|
116
|
3
|
0.7
|
and
|
143
|
148
|
5
|
0.8
|
NDD104: abandoned hole
Drilling has shown that mineralisation is associated with
phlogopite, silica, chlorite alteration and disseminated
pyrrhotite. Detailed examination of cores consistently shows the
presence of coarse gold. Initial metallurgical testwork results
which were announced on 10 December
2013 returned an average of + 70% gravity recovery from the
fresh ore, which will have a positive impact on the plant
design.
Of the 24 diamond drill holes reported in this release, fifteen
holes tested the down dip continuation of the ore body. These drill
holes returned good mineralisation within the main part of the ore
body. 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, while the
phase four diamond holes have extended it by an additional 300
metres. The current maximal vertical depth that the mineralised
zone has been intercepted is now 240 metres below surface. Two
holes (NDDH092 and 93) tested the immediate northern extension of
Ndablama and confirmed further mineralisation continuity. Three
holes (NDD111 – 113) testing the southern extension extended the
mineralisation by an additional 100 m towards Leopard Rock.
The results of the remaining 25 holes of the infill RC program
are presented below:
Borehole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
NDRC015
|
170
|
202
|
32
|
1.0
|
incl
|
185
|
196
|
11
|
2.3
|
NDRC016
|
170
|
198
|
28
|
1.1
|
incl
|
183
|
192
|
9
|
2.9
|
NDRC017
|
163
|
176
|
13
|
1.0
|
and
|
192
|
198
|
6
|
2.5
|
NDRC018
|
135
|
138
|
3
|
1.5
|
and
|
166
|
169
|
3
|
1.3
|
NDRC019
|
114
|
123
|
9
|
0.6
|
and
|
148
|
155
|
7
|
0.6
|
NDRC020
|
93
|
140
|
47
|
0.7
|
incl
|
98
|
105
|
7
|
1.2
|
incl
|
110
|
115
|
5
|
1.0
|
incl
|
126
|
133
|
7
|
1.6
|
NDRC021
|
85
|
98
|
13
|
0.9
|
NDRC022
|
88
|
110
|
22
|
0.8
|
incl
|
100
|
109
|
9
|
1.0
|
NDRC023
|
52
|
126
|
74
|
1.3
|
incl
|
71
|
93
|
22
|
2.4
|
incl
|
98
|
106
|
8
|
2.1
|
incl
|
119
|
122
|
3
|
2.8
|
NDRC024
|
32
|
93
|
61
|
1.3
|
incl
|
38
|
59
|
21
|
2.5
|
incl
|
73
|
80
|
7
|
2.2
|
NDRC025
|
81
|
93
|
12
|
0.6
|
and
|
102
|
119
|
17
|
1.2
|
and
|
138
|
143
|
5
|
1.6
|
NDRC026
|
87
|
119
|
32
|
1.3
|
incl
|
103
|
119
|
16
|
2.2
|
NDRC029
|
0
|
23
|
23
|
2.9
|
incl
|
0
|
8
|
8
|
7.3
|
NDRC030
|
5
|
17
|
12
|
0.8
|
incl
|
5
|
9
|
4
|
1.3
|
incl
|
13
|
16
|
3
|
1.0
|
NDRC032
|
45
|
65
|
20
|
1.1
|
incl
|
45
|
50
|
5
|
2.5
|
and
|
94
|
101
|
7
|
1.1
|
NDRC033
|
85
|
130
|
45
|
6.2
|
incl
|
111
|
127
|
16
|
15.5
|
NDRC034
|
5
|
22
|
17
|
1.5
|
incl
|
5
|
11
|
6
|
2.0
|
incl
|
17
|
22
|
5
|
2.4
|
NDRC035
|
5
|
9
|
4
|
1.7
|
NDRC036
|
8
|
13
|
5
|
0.9
|
NDRC037
|
65
|
67
|
2
|
1.1
|
and
|
70
|
72
|
2
|
1.5
|
and
|
75
|
81
|
6
|
1.2
|
NDRC038
|
55
|
71
|
16
|
1.3
|
and
|
86
|
100
|
14
|
0.5
|
NDRC039
|
100
|
107
|
7
|
1.2
|
NDRC027: Abandoned hole due to ground
conditions
NDRC028: NSR
NDRC031: Not reported
due to poor recovery from the oxide mineralised zone
The results of the final 25 infill holes confirm the continuity
of mineralisation within the already defined ore body. This
programme undertaken between May and July
2014 was designed to close the drill spacing down to 50
metres from Ndablama's central portion in prevision of upgrading
the resource confidence in early Q4 2014. The bulk of the infill
holes targeted a 400 metre north-south strike length by a 350 metre
down dip length (maximal depth is 150 metres). The infill programme
is now complete for a total of 39 holes and approximately 5,828
metres.
