Banro continues to intersect wide zones of gold mineralization from its drilling at Twangiza
November 06 2006 - 8:18AM
PR Newswire (US)
Drilling results include 197.80 metres grading 2.05 g/t Au, 123.39
metres grading 3.01 g/t Au, 96.22 metres grading 2.33 g/t Au, 88.67
metres grading 1.91 g/t Au, 86.60 metres grading 2.01 g/t Au and
62.79 metres grading 2.01 g/t Au TORONTO, Nov. 6
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
further drilling results from the Company's current core drilling
program at its wholly-owned Twangiza project, located on the
Twangiza-Namoya gold belt in the Democratic Republic of the Congo
(the "DRC"). Assay results have been received for an additional 17
core holes drilled at Twangiza that are part of a 20,000 metre
drilling program. Highlights include: - Hole TDD026 intersected
197.80 metres grading 2.05 g/t Au from 0.00 metres - Hole TDD036
intersected 88.67 metres grading 1.91 g/t Au from 0.00 metres -
Hole TDD037 intersected 86.60 metres grading 2.01 g/t Au from
150.80 metres - Hole TDD038 intersected 96.22 metres grading 2.33
g/t Au from 29.00 metres - Hole TDD039 intersected 30.05 metres
grading 2.06 g/t Au from 91.30 metres and 62.79 metres grading 2.01
g/t Au from 129.67 metres - Hole TDD040 intersected 123.39 metres
grading 3.01 g/t Au from 99.87 metres, including 35.69 metres
grading 6.08 g/t Au from 116.78 metres Core holes were inclined at
between minus 50 and 55 degrees and averaged 256 metres in depth
with a maximum of 456 metres down the hole. Core recovery for these
holes averaged 96% within the mineralized zones. It is estimated
that the true widths of the mineralized zones are approximately 90%
of the intersected widths in the holes. The mineralized sections
are hosted within a series of mineralized feldspar porphyry sills
and low grade, pelitic meta sediments along a northerly trending
anticlinal structure. The gold mineralization is associated with
pyrite and arsenopyrite sulphides and silicic, carbonate and
potassic alteration. All core holes were drilled within the
Twangiza deposit except TDD024, TDD025, TDD027, TDD028, TDD030 and
TDD032 which were drilled to the north of the deposit and hole
TDD033 which was drilled to the south. It is interpreted that
TDD033 was drilled above the southerly plunging mineralization of
the Twangiza deposit. These drilling results are over a strike
length of 480 metres within the Twangiza deposit with holes spaced
at 40 to 80 metre sections while the drilling to the north of the
Twangiza deposit was at 160 metre spaced sections. A locality plan
of these drill holes is found accompanying this press release on
the Company's web site at
http://www.banro.com/i/pdf/2006-11-6_NRM.pdf. Results from the core
holes are tabulated in the following table:
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HOLE NORTHING EASTING AZI- INCL. MINERALISATION Au MUTH
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(UTM) (UTM) FROM TO WIDTH (g/t) (m) (m) (m)
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TDD024 9683316 692876 80 55 90.97 94.14 3.17 2.45
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115.24 116.06 0.82 1.88
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TDD025 9683260 693518 260 55 Unmineralized
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TDD026 9682198 693580 70 50 0.00 197.80 197.80 2.05
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Including:
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41.02 70.72 29.70 7.12
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100.30 104.52 4.22 4.22
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187.24 192.52 5.28 4.92
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-------------------------------------------------------------------------
TDD027 9683083 693508 260 55 25.56 27.21 1.65 2.28
-------------------------------------------------------------------------
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TDD028 9682950 693611 260 55 0.00 23.80 23.80 1.79
-------------------------------------------------------------------------
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TDD029 9682047 693665 70 50 0.00 40.00 40.00 1.48
-------------------------------------------------------------------------
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TDD030 9682980 693827 260 55 0.00 5.73 5.73 0.76
-------------------------------------------------------------------------
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TDD031 9681983 693672 70 50 44.23 47.74 3.51 1.08
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TDD032 9683123 692957 80 55 8.86 12.92 4.06 2.22
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39.08 42.16 3.08 1.04
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TDD033 9681904 693701 70 50 13.00 48.53 34.91 0.58
-------------------------------------------------------------------------
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TDD034 9682364 693524 70 50 0.00 28.73 28.73 1.98
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72.72 87.27 14.55 0.98
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151.87 174.47 22.60 2.26
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180.08 195.17 15.09 1.64
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TDD035 9681994 693622 70 50 54.92 57.43 2.51 1.78
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63.02 76.92 13.90 1.10
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174.10 192.14 18.04 0.86
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202.06 219.31 17.25 0.94
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225.46 237.40 11.94 1.36
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TDD036 9682225 693534 70 50 0.00 88.67 88.67 1.91
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103.34 108.63 5.29 1.99
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118.46 125.81 7.35 1.23
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129.83 141.80 11.97 1.31
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148.69 159.00 10.31 1.02
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162.30 167.32 5.02 3.69
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172.97 188.34 15.37 1.39
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205.75 225.99 20.24 1.34
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231.08 241.50 10.42 1.73
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-------------------------------------------------------------------------
TDD037 9682288 693448 70 50 92.00 99.72 7.72 1.79
