TSX: ASO
AIM: ASO
TORONTO, March 22, 2018
/CNW/ - Avesoro Resources Inc., ("Avesoro" or the "Company"), the
TSX and AIM listed West African gold producer, is pleased to
provide assay results for the first 29 holes of its extended 55
hole infill drilling programme at the New Liberty Gold Mine ("New
Liberty") in Liberia, as well as
an update on its exploration activities in Liberia and Burkina
Faso.
Highlights:
- 55 hole infill drilling campaign completed targeting the
upgrade of a significant portion of Inferred Resources at New
Liberty;
- Results to date indicate that the mineralised zones intersected
by the drilling are in general wider, or of higher grade, than
predicted by the mineral resource model; and
- Assay results reported to date show high grade intercepts
including:
-
- K497: 26 metres grading 8.49g/t Au (from 176 metres);
- K501: 42 metres grading 3.17g/t Au (from 255 metres);
- K502: 43 metres grading 2.65g/t Au (from 304 metres);
- K510: 22 metres grading 4.50g/t Au (from 361 metres);
- K507: 13 metres grading 7.33g/t Au (from 304 metres);
- K503: 30 metres grading 3.17g/t Au (from 240 metres)
- K516: 11 metres grading 7.30g/t Au (from 350 metres);
- K508: 21 metres grading 3.43g/t Au (from 331 metres);
- K525: 14 metres grading 4.16g/t Au (from 341 metres); and
- K522: 15 metres grading 3.47g/t (from 404 metres).
Serhan Umurhan, Chief Executive Officer of Avesoro
Resources, commented: "The results from the first stage
of the infill drilling programme at New Liberty have been extremely
encouraging and add further momentum to the exploration success we
delivered during H2 2017 in Burkina
Faso and our 2018 goal of increasing our mineral resource
inventory and subsequently increasing the mine lives at our New
Liberty, Youga and Balogo mines.
The infill programme was designed to increase the confidence
level of the continuity of the New Liberty orebody by targeting an
area of the mineral resource model containing 275,000 ounces of
inferred resources to higher categories of confidence, and in turn
potentially increasing the Mineral Reserve at New Liberty. In
terms of grade and width, results to date improve on the current
model and we anticipate, upon receipt of the final assays, to be
able upgrade significant areas of Inferred Resource into the
Indicated Resource category."
New Liberty Infill Drilling Programme
The previously announced 14,000 metre infill drilling programme
at New Liberty was extended to 19,500 metres for 55 holes. The
objective being to convert into the Indicated Mineral Resource
category, a substantial portion of the 3.5 million tonnes ("Mt") of
Inferred material at a grade of 2.8g/t Au (containing 315koz of
gold) contained in the NI 43-101 Technical Report dated
November 1, 2017, of which 3.0Mt at a
grade of 2.85g/t Au (containing 275koz of gold) is located below
the current designed pit floor, but lies within the US$1,300 pit shell.
The 55 hole drilling programme has now been completed, and assay
results from the first 29 holes compare favourably to the mineral
resource model and, in most cases, demonstrate that the
mineralisation is either wider, or contains higher grade
mineralised zones, than previously modelled.
The Company expects to receive the remaining assay results
during April 2018. An updated Mineral
Resource estimate will then be prepared, and work undertaken to
examine the potential of further upgrading this material to Mineral
Reserves.
The link below details a plan map and cross sections from the
infill drilling programme:
https://avesoro.com/wp-content/uploads/2018/03/New-Liberty-Infill-Figures.pdf
Exploration Update
Liberia
The Company continues to make good progress with its exploration
programme for 2018 that was announced on February 1, 2018. The Company currently has
four diamond drill rigs operating in Liberia, with an additional six drill rigs
expected to be mobilised during Q2 2018. Two of these drill rigs
are currently active at New Liberty undertaking a 7-hole 6,500
metre drill programme designed to test the plunge of the ore shoots
to vertical depths of 900 metres, whilst the two other rigs are
currently being mobilised to the Ndablama target, located 35
kilometres east of New Liberty, to commence a resource conversion
and infill drilling campaign.
