Angus Mining Delivers Initial Drill Results from the Ondundu Gold Project in Namibia
April 27 2011 - 8:27AM
Marketwired Canada
Angus Mining (Namibia) Inc. ("Angus Mining" or the "Company") (TSX VENTURE:ANA)
is pleased to provide an update from its Phase One drilling program, and assay
results from eight diamond drill holes in the Main Zone ("OMZ") of the Ondundu
Gold Project in Namibia.
Angus Mining is currently completing the final five diamond drill holes of the
Phase One Exploration Program, which is designed to test the extent and scale of
the mineralized zone at OMZ. The program covers 2.7km of strike length, with
widths of up to 400m, and an average depth of 250m. Once completed, the Company
will have drilled a total of 60 diamond holes, with individual section spacing
of approximately 100m. Figure 1 details the OMZ zone and progress of the Phase
One drill program.
Following the full receipt of assays, the Company intends to work towards the
delivery a 43-101 compliant resource calculation, defining a large scale,
bulk-mineable gold deposit at OMZ.
The Company has engaged a second assay laboratory based in South Africa, with
sample preparation facilities in Namibia, from which it has begun to receive
results. With over 50 diamond drill holes remaining to be assayed completely,
the Company expects the rate and consistency of delivery to continue to improve.
Given the commitments of the Namibian Exclusive Prospecting License (the "EPL"),
the Company was required to expeditiously complete the first phase of the drill
program.
Angus Mining expects to fulfill the requirements of the first portion of its
earn-in agreement with Forsys Metals Corp. ("Forsys"), and to exercise the
related (50.1%) acquisition option by June, 2011. The second portion of the
agreement requires an additional C$ 6M in exploration expenditures, and the
delivery of a bankable feasibility study, for an additional 24.9% interest. The
Company, in partnership with Forsys, is also in the process of renewing the
Ondundu EPL, which was granted by the Ministry of Mines and Energy of the
Republic of Namibia until May 30, 2011.
Highlights from the eight diamond drill holes received include 1.99g/t over 29m,
1.66g/t over 29m, 2.03g/t over 7m, 0.83g/t over 27m, and 7.94g/t over 1m.
Results are summarized in table 1.
Angus Mining's CEO, Fraser Buchan, comments: "The results from the Main Zone at
Ondundu continue to support and confirm the potential for a large, bulk mineable
gold resource. The higher-grade results close to surface in drill hole ADD009
are particularly encouraging"
Mr. Buchan further offered; "Peter Olander (COO) and his team have executed the
Phase One drill program ahead of schedule and on budget, and with the processing
of drill core now occurring at two independent labs, the Company looks forward
to providing results to the market over the coming months at an accelerated
rate."
Table 1: Drill Results, April 27, 2011
Drill Hole Intersection Assay Including
----------------------------------------------------------------------------
ADD003 40m - 160m 120m @ 0.32g/t
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ADD005 115m - 135m 20m @ 0.40 g/t
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ADD006 20m - 105m 85m @ 0.40 g/t 6m @ 1.13 g/t, from 46m-52m
9m @ 0.83 g/t, from 77m-86m
----------------------------------------------------------------------------
ADD007 75m - 307m 232m @ 0.33 g/t
----------------------------------------------------------------------------
110m @ 0.81 g/t, from 20m-
ADD009 20m - 229m 209m @ 0.54 g/t 130m
29m @ 1.99 g/t, 20m-49m
9m @ 0.65 g/t, 71m-80m
----------------------------------------------------------------------------
29m @ 1.66 g/t, from 264m-
ADD010 43m - 161m 134m @ 0.32 g/t 293m
----------------------------------------------------------------------------
11m @ 1.01 g/t, from 162m-
ADD022 150m - 155m 5m @ 0.43 g/t 172m
1m @ 7.94 g/t, from 171m-
166m - 193m 27m @ 0.83 g/t 172m
5m @ 1.72 g/t, 180m-185m
----------------------------------------------------------------------------
18m @ 0.73 g/t, from 66m-
ADD033 66m - 176m 110m @ 0.46 ppm 83m
7m @ 2.03 g/t. from 11m-
118m
About the Ondundu Gold Project
The Ondundu Gold Project is located on a 19,969 hectare contiguous license in
the Damara Belt of West-Central Namibia, approximately 250km from the Capital of
Windhoek. Gold mineralization at Ondundu occurs in bedding-conformable quartz
veins and in wall rocks adjacent to the veins. The OMZ Zone is located within
the sheared common limb of an anticline and syncline, with mineralization
extending along a strike length of 2.7km, with widths up to 400m and depths to
250m.
Figure 1: Ondundu Phase One Drilling Program:
http://file.marketwire.com/release/ang0427.pdf
About Angus Mining (Namibia) Inc.
Angus Mining (Namibia) Inc. is a Canadian based precious metals exploration
company focused on developing the Ondundu Gold Project in West-Central Namibia
via a joint venture agreement with Forsys Metals Corp. The Company's goal is to
deliver superior shareholder returns by identifying, acquiring and developing
high quality assets in a safe and socially responsible manner. Angus Mining is
committed to providing economic and social benefit to the Namibian community
through the responsible development of mining assets in the Country. Angus
Mining currently employs 20 local Namibians.
Quality Assurance/Quality Control
Dr. Roger Laine is the qualified person under National Instrument 43-101 who has
supervised the preparation of and verified the technical information presented
in this press release. For a summary of the geology, nature of the
mineralization and other technical information with respect to the Ondundu Gold
Project, please refer to the Technical Report on the Ondundu Gold
Project-EPL3195, Namibia, filed September 17, 2010 at www.sedar.com.
Angus Mining (Namibia) Inc. adheres to a rigorous QA/QC program across all
aspects of the sampling and analysis process. All drill samples are held in a
secure warehouse in Omaruru, to and from which they are handled by independent
courier companies. Diamond core is marked, logged and split at site, where half
is maintained for future reference, and half is sent for analysis.
Diamond drill core samples from Ondundu are processed by screen metallic
analysis and fire assay at SGS and Intertek/Genalysis, both located in
Johanesburg, RSA. Standards and blanks are inserted by the laboratories and/or
Angus every 20 to 30 samples.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements are based on forecasts of future results, estimates
of amounts not yet determinable and assumptions that, while believed by
management to be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Certain of the
statements made herein by the Company are forward-looking and subject to various
risks and uncertainties, both known and unknown, many of which are beyond the
ability of the Company to control or predict. Known and unknown factors could
cause actual results to differ materially from those projected in the
forward-looking statements. Forward-looking information is subject to known and
unknown risks and uncertainties that may cause the Company's actual results,
performance or achievements may be materially different from those expressed or
implied by such forward-looking information, and are developed based on
assumptions about such risks, uncertainties and other factors set out here in,
including but not limited to the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting
drill results and other exploration data, the potential for delays in
exploration or development activities, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations, accidents,
equipment breakdowns, title matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal prices,
unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future, regulatory restrictions, including
environmental regulatory restrictions and liability, competition, loss of key
employees, risks inherent to conducting business activities in the developing
world and other related risks and uncertainties. The Company undertakes no
obligation to update forward-looking information except as required by
applicable law. Such forward-looking information represents management's best
judgment based on information currently available. No forward-looking statement
can be guaranteed and actual future results may vary materially. Accordingly,
readers are advised not to place undue reliance on forward-looking statements or
information.