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150.80 237.40 86.60 2.01
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247.40 250.83 3.43 2.06
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272.20 276.70 4.50 1.09
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282.50 287.00 4.50 1.82
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295.00 314.75 19.75 1.67
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337.31 341.31 4.00 3.27
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351.30 353.84 2.54 2.82
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387.96 391.14 3.18 1.15
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TDD038 9682145 693537 70 50 21.87 27.00 5.13 1.81
-------------------------------------------------------------------------
29.00 125.22 96.22 2.33
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146.07 161.46 15.39 2.40
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198.43 211.50 13.07 6.31
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218.33 226.52 8.19 2.12
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232.00 239.36 7.36 2.11
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258.15 277.17 19.02 2.25
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TDD039 9682339 693456 70 51 3.30 9.93 6.63 0.98
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91.30 121.35 30.05 2.06
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129.67 192.46 62.79 2.01
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201.77 208.77 7.00 1.39
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TDD040 9682072 693590 70 50 25.30 31.65 6.35 5.31
-------------------------------------------------------------------------
49.87 78.86 28.99 2.19
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99.87 223.26 123.39 3.01
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-------------------------------------------------------------------------
Including:
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116.78 152.47 35.69 6.08
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Holes are uncut. Commenting on these drilling results at Twangiza,
Peter Cowley, President and C.E.O. of the Company, said: "The
ongoing core drilling program with four drill rigs continues to
intersect wide, multiple zones of gold mineralization in areas
within the deposit where previous drilling was too widely spaced to
outline higher confidence mineral resources. This current drilling
program is focusing on upgrading the current resource and outlining
additional inferred resources." Drill cores for assaying were taken
at a maximum of one metre intervals and were cut with a diamond saw
with one-half of the core placed in sealed bags and sent to the
Company's sample preparation facility in Bukavu, DRC. The core
samples were then crushed down to minus 2 mm, split with half the
sample then being pulverised down to 90% passing 75 microns.
Approximately 150 grams of the pulverised sample was then shipped
to the SGS Laboratory (which is independent of the Company) in
Mwanza, Tanzania where the samples were analysed for gold by fire
assay using a 50g. sample. As part of the Company's QA/QC
procedures, internationally recognised standards, duplicates and
blanks were inserted into the sample batches. Additional
information with respect to the Twangiza property is contained in
the technical report of Michael B. Skead (who is the Company's Vice
President of Exploration and a "qualified person" as such term is
defined in National Instrument 43-101) dated March 30, 2006, and
entitled "NI 43-101 Technical Report, Twangiza Project, South Kivu
Province, Democratic Republic of the Congo." A copy of this report
can be obtained from SEDAR at http://www.sedar.com/. Exploration at
Twangiza is being conducted under the supervision of Mr. Skead
(Aus.I.M.M). Banro is a Canadian-based gold exploration company
focused on the development of four major, wholly-owned gold
projects along the 210 kilometre-long Twangiza-Namoya gold belt in
the South Kivu and Maniema provinces of the DRC. Led by a proven
management team with extensive gold and African experience, Banro's
strategy is to unlock shareholder value by increasing and
developing its significant gold assets in a socially and
environmentally responsible manner. Qualified Person
---------------- The exploration results disclosed by this press
release have been reviewed, verified (including sampling,
analytical and test data) and compiled by the Company's geological
staff based in Bukavu, DRC, under the supervision of Michael B.
Skead (Aus.I.M.M), the Company's Vice President of Exploration and
a "qualified person" (as such term is defined in National
Instrument 43-101). Cautionary Note to U.S. Investors: The United
States Securities and Exchange Commission (the "SEC") permits U.S.
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. Certain terms are used by the Company, such as
"measured", "indicated", and "inferred" "resources", that the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in the Company's Form 40-F
Registration Statement, File # 001-32399, which may be secured from
the Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml. Forward-Looking Statements: This
press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding mineral resources, exploration
results, potential mineralization and future plans and objectives
of the Company) are forward-looking statements. These
forward-looking statements reflect the current expectations or
beliefs of the Company based on information currently available to
the Company. Forward-looking statements are subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, failure to establish estimated mineral resources, changes
in world gold markets and equity markets, political developments in
the DRC, changes to regulations affecting the Company's activities,
uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting
drilling results and other ecological data and the other risks
involved in the gold exploration and development industry. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent
uncertainty therein. DATASOURCE: Banro Corporation CONTACT: please
visit our website at http://www.banro.com/, or contact: Peter
Cowley, President and C.E.O., United Kingdom, Tel: (44)
790-454-0856; Arnold T. Kondrat, Executive Vice-President, Toronto,
Ontario, or Martin Jones, Vice-President, Corporate Development,
Toronto, Ontario, Tel: (416) 366-2221, or 1-800-714-7938
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