The objective of the Ndablama drilling campaign is to increase
the confidence of the mineral resource classification within the
previously published Indicated Mineral Resource of 7.6Mt grading
1.6g/t Au (containing 386koz of gold) and Inferred Mineral Resource
of 9.6Mt grading 1.7g/t Au (containing 515koz of gold) reported in
the NI 43-101 Technical Report dated December 1, 2014. The Company has also commenced
a study to determine the economic potential of trucking this
material to New Liberty for processing to examine whether these
ounces can also be included in the New Liberty Mineral Reserve
base. Additionally, representative samples have been
dispatched to the Company's in-house metallurgical laboratory for
detailed metallurgical testing.
At the Silver Hills target, located approximately 15 kilometres
north east of the New Liberty Mine, the Company has also commenced
access road and drill pad preparations for a 7,000-metre drill
programme that is expected to commence later in the year, with two
additional new drill rigs currently being mobilised to Liberia for this programme.
Burkina Faso
At the Gassore East target, located approximately 2 kilometres
from the Youga processing plant, drilling has now been completed
with internal resource modelling, pit design and optimisation
studies nearing completion. Management is confident that this
work will add further mine life to the Youga Gold Mine beyond that
reported in the NI 43-101 Technical Report dated June 19, 2017.
At the Gassore West targets, drilling has commenced with three
diamond rigs currently active undertaking a 42-hole 8,800 metre
drill programme designed to test mineralisation identified during
the 2017 trenching programme. Moreover, four of the ten additional
new diamond drill rigs that the Company has mobilised have now
arrived at the Youga Gold Mine and are currently undergoing
commissioning.
Within the Zerbogo and Songo permits, located to the
west-southwest of the Youga processing plant, soil sampling and a
29,500-metre trenching programme has commenced. The soil sampling
programme aims to test the north-western strike continuity of the
Gassore trend into the Songo permit, whilst the trenching programme
aims to confirm the northeast-southwest trending anomalies across
both the Zerbogo and Songo permits identified by historic
studies.
At Ouaré, located 36 kilometres north east of the Youga
processing plant, camp construction has now been completed and an
exploration team has mobilised to commence trenching at five
targets in close proximity to the main mineralised zone. Drill pad
preparation is continuing and drilling is expected to commence
during Q2 2018, with 65,000 metres of drilling and 20,000 metres of
trenching budgeted for the licence in 2018.
The initial phase of the Ouaré drilling campaign is designed to
twin some of the historic reverse circulation drill holes and to
undertake an infill drilling campaign to upgrade the confidence
level and classification of the published Indicated Mineral
Resource of 5.1Mt grading 1.39g/t Au (containing 228.3koz of
gold) and Inferred Mineral Resource of 7.2Mt grading 1.8g/t Au
(containing 406koz of gold), and in turn inform a study which aims
to examine whether some of the higher confidence material included
within the Mineral Resource can be further upgraded into the
Mineral Reserves category, with Probable Mineral Reserves currently
standing at 2.6Mt grading 1.67g/t Au (containing 141koz of
gold).
