AIM / TSX: ASO
TORONTO, July 12, 2018 /CNW/ - Avesoro Resources
Inc., (the "Company" or "Avesoro") is pleased to report completion
of its 75 hole, 16,200m infill
drilling programme at the Ndablama deposit, 45km northeast of the
New Liberty Gold Mine ("New Liberty"). Initial results are in-line
with expectations and the full set of assays is expected to be
published later in Q3 2018.
The Ndablama infill drilling was designed to upgrade the
classification of Inferred material to the Measured or Indicated
categories, after which mine planning and optimisation studies can
be undertaken. A Ndablama trucking study, which will investigate
the feasibility of hauling material to New Liberty, is underway and
due for completion later this year.
The Ndablama drilling represents approximately 40% of Avesoro's
overall target of converting 1Moz of existing Mineral Resources
into Mineral Reserves from the 2018 drilling campaign.
HIGHLIGHTS
- The 16,200m Ndablama infill
drilling programme is complete;
- Ndablama has an existing CIM compliant Indicated Resource of
5.6Mt grading 1.9 g/t Au containing 349koz and an Inferred Resource
of 6.9Mt grading 2.1 g/t Au containing 464koz;
- Although predominantly an infill programme, a number of holes
were also designed to test the down-dip extension of mineralisation
including NDD194 which intercepted 23m at 2.3 g/t Au from 234m including 7m
at 6.0 g/t Au from 244m, indicating
significant gold potential at depth;
- Infill assay results received to date include:
-
- NDD129 13m at 2.8 g/t Au from
114m
- NDD130 6m at 3.5 g/t Au from
83m
- NDD116 5m at 3.6g/t Au from
106m
- NDD189 4m at 2.6g/t Au from
115m
- The drill rigs have now moved from Ndablama to the Silver Hills
area and are scheduled to recommence drilling by July 15, 2018.
Serhan Umurhan, Chief Executive Officer of Avesoro Resources,
commented "Our 171,000 metre drilling programme continues as
planned and thus far we have completed 63,100 metres of diamond
drilling in Burkina Faso and
28,550 metres in Liberia as we
seek to convert 1Moz of existing Mineral Resources to
Reserves.
Ndablama is located 45km from the New Liberty processing
plant and has the potential to be an important source of feed
material to extend mine life. Importantly, Ndablama is located
within the Bea Mountain Mineral Development Agreement which
simplifies the permitting process for its development.
The next exploration news we expect to announce will be an
increase in the Mineral Resource and Reserve estimate for New
Liberty later this quarter which we anticipate will have a
significant positive effect on New Liberty's mine life".
NDABLAMA INFILL PROGRAMME
Ndablama is located 45km from New Liberty and is one of multiple
deposits along a 13km gold corridor, delineated through historical
exploration work. Based on a 0.7g/t cut-off, Ndablama has a CIM
compliant Indicated Mineral Resource of 349koz at 1.9g/t Au and
Inferred Mineral Resource of 464koz at 2.1g/t Au with an effective
date of December 1st,
2014.
The Company views Ndablama as a potential source of feed for the
New Liberty processing plant. It represents 400koz of Management's
1Moz Mineral Reserve target from the 2018 drilling programme.
MINERAL RESOURCE:
|
|
|
|
INDICATED
|
INFERRED
|
Cut-off
(g/t)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(koz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(koz)
|
0.5
|
7,589.0
|
1.6
|
386
|
9,576.0
|
1.7
|
515
|
0.7
|
5,645.0
|
1.9
|
349
|
6,945.0
|
2.1
|
464
|
A 16,200 metre, 75-hole diamond drilling programme was recently
completed. It was designed to upgrade the existing Inferred Mineral
Resources to the Measured or Indicated categories and included five
holes to test down-dip extensions to the northwest.
INITIAL NDABLAMA DRILL RESULTS:
|
|
|
|
|
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t)
|
|
|
|
|
|
NDD116
|
106
|
130
|
24
|
0.8
|
inc.
|
106
|
111
|
5
|
3.6
|
NDD123
|
92
|
98
|
6
|
2.0
|
NDD129
|
114
|
135
|
21
|
1.9
|
inc.
|
114
|
127
|
13
|
2.8
|
NDD130
|
83
|
113
|
30
|
0.9
|
inc.
|
83
|
89
|
6
|
3.5
|
NDD141
|
85
|
103
|
18
|
1.4
|
inc.
|
94
|
101
|
7
|
2.5
|
NDD142
|
36
|
59
|
23
|
0.9
|
inc.
|
42
|
52
|
10
|
1.5
|
NDD154
|
31
|
80
|
49
|
0.7
|
inc.
|
45
|
57
|
12
|
1.8
|
NDD162
|
63
|
125
|
62
|
0.8
|
inc.
|
90
|
99
|
9
|
1.7
|
NDD167
|
98
|
137
|
39
|
0.7
|
inc.
|
126
|
137
|
11
|
1.2
|
NDD179
|
98
|
137
|
39
|
0.7
|
inc.
|
126
|
137
|
11
|
1.2
|
NDD188
|
101
|
129
|
28
|
0.4
|
inc.
|
101
|
107
|
6
|
1.1
|
NDD189
|
89
|
129
|
40
|
0.5
|
inc.
|
115
|
119
|
4
|
2.6
|
|
Note: It is estimated
that true width is approximately 90% of the drilled width stated
above.
|
NDABLAMA DEVELOPMENT & TRUCKING STUDY
The most likely Ndablama development scenario will involve
trucking material to the New Liberty processing plant. A trucking
study is underway which will determine the optimal route based on
environmental and social considerations, distance and topography.
