Drilling Report
July 11 2000 - 10:30AM
UK Regulatory
RNS Number:6543N
Mano River Resources Inc
11 July 2000
Mano River Resources Inc.
No: 00/13 AIM
Canadian Venture Exchange Trading Symbol: MNO
London Stock Exchange - AIM Trading Symbol: MANA
Geological resource of 768,000 contained ounces of gold independently
estimated at Mano's King George Larjor and Weaju properties, at an average
grade of 6.9 grammes per tonne.
Mano River Resources President, Dr Tom Elder, is pleased to announce the
results of independent resource estimations carried out by the consulting firm
of A C A Howe International Limited on the Company's principal gold prospects
in western Liberia, namely, King George Larjor (KGL) and Weaju. Howe used the
internationally recognised Australasian Institute of Mining and Metallurgy
Joint Ore Reserves Committee code classification for the resource estimate.
At KGL, where Mano has over the last two field seasons carried out a total of
2500m of drilling in 23 diamond drill holes, gold mineralisation has been
encountered to date in three main zones, i.e., Larjor, King George and East,
within an overall strike extent of some 1,700 metres. Howe estimate a
geological resource for the three zones, to a depth below surface of 150m, of
1,078,127 tonnes at an average grade of 5.23 grammes per tonne in the
indicated category and a further 2,158,790 tonnes at an average grade of 5.09
grammes per tonne in the inferred category, for a total estimated resource in
both categories of 535,000 contained ounces of gold. The mineralisation is
open laterally to both east and west, as well as to depth. Current artisanal
activity, extending up to 550m to the west of the area in which drilling has
taken place to date, suggests the presence of extensions to the mineralisation
which are being investigated through a programme of soil surveys and
trenching. Work on the property in the 2000/01 field season would seek to
substantially expand the resource.
At Weaju, situated some 30km to the east north east of KGL on the same shear
system, 400m of drilling have been completed in a total of eight diamond drill
holes. The style of gold mineralisation encountered is very similar to that at
KGL. Howe estimate an uncut geological resource in the inferred category to a
depth below surface of 100m of 662,508 tonnes at a 'bonanza' type grade of
10.9 grammes per tonne, for a total estimated resource of 233,000 contained
ounces of gold. Similar 'bonanza' type grades have been encountered in
sampling of artisanal workings some 750m west of the zone drilled to date and
results are awaited from a soil geochemistry survey aimed at defining further
drill targets for the coming field season.
Five drill holes have been completed at Gondoja, 10km north east of Weaju,
with a best intersection of 30m grading 3.9 grammes per tonne in hole G-4
suggesting the presence of potentially significant mineralisation which should
be followed up by further drilling.
Elsewhere on the Bea and Kpo Licences, a number of comparable gold targets in
similar geological settings have been subject to initial mapping and sampling
with encouraging results. It is envisaged that these will be the subject of
more detailed investigation during the 2000/01 field season.
Since signing the joint venture letter of intent with the major mining company
in late 1999, Mano's exploration work has added significantly to the value of
the KGL and Weaju properties in particular and the Company sees excellent
scope to further increase the resources. Consequently, it has been mutually
agreed with the major not to continue the joint venture discussions at this
time. Mano believes that in the present gold market environment it can achieve
greater shareholder value in a go-it-alone strategy, although the Company will
give due consideration to the right strategic investor overtures, should such
arise.
While management considers that the KGL and Weaju properties could probably,
subject to financing, be fast tracked now into development as stand alone,
limited scale, open pit mines, for the present Mano intends to work to further
increase the resources and investigate the potential for operational synergy
between its four or five Bea Mountain Licence gold prospects.
Mano aims to create shareholder value through the identification, exploration
and development of high quality gold and diamond deposits in the West African
Mano River Union countries. The Company, having made its pioneering entry into
Liberia in 1995, is currently concentrating its exploration efforts on its
extensive licences in the west of the country, where the principal targets
comprise Archaean greenstone sequences considered comparable to those of the
Lake Victoria Gold Province in Tanzania, together with potentially
diamondiferous kimberlites.
Tom Elder
President and CEO
Contacts:
Tom Elder President and CEO UK +44 (0)1235 810 740
John Mattison Mattison Public Relations UK +44 (0)171 729
3035
Guy Pas Co-Chairman Switzerland +41 22 758 2151
Tony Rhatigan Co-Chairman UK 0385 297 348
International +44 385 297 348
Peter Dwerryhouse Director Canada +1 (604) 662 3730
UK +44 171 504 8147
The Canadian Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
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