Appendix 1: New Liberty Infill Programme Drill
Results
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)*
|
Au
(g/t)
|
K496
|
223
|
224
|
1
|
1.34
|
238
|
240
|
2
|
2.33
|
243
|
250
|
7
|
3.07
|
K497
|
176
|
202
|
26
|
8.49
|
224
|
225
|
1
|
0.64
|
K499
|
176
|
177
|
1
|
3.33
|
194
|
197
|
3
|
6.88
|
199
|
202
|
3
|
0.93
|
205
|
206
|
1
|
1.93
|
239
|
246
|
7
|
0.88
|
K500
|
180
|
183
|
3
|
0.73
|
197
|
198
|
1
|
1.37
|
215
|
225
|
10
|
3.94
|
259
|
265
|
6
|
1.87
|
268
|
269
|
1
|
1.07
|
K501
|
231
|
241
|
10
|
1.47
|
255
|
297
|
42
|
3.17
|
K502
|
304
|
347
|
43
|
2.65
|
350
|
357
|
7
|
0.8
|
K503
|
240
|
270
|
30
|
3.17
|
271
|
275
|
4
|
0.8
|
K504
|
335
|
338
|
3
|
1.18
|
341
|
345
|
4
|
3.09
|
357
|
363
|
6
|
2.73
|
374
|
380
|
6
|
6.96
|
386
|
388
|
2
|
1.13
|
391
|
393
|
2
|
0.63
|
K505
|
282
|
283
|
1
|
2.21
|
K506
|
234
|
248
|
14
|
1.94
|
264
|
275
|
11
|
0.95
|
307
|
308
|
1
|
0.58
|
K507
|
304
|
317
|
13
|
7.33
|
328
|
333
|
5
|
3.54
|
363
|
365
|
2
|
0.83
|
K508
|
331
|
352
|
21
|
3.43
|
366
|
372
|
6
|
3.12
|
399
|
400
|
1
|
1.06
|
K509
|
277
|
293
|
16
|
0.84
|
319
|
327
|
8
|
1.53
|
K510
|
361
|
383
|
22
|
4.5
|
407
|
427
|
20
|
2.06
|
452
|
462
|
10
|
0.5
|
K511
|
213
|
217
|
4
|
3.62
|
K512
|
279
|
280
|
1
|
1.6
|
331
|
333
|
2
|
0.08
|
K513
|
334
|
338
|
4
|
1.03
|
342
|
349
|
7
|
6.19
|
404
|
405
|
1
|
0.65
|
K514
|
330
|
332
|
2
|
0.88
|
339
|
355
|
16
|
2.58
|
368
|
370
|
2
|
1.3
|
375
|
379
|
4
|
0.93
|
406
|
408
|
2
|
1.39
|
K515
|
387
|
393
|
6
|
0.86
|
457
|
462
|
5
|
0.6
|
K516
|
350
|
361
|
11
|
7.3
|
431
|
434
|
3
|
1.38
|
K517
|
293
|
299
|
6
|
3.81
|
327
|
333
|
6
|
4.58
|
361
|
364
|
3
|
8.22
|
K518
|
328
|
332
|
4
|
2.06
|
370
|
371
|
1
|
1.04
|
K519
|
360
|
371
|
11
|
2.54
|
433
|
434
|
1
|
2.73
|
K520
|
357
|
359
|
2
|
4.15
|
K521
|
356
|
357
|
1
|
1.1
|
K522
|
404
|
419
|
15
|
3.47
|
K523
|
327
|
332
|
5
|
0.8
|
K524
|
366
|
374
|
8
|
6.28
|
446
|
447
|
1
|
0.61
|
K525
|
341
|
355
|
14
|
4.16
|
K537
|
148
|
150
|
2
|
1.54
|
155
|
171
|
16
|
2.27
|
Samples in
progress
|
K538
|
144
|
150
|
6
|
1.45
|
161
|
163
|
2
|
3.26
|
K539
|
190
|
202
|
12
|
0.56
|
214
|
227
|
13
|
0.7
|
K540
|
233
|
242
|
9
|
0.9
|
251
|
262
|
11
|
0.94
|
K547
|
349
|
358
|
9
|
1.6
|
376
|
383
|
7
|
3.2
|
* It is
estimated that true width is approximately 90% of the drilled width
stated above.
|
About Avesoro Resources Inc.
Avesoro Resources is a West
Africa focused gold producer and development company that
operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX")
and the AIM market operated by the London Stock Exchange ("AIM").
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold
Mine" or "New Liberty") and the Youga and Balogo Gold mines in
Burkina Faso ("Youga" and
"Balogo").
