Banro intersects wide zones of gold mineralization at its Lugushwa Project
August 23 2007 - 8:15AM
PR Newswire (US)
Drilling results include 192.80 metres grading 2.84 g/t Au, 101.00
metres grading 2.25 g/t Au, 78.77 metres grading 1.56 g/t Au and
102.65 metres grading 1.15 g/t Au TORONTO, Aug. 23
/PRNewswire-FirstCall/ -- Banro Corporation ("Banro" or the
"Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce
further results from the Company's core drilling program at its
wholly-owned Lugushwa 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 11 core holes drilled
at Lugushwa, which completes the current core drilling program of
65 holes totalling 10,814.90 metres. Highlights include: - Hole
LDD060 intersected 192.80 metres grading 2.84 g/t Au from 0.00
metres. - Hole LDD061 intersected 101.00 metres grading 2.25 g/t Au
from 0.00 metres including 8.20 metres grading at 13.42 g/t Au from
75.00 metres. - Hole LDD057 intersected 78.77 metres grading 1.56
g/t Au from 112.33 metres including 15.13 metres grading at 3.35
g/t Au from 137.12 metres. - Hole LDD062 intersected 218.07 metres
grading 0.92 g/t Au from 0.00 metres. - Hole LDD064 intersected
102.65 metres grading 1.15 g/t Au from 49.25 metres. - Hole LDD56
intersected 33 metres grading 1.38 g/t Au from 0.00 metres. - Hole
LDD059 intersected 10.85 metres grading 3.95 g/t Au from 91.15
metres. These drilling results are over a total strike length of
1,800 metres from prospect Carriere A in the southwest of the
mineralized trend to D18-D19 in the northeast. Drill spacing varied
from 40 metres to 160 metres. Core holes were inclined at between
minus 55 and 82 degrees and averaged 101 metres in depth with a
maximum of 352.91 metres down the hole. Core recovery for these
holes averaged 95.4% within the mineralized zones. It is estimated
that the true widths of the mineralized intercepts vary from 50% to
85% of the drill hole intercepts. A locality plan of the reported
drill holes is found accompanying this press release on the
Company's web site at
http://www.banro.com/i/pdf/2007-08-23_NRM.pdf. The geological
setting of the main mineralized trend at Lugushwa consists of
chloritic metapelites and quartzite intercalations, with
mineralized quartz veins and stockworks occurring as a network of
interlocking conjugate sets with trends oriented from NE-SW and E-W
to ESE-WNW. The recent drilling has provided a clearer
understanding of the mineralization controls, and it is now
considered that the gold mineralization at Lugushwa is related to a
series of stacked shoots associated with the axial zones of
shallowly plunging, northeast trending folds. Results from the core
holes are tabulated in the following table:
-------------------------------------------------------------------------
HOLE NORTHING EASTING AZIMUTH INCL. MINERALIZATION #
------------------------------- FROM TO WIDTH Au (de- (de-
------------------------------- (UTM) (UTM) grees) grees) (m) (m)
(m) (g/t)
-------------------------------------------------------------------------
LDD055 9624078 595735 315 -60 0.00 30.35 30.35 1.55
-------------------------------------------------------------------------
LDD056 9624078 595735 315 -65 0.00 33.00 33.00 1.38
------------------------------- 34.10 44.00 9.90 0.74
------------------------------- 45.90 50.45 4.55 1.45
------------------------------- 58.30 59.60 1.30 1.37
------------------------------- 84.63 89.46 4.83 0.70
------------------------------- 90.85 96.33 5.48 1.67
------------------------------- 124.86 136.04 11.18 0.86
------------------------------- 139.40 143.37 3.97 0.91
------------------------------- 233.51 236.07 2.56 1.57
------------------------------- 253.71 254.75 1.04 1.17
-------------------------------------------------------------------------
LDD057 9624041 595944 315 -60 5.00 11.00 6.00 0.65
------------------------------- 13.00 21.31 8.31 1.15
------------------------------- 23.75 26.93 3.18 1.20
------------------------------- 29.93 32.11 2.18 1.49
------------------------------- 45.50 58.37 12.87 1.30
------------------------------- 77.33 78.44 1.11 1.18
------------------------------- 81.97 83.65 1.68 0.97
------------------------------- 85.50 88.40 2.90 0.73
------------------------------- 90.07 101.70 11.63 1.41
------------------------------- including:
------------------------------- 97.45 101.70 4.25 2.85
------------------------------- 106.35 110.15 3.80 0.77
------------------------------- 112.33 191.10 78.77 1.56
------------------------------- including:
------------------------------- 137.12 152.25 15.13 3.35
------------------------------- 199.28 201.21 1.93 1.03
------------------------------- 225.30 225.87 0.57 29.90
------------------------------- 285.86 287.78 1.92 0.81
-------------------------------------------------------------------------
LDD058 9622658 595213 270 -55 45.00 48.50 3.50 0.71
------------------------------- 53.40 56.15 2.75 1.00
------------------------------- 62.80 66.15 3.35 2.78
------------------------------- 68.15 72.56 4.41 1.23
------------------------------- 74.80 77.25 2.45 1.19
------------------------------- 84.50 97.00 12.50 1.35
-------------------------------------------------------------------------
LDD059 9622728 595249 270 -60 35.00 37.00 2.00 1.71
