TSX: ASO
AIM: ASO
TORONTO, Oct. 10, 2018 /CNW/ - Avesoro Resources Inc.,
(the "Company" or "Avesoro") is pleased to report an update on
exploration activities in Burkina
Faso and Liberia. This
includes positive drill results from Ouaré, Gassore West, and the
discovery of two mineralized vein systems 1.5km east of the
Company's Youga Gold Mine ("Youga") processing plant.
Avesoro aims to convert 1Moz of existing Mineral Resources into
Mineral Reserves from the current year's 171,000 metre diamond
drilling programme. Of this target Ouaré represents 20%, Youga 10%,
Balogo 6%, Ndablama 40% and New Liberty 24%.
HIGHLIGHTS
In Burkina Faso the recent
focus of drilling has been Ouaré located 35km from the Youga
processing plant, and Gassore West located only 2km northeast of
the Youga processing plant. In Liberia, recent drilling has included the
start of a 10,000m programme at
Silver Hills (13km northeast of New Liberty) and some additional
drilling at Ndablama (45km from New Liberty) following the
completion of the 16,200m drilling
programme at Ndablama in July
2018.
BURKINA FASO:
- At Ouaré, 34,500m of the
42,000m planned infill drill
programme has now been completed. Several new gold prospects have
also been discovered by soil sampling and trenching. Ouaré assay
results received to date include:
-
- BITDDH-18-073 4.15m
at 10.8g/t Au from 81
- BITDDH-18-157 16.15m
at 3.94g/t Au from 63m
- BITDDH-18-123 8.15m
at 6.51g/t Au from 45m
- At Gassore West a 28,500m
drilling programme has been completed and defined three mineralized
zones totalling 2km in strike length. Gassore West assay results
received to date include:
-
- GASS-18-291 2.5m at 5.3g/t Au from 71m
- GASS-18-294 3.5m at 5.5g/t Au from 64m
- GASS-18-303 3.6m at 6.0g/t Au from 46m
- Two new vein systems have also been discovered by 20,000m of trenching approximately 1km south of
Gassore and directly east of Youga's historical main pit and waste
dump.
LIBERIA:
- At Ndablama 22 holes totalling 4,200m have been completed targeting a high grade
shoot. This is in addition to the original 16,200m drilling programme completed in
July 2018.
- At Silver Hills 24 holes totalling 3,333m have been completed. The assay result of
the first hole SHD001 is 4.5m at
3.72g/t Au from 45.5m.
Serhan Umurhan, Chief Executive Officer of Avesoro Resources,
commented "Our 2018 drilling programme continues to deliver
excellent results in both Burkina
Faso and Liberia. Assay
results from Ouaré include a significant number of drill holes with
widths and grades exceeding expectations. This bodes well for the
grade and gold content of the Ouaré updated Resource
and Reserve statement, targeted for early Q1 2019. The exploration
team has also discovered two gold vein systems close to Youga's
historical main pit. Although these vein systems are yet to be
drilled, the 20,000 metres of trenching has returned very
encouraging results whilst the trenching process in the Youga area
has historically proven to be a reliable indicator of grade and
width.
We remain on track to complete our 171,000 metre drilling
programme during 2018, having thus far completed 81,400 metres of
diamond drilling in Burkina Faso
and 35,600 metres in Liberia as we
seek to convert 1Moz of existing Mineral Resources to
Reserves".
BURKINA FASO
OUARÉ INFILL PROGRAMME
Ouaré is located 35km north east of Youga. It has a CIM
compliant Indicated Mineral Resource of 5.1Mt grading 1.4g/t
(228koz Au) of which 2.67Mt grading 1.67g/t Au (142koz Au) has been
declared as a Mineral Reserve. Ouaré also has an Inferred Mineral
Resource of 7.2Mt grading 1.8g/t for 406Koz Au.
OUARÉ MINERAL RESOURCE:
|
INDICATED
|
INFERRED
|
Cut-off
(g/t)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(Koz)
|
Tonnes
(kt)
|
Grade
(g/t)
|
Gold
(Koz)
|
0.55
|
5.10
|
1.39
|
228
|
7.2
|
1.8
|
406
|
|
Notes: effective date
December, 2017
|
Ouaré infill drilling was designed to upgrade Inferred material,
primarily in the eastern part of the Mineral Resource, to the
Measured or Indicated Mineral Resource categories. 34,500m of 42,000m
drill programme has been completed to date with seven rigs on site.
Results received to date show that the eastern part of the ore body
is likely to contain wider and higher-grade mineralisation than the
existing Inferred Mineral Resource in that area.