New Liberty has an estimated proven and probable mineral reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated measured and indicated mineral resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated inferred
mineral resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in an NI 43-101 compliant Technical Report dated November 1, 2017 and entitled "New Liberty Gold
Mine, Bea Mountain Mining Licence Southern Block, Liberia, West
Africa" and is available on SEDAR at www.sedar.com.
Ndablama has an estimated indicated mineral resource of 7.6Mt
with 386,000 ounces of gold grading 1.6 g/t and inferred mineral
resource of 9.6Mt with 515,000 ounces of gold grading 1.7
g/t. Weaju has an inferred mineral resource of 2.7Mt
with178,000 ounces of gold grading 2.1 g/t. The foregoing Mineral
Resource estimates and additional information in connection
therewith is set out in an NI 43-101 compliant Technical Report
dated December 1, 2014 and entitled
"Ndablama and Weaju Gold Projects, Bea Mountain Mining Licence
Northern Block, Liberia,
West Africa" and is available on
SEDAR at www.sedar.com.
Youga and Balogo have a combined estimated proven and probable
mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t
and a combined estimated indicated mineral resource of 16.05Mt with
801,600 ounces of gold grading 1.55g/t and a combined inferred
mineral resource of 13Mt with 655,000 ounces of gold grading
1.57g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in two NI 43-101 compliant Technical Reports, dated
June 16, 2017 entitled "Mineral
Resource and Mineral Reserve Update for the Balogo Project" and
dated June 19, 2017 and entitled
"Mineral Resource and Mineral Reserve Update for the Youga and
Ouaré Projects" and are available on SEDAR at www.sedar.com.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark
J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy
from Aberdeen University, United Kingdom and is a Fellow of the
Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr.Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an independent technical
consultant with over 25 years of global experience in exploration,
mining and mine development and is a "Qualified Person" as defined
in National Instrument 43 -101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators and has
reviewed and approved the scientific and technical disclosures
contained in this announcement.
Forward Looking Statements
Certain information contained in this press release constitutes
forward looking information or forward looking statements with the
meaning of applicable securities laws. This information or
statements may relate to future events, facts, or circumstances or
the Company's future financial or operating performance or other
future events or circumstances. All information other than
historical fact is forward looking information and involves known
and unknown risks, uncertainties and other factors which may cause
the actual results or performance to be materially different from
any future results, performance, events or circumstances expressed
or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "would", "project", "should", "believe", "target",
"predict" and "potential". No assurance can be given that
this information will prove to be correct and such forward looking
information included in this press release should not be unduly
relied upon. Forward looking information and statements
speaks only as of the date of this press release.
Forward looking statements or information in this press release
include, among other things, statements regarding the upgrading of
mineral resource categories to higher levels of confidence, and
statements regarding the completion of infill drilling, trenching
and other exploration activities.
In making the forward looking information or statements
contained in this press release, assumptions have been made
regarding, among other things: general business, economic and
mining industry conditions; interest rates and foreign exchange
rates; the continuing accuracy of Mineral Resource and Reserve
estimates; geological and metallurgical conditions (including with
respect to the size, grade and recoverability of Mineral Resources
and Reserves) and cost estimates on which the Mineral Resource and
Reserve estimates are based; the supply and demand for commodities
and precious and base metals and the level and volatility of the
prices of gold; market competition; the ability of the Company to
raise sufficient funds from capital markets and/or debt to meet its
future obligations and planned activities and that unforeseen
events do not impact the ability of the Company to use existing
funds to fund future plans and projects as currently contemplated;
the stability and predictability of the political environments and
legal and regulatory frameworks including with respect to, among
other things, the ability of the Company to obtain, maintain, renew
and/or extend required permits, licences, authorizations and/or
approvals from the appropriate regulatory authorities; that
contractual counterparties perform as agreed; and the ability of
the Company to continue to obtain qualified staff and equipment in
a timely and cost-efficient manner to meet its demand.
