TIDMAAAM
RNS Number : 5992A
African Aura Mining Inc.
03 February 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
3 February 2011
TSX-V: AUR
AIM: AAAM
ENCOURAGING DRILLING RESULTS AT NDABLAMA GOLD PROSPECT IN
LIBERIA
African Aura Mining Inc. ("African Aura" or the "Company"), the
TSX--V (AUR) and AIM (AAAM) listed exploration and development
company focused on gold and iron ore in sub-Saharan Africa,
announces that it has intersected encouraging bedrock
mineralization from reconnaissance diamond drilling at its Ndablama
gold prospect in the Company's 100% owned Bea Mountain mining
licence in western Liberia.
-- Results from first 8 holes reported include 8m at 6.04 g/t
and 16m at 2.38 g/t
-- Further trench results included 79m at 2.16 g/t
-- Soil sampling results have extended the gold anomaly to over
2.0km long
-- Results from final 7 holes of 2,500m drill programme expected
Q1 2011
-- Phase two to include ground geophysics and further trenching
and drilling
Luis da Silva, President and CEO of African Aura commented:
"We are very encouraged by these early stage drilling and
trenching results from the Ndablama gold prospect. This promising
gold target is located approximately 40 kilometres North East of
our 1.51Moz New Liberty gold project and demonstrates similar
geology. Trench results to date only cover half of the soil anomaly
area and the reconnaissance drill results are restricted to an even
smaller portion. The target area is now over two kilometres long
and has many of the hallmarks of a potentially significant gold
mineralised system.
David Reading, future CEO of Aureus Mining (the gold spin out
company from African Aura - see below) commented: "As we move New
Liberty towards production, with a target of 100,000oz of gold per
year, the proximal exploration targets of Ndablama, Weaju, Silver
Hills and Gondoja demonstrate the highly prospective nature of the
Archaean geology within our mining licence, which remains
unexplored due to historical reasons. The Company believes that
there is considerable opportunity to expand the current resource
base. Following on from our fund raising last year we are in the
process of negotiating contracts for geophysical and diamond
drilling programmes which will cover our priority gold targets as
well as potential extensions to the New Liberty deposit."
Ndablama Prospect
The Ndablama prospect is located in the northeast corner of the
Company's 457km2 25 year mining licence in western Liberia and
approximately 40km northeast of the Company's New Liberty Archaean
age shear zone hosted gold deposit. New Liberty has a NI 43-101
compliant resource of 1.51 million ounces of gold grading 3.78 g/t
(comprising 5 599,000 tonnes grading 4.17 g/t (for 751,000 ounces)
in the indicated category and 7,040,000 tonnes grading 3.40 g/t
(for 762,000 ounces) in the inferred category) and a recently
submitted Preliminary Economic Assessment highlighted a robust,
open pit gold project with a pre tax NPV of US$234 million using a
US$1,100 gold price at a 10% discount rate.
Ndablama is defined by the presence of extensive artisanal gold
mining activity. The largest workings have a strike length of
approximately 200m and attain a width of up to 50m. Artisanal
miners operate on one year surface mining permits under the
Liberian mining code with the regulations ensuring that subsurface
mining rights, as held by African Aura, take precedence.
Further soil sampling results at Ndablama have extended the soil
anomaly from 1.2km to over 2km in a north south direction. The
anomalous zone of gold enrichment is defined by values of 150 to
3,000 ppb Au and is up to 400 metres wide in the southern portion
of the anomaly. The anomalous zone remains open to the North, South
and East. Follow up trenching has now been undertaken over an area
of 800 meters by 100 metres within the southern portion of the soil
anomaly. The trenches are 2-3 metres deep and have exposed
weathered and sheared ultramafic rocks which are intruded and
brecciated by tourmaline granites. Trench NT17 returned 79 metres
grading 2.16 g/t gold. This result has extended the bedrock
mineralization a further 400 metres northwards.
Table 1. Ndablama Prospect Trench Results
Trench From To Length Mean Au
ID (m) (m) (m) /t
-------- ------- ----- ------- --------
NT1 0 70 70 1.38
-------- ------- ----- ------- --------
Incl.
4 12 8 5.21
-------- ------- ----- ------- --------
NT2 16 86 70 1.06
-------- ------- ----- ------- --------
Incl.
77 86 10 1.58
-------- ------- ----- ------- --------
NT3 0 44 44 1.04
-------- ------- ----- ------- --------
Incl.
36 43 7 1.75
-------- ------- ----- ------- --------
NT7 0 24 24 1.75
-------- ------- ----- ------- --------
Incl.
14 22 8 2.95
-------- ------- ----- ------- --------
NT8 35 40 5 1.72
-------- ------- ----- ------- --------
NT9 56 88 32 1.07
-------- ------- ----- ------- --------
NT10 36 55 19 1.52
-------- ------- ----- ------- --------
NT13 0 12 12 2.25
-------- ------- ----- ------- --------
and 54 59 5 1.66
-------- ------- ----- ------- --------
and 88 90 2 4.62
NT17 68 147 79 2.16
-------- ------- ----- ------- --------
Assay grade data is un-cut.
A follow-up 15 hole, diamond drilling programme for
approximately 2,500 metres has been in progress since November 2010
and was designed to test a portion of the soil anomaly covered by
the recent trenching. Results have now been received for eight
holes and returned encouraging, near surface, down hole intercepts
which include 16 metres at 2.38 g/t (ND2), 8 metres at 6.04g/t
(ND3) and 18 metres at 1.28 g/t (ND7). Gold mineralization is
hosted by sheared ultramafic host rocks and is associated with and
enveloped by disseminated sulphides which are primarily pyrite and
occasionally chalcopyrite, stibnite and arsenopyrite. The
ultramafic host rock is always wider than and enveloping the
mineralized zones and contains disseminated magnetite within the
hangingwall and footwall to the disseminated sulphide zone.