FIG 1. OUARÉ LICENSE MAP:
http://avesoro.com/wp-content/uploads/2018/10/Fig1.jpg
FIG 2. OUARÉ CROSS SECTION:
http://avesoro.com/wp-content/uploads/2018/10/Fig2.jpg
OUARÉ DRILL HIGHLIGHTS:
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t)
|
BERC-12-048
|
63
|
67
|
4.0
|
5.09
|
BITDDH-11-002
|
70
|
100
|
30.0
|
3.22
|
BITDDH-11-003
|
88
|
98
|
10.0
|
5.84
|
BITDDH-11-005
|
90
|
102
|
12.0
|
4.77
|
BITDDH-11-024
|
41
|
51
|
10.5
|
7.14
|
BITDDH-12-028
|
113
|
121
|
8.0
|
4.32
|
BITDDH-12-030
|
60
|
63
|
3.4
|
12.13
|
BITDDH-12-038
|
59
|
64
|
4.9
|
10.34
|
BITRC-08-057
|
66
|
68
|
2.0
|
9.37
|
BITRC-08-025
|
52
|
54
|
2.0
|
41.60
|
BITRC-08-045
|
88
|
98
|
10.0
|
4.41
|
BITRC-08-075
|
10
|
38
|
28.0
|
3.81
|
BITRC-11-238
|
53
|
59
|
6.0
|
6.65
|
BITRC-08-075
|
10
|
38
|
28.0
|
3.81
|
BITRC-11-276
|
95
|
106
|
11.0
|
5.17
|
BITDDH-18-073
|
81
|
86
|
4.1
|
10.82
|
BITDDH-18-123
|
45
|
53
|
8.2
|
6.51
|
and
|
82
|
91
|
9.4
|
4.82
|
BITDDH-18-157
|
63
|
79
|
16.2
|
3.94
|
BITDDH-18-061R
|
38
|
82
|
44.9
|
4.23
|
BITDDH-18-073
|
81
|
86
|
4.1
|
10.82
|
BITDDH-18-123
|
45
|
53
|
8.2
|
6.51
|
BITDDH-18-158
|
16
|
41
|
25.4
|
3.78
|
Note: It is estimated
that true width is approximately 82% of the drilled width stated
above
|
FIG 3. BURKINA FASO LICENSE
MAP:
http://avesoro.com/wp-content/uploads/2018/10/Fig3.png
GASSORE WEST DRILLING
At Youga drilling in 2018 has focused on the western strike
extension of the existing Gassore East Pit where a maiden CIM
compliant Indicated Mineral Resource of 1.2Mt grading 3.89 g/t
(150koz Au) and an Inferred Mineral Resource of 0.5Mt grading 4.0
g/t (62koz Au) was announced on June 19th,
2018.
FIG 4. YOUGA LICENSE:
http://avesoro.com/wp-content/uploads/2018/10/Fig4.png
FIG 5. GASSORE AREA AND NEW YOUGA PROSPECTS:
http://avesoro.com/wp-content/uploads/2018/10/Fig5.jpg
Note: The new Youga prospects have been named West Dump East
(WDE) and West Dump East South (WDES)
GASSORE WEST DRILL HIGHLIGHTS:
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t)
|
GASS-18-267
|
266
|
272
|
5.9
|
2.65
|
GASS-18-267
|
289
|
290
|
0.8
|
40.80
|
GASS-18-287
|
29
|
31
|
1.7
|
10.46
|
GASS-18-291
|
71
|
74
|
2.6
|
5.27
|
GASS-18-294
|
64
|
67
|
3.5
|
5.50
|
GASS-18-300
|
196
|
197
|
0.5
|
40.60
|
GASS-18-303
|
42
|
44
|
1.4
|
11.13
|
GASS-18-303
|
46
|
50
|
3.6
|
6.04
|
GASS-18-306
|
94
|
95
|
0.6
|
21.90
|
GASS-18-308
|
25
|
26
|
1.0
|
40.10
|
GASS-18-310
|
37
|
39
|
1.2
|
15.07
|
GASS-18-311
|
83
|
85
|
2.4
|
6.14
|
GASS-18-313
|
120
|
121
|
0.6
|
26.20
|
GASS-18-315
|
73
|
74
|
0.8
|
25.90
|
GASS-18-316
|
63
|
66
|
2.8
|
3.37
|
GASS-18-316
|
76
|
77
|
1.1
|
58.10
|
GASS-18-318
|
61
|
62
|
0.8
|
17.80
|
|
Note: It is estimated
that true width is approximately 90% of the drilled width stated
above
|
NEW YOUGA PROSPECTS
A 20,000m trenching programme was
carried out in an area south of Gassore and east of Youga's main
dump and historical Main Pit. Two parallel structural corridors
were defined, characterised by quartz vein related gold
mineralisation. The two areas have a combined strike length of
3.8km.
BEST TRENCH RESULTS:
|
Length
(m)
|
Grade
(g/t)
|
WDES_T003
|
24.0
|
1.44
|
inc.
|
4.0
|
4.36
|
WDES_T004
|
1.0
|
10.80
|
WDES_T009
|
2.0
|
10.90
|
WDES_T014
|
43.0
|
1.46
|
inc.
|
1.0
|
19.60
|
WDES_T016
|
11.0
|
3.00
|
inc.
|
1.7
|
13.05
|
and
|
3.0
|
16.70
|
WDES_T021
|
1.0
|
14.15
|
LIBERIA
SILVER HILLS DELINEATION DRILLING
Silver Hills is part of a 15km gold-in-soil corridor formed
principally by a sheared ultramafic rocks which represents a highly
prospective target located 13km northeast of the New Liberty
processing plant and regarded as a potential source of feed
material. Silver Hills had been surface sampled historically but
until now has not been drilled.