Actual results could differ materially from those anticipated in
the forward looking information or statements contained in this
press release as a result of risks and uncertainties (both foreseen
and unforeseen), and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indicators of whether or not such results will be achieved. These
risks and uncertainties include the risks normally incidental to
exploration and development of mineral projects and the conduct of
mining operations (including exploration failure, cost overruns or
increases, and operational difficulties resulting from plant or
equipment failure, among others); the inability of the Company to
obtain required financing when needed and/or on acceptable terms or
at all; risks related to operating in West Africa, including potentially more
limited infrastructure and/or less developed legal and regulatory
regimes; health risks associated with the mining workforce in
West Africa; risks related to the
Company's title to its mineral properties; the risk of adverse
changes in commodity prices; the risk that the Company's
exploration for and development of mineral deposits may not be
successful; the inability of the Company to obtain, maintain, renew
and/or extend required licences, permits, authorizations and/or
approvals from the appropriate regulatory authorities and other
risks relating to the legal and regulatory frameworks in
jurisdictions where the Company operates, including adverse or
arbitrary changes in applicable laws or regulations or in their
enforcement; competitive conditions in the mineral exploration and
mining industry; risks related to obtaining insurance or adequate
levels of insurance for the Company's operations; that Mineral
Resource and Reserve estimates are only estimates and actual metal
produced may be less than estimated in a Mineral Resource or
Reserve estimate; the risk that the Company will be unable to
delineate additional Mineral Resources; risks related to
environmental regulations and cost of compliance, as well as costs
associated with possible breaches of such regulations;
uncertainties in the interpretation of results from drilling; risks
related to the tax residency of the Company; the possibility that
future exploration, development or mining results will not be
consistent with expectations; the risk of delays in construction
resulting from, among others, the failure to obtain materials in a
timely manner or on a delayed schedule; inflation pressures which
may increase the cost of production or of consumables beyond what
is estimated in studies and forecasts; changes in exchange and
interest rates; risks related to the activities of artisanal
miners, whose activities could delay or hinder exploration or
mining operations; the risk that third parties to contracts may not
perform as contracted or may breach their agreements; the risk that
plant, equipment or labour may not be available at a reasonable
cost or at all, or cease to be available, or in the case of labour,
may undertake strike or other labour actions; the inability to
attract and retain key management and personnel; and the risk of
political uncertainty, terrorism, civil strife, or war in the
jurisdictions in which the Company operates, or in neighbouring
jurisdictions which could impact on the Company's exploration,
development and operating activities.
This press release also contains Mineral Resource and Mineral
Reserve estimates. Information relating to Mineral Resource and
Mineral Reserve contained in this press release is considered
forward looking information in nature, as such estimates are
estimates only, and that involve the implied assessment of the
amount of minerals that may be economically extracted in a given
area based on certain judgments and assumptions made by qualified
persons, including the future economic viability of the deposit
based on, among other things, future estimates of commodity
prices. Such estimates are expressions of judgment and
opinion based on the knowledge, mining experience, analysis of
drilling results and industry practices of the qualified persons
making the estimate. Valid estimates made at a given time may
significantly change when new information becomes available, and
may have to change as a result of numerous factors, including
changes in the prevailing price of gold. By their nature, Mineral
Resource and Mineral Reserve estimates are imprecise and depend, to
a certain extent, upon statistical inferences which may ultimately
prove unreliable. If such Mineral Resource and Mineral Reserve
estimates are inaccurate or are reduced in the future (including
through changes in grade or tonnage), this could have a material
adverse impact on the Company and its operating and financial
performance. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. 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.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, the Company cannot provide assurance that actual
results or performance will be consistent with these
forward-looking statements. The forward looking information and
statements included in this press release are expressly qualified
by this cautionary statement and are made only as of the date of
this press release. The Company does not undertake any
obligation to publicly update or revise any forward looking
information except as required by applicable securities laws.
SOURCE Avesoro Resources Inc.