The current drilling results only cover a 400m by 100m area and
results for the remaining seven holes, which will extend drilling
up to trench NT17, are pending. All the eight holes reported here
have been drilled at a 55 degree inclination from the surface in an
easterly direction.
Following completion of the reconnaissance drilling programme
the Company plans to undertake further trenching to cover all of
the anomalous soil area as well as a detailed ground geophysical
programme involving induced polarization (IP) and magnetic methods.
The objective of the combined IP and magnetic ground survey's is to
outline the geometry and extent of the disseminated sulphides and
the ultramafic host rock. The trenching and ground geophysical
programmes will be followed by geological modelling and a more
comprehensive phase of diamond drilling.
Table 1. Ndablama Prospect Diamond drill hole results
Core
Borehole From Length Mean Au
ID (m) To (m) (m) /t
---------- ----- ------- -------- --------
NDD1 2 9 7 1.40
---------- ----- ------- -------- --------
and 49 53 4 1.39
---------- ----- ------- -------- --------
and 56 60 4 2.84
---------- ----- ------- -------- --------
NDD2 14 30 16 2.38
---------- ----- ------- -------- --------
and 38 54 16 1.16
---------- ----- ------- -------- --------
and 64 67 3 8.68
---------- ----- ------- -------- --------
NDD3 20 28 8 6.04
---------- ----- ------- -------- --------
and 45 49 4 1.94
---------- ----- ------- -------- --------
NDD4 26 28 2 1.72
---------- ----- ------- -------- --------
and 42 54 12 0.56
---------- ----- ------- -------- --------
NDD5 NSV
---------- ----- ------- -------- --------
NDD6 28 54 26 0.51
---------- ----- ------- -------- --------
and 64 69 5 2.58
---------- ----- ------- -------- --------
and 90 99 9 1.64
---------- ----- ------- -------- --------
NDD7 16 22 6 1.76
---------- ----- ------- -------- --------
and 26 44 18 1.28
---------- ----- ------- -------- --------
NDD8 0 3 3 1.05
---------- ----- ------- -------- --------
Assay grade data is un-cut.NSV =
No Significant Value
----------------------------------------------
Qualified Person
African Aura's Qualified Person responsible for preparing this
release is David Reading (Non-Executive Director), who holds an MSc
in Economic Geology from University of Waterloo, Canada and is a
Fellow of the Council of the Institution of Mining and Metallurgy.
David Reading consents to the inclusion in the announcement of the
matters based on their information in the form and context in which
it appears and confirms that this information is accurate and not
false or misleading.
Quality Control and Sample Preparation
African Aura has a rigorous Quality Control Programme (QCP)
inserting a minimum 5% of standards, blanks and duplicates into the
sample stream. The Company employs independently owned and managed
OMAC Laboratories for all its assay requirements, including the
preparation of pulps to 90% -100 micron at their in-country
preparation facilities in Liberia, followed by chemical analysis at
its main laboratory in Loughrea, Ireland. OMAC is accredited to ISO
17025 by INAB (Irish National Accreditation Board), which is a
member of ILAC (International Laboratory Accreditation
Cooperation), and is a signatory to the ILAC Mutual Recognition
Arrangement. OMAC operates an internal QA/QC check assay programme
using in-house standards, reagent blanks and duplicates.
About African Aura Mining Inc.
African Aura is an established exploration and development
company listed on the TSX-V (AUR) and London's AIM (AAAM).
The Company operates two divisions that are intended to be split
into separate listed companies becoming effective, subject to
shareholder, regulatory and other approvals at, or around, the end
of March 2011:
-- The iron ore division includes its 38.5% interest in the 1Bt
Putu iron ore project in Liberia, which is subject to a resource
expansion drilling programme and moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of Moscow listed OAO Severstal). In September 2010 Putu
was granted a 25 year renewable Mineral Development Agreement by
the Government of Liberia. The division also includes a 100%
interest in the Nkout 1Bt iron ore project and surrounding iron
targets in Cameroon which is subject to a resource expansion
drilling programme.
-- The gold assets, to be held in "Aureus Mining Inc." when
listed independently, include the New Liberty gold deposit in
western Liberia which has a resource of 1.51 million ounces of gold
grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in
the indicated category and 7,040,000 tonnes grading 3.40 g/t in the
inferred category) which is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills
and Gondoja gold projects all within the Company's Bea Mountain 25
year renewable Mineral Development Agreement.
In addition, the Company presently has a 22% interest in
AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com).
The Company has a highly motivated and experienced team with a
track record of discovering mines and taking projects through
development and into production. As a pioneer, African Aura has
attracted some excellent strategic partners and shareholders,
always with the objective of preserving or enhancing shareholder
value. For further information on the Company you are invited to
visit its website at www.african-aura.com or SEDAR's website at
www.sedar.com, or contact one of the following:
African Aura Mining Inc.
Luis da Silva, President & CEO Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Rob Collins / Tim Redfern Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44 (0) 20 7861 3232
Forward-looking Statements
This press release includes certain forward-looking statements.
All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding the
future plans and objectives of African Aura, are forward-looking
statements that involve various known and unknown risks and
uncertainties as well as other factors. Such forward-looking
statements are subject to a number of risks and uncertainties that
may cause actual results or events to differ materially from
current expectations, including delays in obtaining or failure to
obtain required regulatory approvals. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Any forward-looking statements speak only as of
the date hereof and, except as may be required by applicable law,
African Aura disclaim any obligation to update or modify such
forward-looking statements, either as a result of new information,
future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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