Now that all the results for the phase four drilling programme
are received, the Company is undertaking a new NI 43-101 Resource
estimate for Ndablama, due for completion in Q4 2014. Metallurgical
studies are currently been conducted on the Ndablama deposit
following initial studies undertaken in 2013 which highlighted 70%
gravity recovery and 94% leach recovery for fresh ore (see press
release of the 10 December 2013).
Ndablama is situated within a five kilometre pressure
shadow corridor and is an area of extensive artisanal gold
activity
The Ndablama gold project is part of a thirteen kilometre
mineralised corridor, of which five kilometres is represented by a
shallow shear pressure shadow zone and the eight other forms part
of a steeper shear system, referred as to the Yambesei Shear Zone.
The Ndablama gold project locates within the five kilometre
pressure shadow zone which is characterised by a mineralised
structural zone which dips shallowly to the west and occurs close
to the altered and sheared geological contact between metavolcanic
rocks (ultramafic and mafic units) and the Ndablama granitoid. The
pressure shadow zone extends from Ndablama 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
only 40% of the pressure shadow zone has been drill tested.
Extensive geological mapping has now completed over the whole
pressure shadow zone. At Leopard Rock South where a 400 metres long
mineralised zone was previously defined through trenching (press
release of the 10 July 2014), new
soil anomalies resulting from additional infill soil sampling have
extended the mineralisation trace for a further 200 m towards SW.
This is further confirmed by rock sample results returning grades
up to 1.9 g/t Au. The previously reported trench results from
Leopard Rock South include 8 metres at 1.2 g/t, 10 metres at 1.3
g/t, 11 metres at 1.6 g/t and 7 metres at 2.3 g/t. At Ndablama Far
North, the best trench results that have been previously reported
include 14 m @ 1.1 g/t and 7 m @ 1.8 g/t. Within the pressure
shadow zone, Leopard Rock South and Ndablama Far North now
represent targets ready to be drill tested while the remaining of
the mineralisation system needs further follow up work.
Within the Yambesei Shear Zone regolith mapping show that a
number of soil anomalies remain untested. A pitting program
undertaken in the Gondoja-Welinkua area has led to the discovery of
two new mineralised zones. The first zone extends over 600 m and
runs parallel to the Gondoja existing mineralised zone. It is
controlled by a NE structure developed between amphibolites and
ultramafics. The second zone is located at Welinkua and strikes
over more than 300 m along a contact between amphibolites and a
granitoid. Pits in both locations returned grades up to 1.6 g/t.
The pitting program will continue testing other soil anomalies
along the corridor while existing targets will be reviewed and be
subject to follow up work. Gondoja target is currently the most
advanced target with historic best trench and drill results having
returned respectively 7 m @ 13.1 g/t and 30 m @ 3.9 g/t. Best
trench results at Gbalidee and Koinja are resp. 22 m @ 3.4 g/t and
6 m @ 2.2 g/t. The existing targets and potentially new targets
will be prioritised for next phases of reconnaissance drilling.
Sampling and QA / QC
Drill core is split on site and RC samples are split at the rig
with a 3 tier splitter. Samples are despatched under custody to the
SGS Laboratory in in Monrovia and
Tarkwa (Ghana).
All samples collected by Aureus are analysed using aqua regia
digestion and 50g fire assay analysis with an atomic absorption
finish. Assays with grades above 5 g/t are systematically assayed
with a gravimetric 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.
Qualified Persons
The Company's Qualified Person for exploration results 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.
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
2014. 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 2014, 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.
Forward-looking Statements
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
SOURCE Aureus Mining Inc.