------------------------------- 40.00 41.00 1.00 1.22
------------------------------- 61.58 62.68 1.00 1.11
------------------------------- 91.15 102.00 10.85 3.95
------------------------------- including:
------------------------------- 92.60 98.39 5.79 6.28
-------------------------------------------------------------------------
LDD060 9624075 595737 135 -82 0.00 192.80 192.80 2.84
-------------------------------------------------------------------------
LDD061 9624124 595742 135 -77 0.00 101.00 101.00 2.25
------------------------------- including:
------------------------------- 75.00 83.20 8.20 13.42
-------------------------------------------------------------------------
LDD062 9624124 595742 135 -62 0.00 218.07 218.07 0.92
------------------------------- including:
------------------------------- 10.5 24.85 14.35 1.07
------------------------------- 44.18 49.89 5.71 2.69
------------------------------- 68.47 73.6 5.13 1.79
------------------------------- 145.8 152.85 7.05 2.09
------------------------------- 203.18 210.32 4.26 1.61
-------------------------------------------------------------------------
LDD063 9624114 596001 315 -60 55.60 58.60 3.00 0.88
------------------------------- 61.90 62.90 1.00 1.18
------------------------------- 65.90 70.10 4.20 1.03
------------------------------- 71.75 73.50 1.75 0.84
------------------------------- 80.95 82.95 2.00 0.87
------------------------------- 132.15 136.00 3.85 1.86
------------------------------- 139.55 142.40 2.85 0.73
------------------------------- 160.25 162.85 2.60 1.90
------------------------------- 178.65 185.20 6.55 1.12
------------------------------- 191.15 199.30 8.15 0.99
-------------------------------------------------------------------------
LDD064 9623940 595868 315 -70 0.8 3.96 3.16 1.85
------------------------------- -------------------------------
49.25 151.90 102.65 1.15 ------------------------------- including:
------------------------------- 88.39 93.83 5.44 2.22
------------------------------- 113.37 118.46 5.09 2.66
------------------------------- 133.46 137.72 4.26 2.20
------------------------------- 142.26 151.9 9.64 1.12
-------------------------------------------------------------------------
LDD065 9623788 595800 315 -60 14.47 15.56 1.09 2.38
------------------------------- 43.52 45.78 2.26 1.3
------------------------------- 51.32 56.39 5.07 0.92
------------------------------- 59.8 65.15 5.35 0.85
------------------------------- 129.53 141.93 12.4 0.82
------------------------------- 159.89 163.8 3.91 1.15
-------------------------------------------------------------------------
Above gold assays are uncut. 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 of
the sample then being pulverised down to 75 microns. A portion of
the pulverised sample was then shipped to the SGS Laboratory (which
is independent of the Company) at Mwanza in Tanzania where the
samples were analysed for gold by fire assay using a 50 g sample.
As part of the Company's QA/QC procedures, internationally
recognised standards, duplicates and blanks were inserted into the
sample batches. In addition to the drilling program, ongoing
exploration has continued to assess the full extent of the main
mineralized trend at Lugushwa. Soil sampling has now extended the
main mineralised trend to 4,600 metres from Kimbangu in the
northeast to the new prospect of Mpongo in the southwest. A
regional stream sediment sampling programme is planned to test the
extension of mineralization to the northeast. Commenting on these
results at Lugushwa, Peter Cowley, President and C.E.O. of the
Company, said: "Our drilling results at Lugushwa continue to
intersect wide zones of gold mineralization from surface while the
ongoing exploration has further extended the main mineralized zone
to the new Mpongo prospect, a total strike length of 4,600 metres.
During the coming months we will be continuing our exploration and
drilling activities as well as undertaking preliminary
metallurgical testwork as part of a preliminary assessment study of
Lugushwa." A previous study prepared for Banro by independent
geological consultants, SRK Consulting (UK) Ltd., on historic data
at Lugushwa outlined an Inferred Mineral Resource of 37,000,000
tonnes grading 2.3 g/t Au, equivalent to 2,735,000 ounces of gold.
Additional information with respect to the Lugushwa project is set
out in the technical report of Michael B. Skead (who is the
Company's Vice President, Exploration) dated March 30, 2007, and
entitled "Third NI 43-101 Technical Report, Lugushwa Project, South
Kivu Province, Democratic Republic of the Congo". Copies of both of
these reports can be obtained from SEDAR at http://www.sedar.com/.
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, 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 (the
mineral resource figures referred to in this press release are
estimates and no assurance can be given that the indicated levels
of gold will be produced), the possibility that future exploration
results will not be consistent with the Company's expectations,
changes in world gold markets and equity markets, political
developments in the DRC, foreign currency fluctuations, 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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