The initial Silver Hills drill programme consists of 75 holes
totalling 10,000 metres based on an 80x40 drill pattern. The
programme is designed to test the 1km long Belgium target, its extent along strike and is
expected to produce results sufficient to declare a Maiden Inferred
Resource. 24 holes totalling 3,330m
have been completed with one assay result from the first hole
SHD001 received and returning 4.5m at
3.72g/t Au from 45.5m. The remaining
assay results are pending.
FIG 6. SILVER HILLS MAP:
http://avesoro.com/wp-content/uploads/2018/10/Fig6.jpg
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. The Company views Ndablama as a potential source
of feed for the New Liberty processing plant. It represents 40% of
Management's 1Moz Mineral Reserve conversion target from the 2018
drilling programme.
In July the Company reported completion of a 75 hole,
16,200m infill drilling programme.
The Ndablama drilling was designed to upgrade the classification of
Inferred material to the Measured or Indicated Mineral Resource
categories. The majority of assays has now been received and are
in-line with expectations and available in the Appendix.
A further 22 holes for 4,200m were
approved to test continuity of a high-grade shoot outside the
current resource model. Assay results from 13 holes have been
received and these confirm the existence of the high-grade shoot
within the resource model and its extension outside the model.
An independent Resource update for Ndablama is expected to be
completed before end of Q1 2019. A PFS level Ndablama trucking
study, which will investigate the viability of hauling material to
New Liberty, is underway and due for completion in Q1 2019.
FIG 7. NDABLAMA BLOCK MODEL AND INFILL DRILL TRACES:
http://avesoro.com/wp-content/uploads/2018/10/Fig7.jpg
NDABLAMA 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
|
1.6
|
386
|
9,576
|
1.7
|
515
|
0.7
|
5,645
|
1.9
|
349
|
6,945
|
2.1
|
464
|
Notes: effective date
December, 2017
|
NDABLAMA DRILL HIGHLIGHTS:
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(g/t)
|
NDD121
|
160
|
162
|
2
|
13.47
|
NDD126
|
208
|
217
|
9
|
10.26
|
inc.
|
212
|
216
|
4
|
21.39
|
NDD129
|
114
|
135
|
21
|
1.88
|
NDD133
|
173
|
220
|
47
|
2.31
|
NDD134
|
170
|
194
|
24
|
2.59
|
NDD147
|
143
|
180
|
37
|
3.32
|
NDD159
|
84
|
128
|
44
|
1.82
|
NDD204
|
243
|
256
|
13
|
4.34
|
NDD202
|
245
|
267
|
22
|
4.32
|
|
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 PFS level
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
Q1 2019.
FIG 8. LIBERIA LICENSE
MAP:
http://avesoro.com/wp-content/uploads/2018/10/Fig8.png
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.
AVESORO EXPLORATION OVERVIEW
2018 DRILLING AND 1MOZ RESERVE TARGET
Avesoro is undertaking a fully funded 171,000 metres diamond
drill programme. Of 139,000 metres planned in Burkina Faso in 2018, 81,400 metres have been
completed. Of the 32,000 metres planned for Liberia in 2018, 35,600 metres are
complete.
The Company's target of converting 1Moz from Resource to Reserve
is to be based primarily on 2018 infill drilling programmes at New
Liberty, Ndablama and Ouaré.
FIG 9. 1MOZ RESERVE TARGET BY PROJECT:
http://avesoro.com/wp-content/uploads/2018/10/Fig9.png
APPENDIX
OUARE DRILL RESULTS:
http://avesoro.com/wp-content/uploads/2018/10/AppendixA.pdf
GASSORE WEST DRILL RESULTS:
http://avesoro.com/wp-content/uploads/2018/10/AppendixB.pdf
NDABLAMA DRILL RESULTS:
http://avesoro.com/wp-content/uploads/2018/10/AppendixC.pdf
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. 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 effective July 31, 2018 and titled "Mineral Resource and
Mineral Reserve Update for the Youga Gold Mine, Burkina Faso" prepared by CSA Global and is
available on SEDAR at www.sedar.com.
These technical reports also include relevant information
regarding the effective dates and the assumptions, parameters and
methods of the Mineral Resource and Reserve estimates cited in this
news release, as well as information regarding data verification,
exploration procedures, a summary description of the type of
analytical or testing procedures utilized, the name and location of
each analytical or testing laboratory used, and other matters
relevant to the scientific and technical disclosure contained in
this news release in respect of the relevant projects.
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 targeted
conversion of 1Moz of Mineral Resources into Mineral Reserves,
increasing the classification of the existing Mineral Resource at
Ndablama to higher levels of confidence, completion of an
independent Resource update for Ndablama before end of Q1 2019 and
a PFS level Ndablama trucking study in Q1 2019,
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.