The study will also estimate capital and operating costs. The
current plan is to complete this study before the end of 2018.
LIBERIA LICENSE MAP:
http://avesoro.com/wp-content/uploads/2018/07/bea-mountain-map.png
HISTORICAL EXPLORATION
Between 2011 and 2015 Ndablama and the wider Ndablama Gold
Corridor were explored with airborne geophysics, a ground IP
survey, trenching, soil sampling and diamond drilling.
At Ndablama, 115 diamond holes and 39 RC holes were drilled for
a total of 27,160 metres. 4,290 metres were drilled at Leopard
Rock, 2,705 metres at Gondoja and 780 metres at Gbalidee.
Importantly the Ndablama Gold Corridor sits within the Bea
Mountain Mineral Development Agreement ("MDA") which sets the
legal, operational and fiscal parameters that New Liberty operates
under, providing for an existing permitting framework for
development of these targets.
NDABLAMA GOLD CORRIDOR MAP:
http://avesoro.com/wp-content/uploads/2018/07/ndablama-focus.png
2018 DRILLING
Avesoro is undertaking a fully funded 171,000 metres diamond
drill programme. Of 139,000 metres planned in Burkina Faso in 2018, 63,100m have been completed. Of the 32,000 metres
planned for Liberia in 2018,
28,550 metres are complete.
2018 DRILLING OVERVIEW:
https://avesoro.com/wp-content/uploads/2018/07/wa.png
BACKGROUND AND OUTLOOK
Liberia
Following completion of the New Liberty infill drilling campaign
in April, four drill rigs moved to Ndablama and within 65 days
completed a 16,200m infill programme.
Samples have been sent to ALS Johannesburg and a complete set of
assay results is expected within two months. Concurrently, a
Ndablama trucking study is underway which should complete during Q4
2018.
Two drill rigs have recently arrived at Silver Hills and will
deliver a 10,000-metre drilling programme due to start by
July 15th, 2018. Drilling
will start at the Belgium target
which is only 13km away from New Liberty and has a known strike of
1km. Historical hard rock channel sampling from an active artisanal
pit at Belgium returned
2.3m at 90g/t Au.
The initial Silver Hills drill plan consists of 75 drill holes
totalling 7,550 metres based on an 80x40 drill pattern and will
test the 1km long Belgium target.
This is designed to produce a Maiden Inferred Resource. The balance
of the budgeted drill metres will be designed during the programme.
Silver Hills is part of a 15 km gold-in-soil corridor formed
principally by a sheared ultramafic.
Burkina Faso
At the Youga Gold Mine ("Youga") drilling continues along the
western strike of Gassore where a maiden CIM compliant Indicated
Mineral Resource of 1.2Mt grading 3.89 g/t for 150koz Au and an
Inferred Mineral Resource of 0.5Mt grading 4.0 g/t for 62koz Au was
announced on June 19th,
2018. At Ouaré, 30km from Youga, an infill drilling campaign has
recently commenced with 4 diamond drill rigs currently active and
7,100 metres completed to date. At Balogo 13,000 metres of drilling
was recently completed at Panga and Cobra Hill, two prospects
within 2km of the operating Balogo open pit. The Company has
committed to a second phase of drilling during H2 2018 along strike
of Panga and Cobra Hill.
1Moz Reserve Target
The Company's target of converting 1Moz from Resource to Reserve
is based primarily on 2018 infill drilling at New Liberty, Ndablama
and Ouaré.
1MOZ RESERVE TARGET BY PROJECT:
http://avesoro.com/wp-content/uploads/2018/07/exploration-pie-chart.png
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
About Avesoro Resources Inc.
Avesoro Resources is a West
Africa focused gold producer and development company that
operates two 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 ("New Liberty") and the
Youga Gold Mine in Burkina Faso
("Youga").
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,
prepared in accordance with CIM guidelines, 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.
Youga has an estimated Proven and Probable Mineral Reserve of
11.2Mt with 660,100 ounces of gold grading 1.84g/t and a combined
estimated Measured and Indicated Mineral Resource of 16.64Mt with
924,200 ounces of gold grading 1.73g/t and an Inferred Mineral
Resource of 13Mt with 685,000 ounces of gold grading 1.70g/t. An
independent NI 43-101 technical report with respect to the Youga
Gold Mine will be filed on SEDAR within 45 days of the updated
Youga Mineral Reserve and Resource statement announced on
June 19, 2018.
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 this press release. Mr. Pryor has verified
the underlying technical data disclosed in this press release.
Forward Looking Statements
Certain information contained in this press release constitutes
forward looking information or forward looking statements within
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 speak
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 conversion of
1Moz of Mineral Resources into Mineral Reserves and increasing the
classification of the existing Mineral Resource at Ndablama to
higher levels of confidence.
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.
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.