African Aura Mining Inc. - Excellent drill results & new zone at New Liberty
gold deposit
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES/
TSX-V: AUR
AIM: AAAM
Highlights:
- Drilling in new gold zone ("Latiff Zone") confirms potential to add
new ounces
- Latest drilling intersections from New Liberty include:
- Latiff Zone
- 5.60 g/t Au over 16m from 79m depth
- 5.68 g/t Au over 18m from 70m depth
- 4.64 g/t Au over 25m from 166m depth
- Marvoe Zone
- 2.29 g/t Au over 56m from 334m depth
- 5.20 g/t Au over 11m from 158m depth
- 4.68 g/t Au over 13m from 196m depth
- Additional 1,445m of drilling to delineate Latiff Zone to 220m depth
- Independent resource estimate and scoping study findings expected
in July
TORONTO, June 16 /CNW/ - 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, provides an update on the drilling programme at the Company's 100% owned New Liberty gold deposit in western Liberia. The new Liberty gold deposit is estimated to contain a NI 43-101 compliant measured and indicated resource of 1.38 million ounces of gold at a grade of 3.18 g/t.
Luis da Silva, President and CEO of African Aura commented:
"We are pleased to be delivering on our promises made to our shareholders. The holes being announced today, which conclude the results from the initial drilling campaign, have returned some of the strongest gold intercepts to date at New Liberty.
The newly discovered Latiff Zone is approximately 235m long and lies 40m west of the Kinjor zone and 130m east and the Larjor zone. As with all zones at New Liberty the Latiff zone remains open at depth and the Company considers that its discovery can only enhance the project's open pit mining potential.
Follow up drilling is already underway on the Latiff Zone and I look forward to updating shareholders shortly with the results from this work and the scoping study, which is now entering its final stages."
Latest Gold Intersections, New Liberty gold deposit
(visit: http://www.african-aura.com/s/NewLiberty.asp for a more detailed drill plan)
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Mean
From To Length Au
Hole ID Easting Northing (m) (m) (m) (g/t) Zone
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K153 263,537 774,894 334 390 56 2.29 Marvoe
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including 339 350 11 4.64
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including 359 367 8 5.82
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including 380 384 4 5.58
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K154 263,843 774,855 407 437 30 1.23 Marvoe
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including 413 418 5 3.84
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K155 263,552 775,151 117 125 8 2.56 Marvoe
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including 117 120 3 5.13
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K156 263,713 775,072 154 174 20 2.99 Marvoe
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including 158 169 11 5.2
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K157 263,937 774,856 No Significant Result Marvoe
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K158 264,005 774,972 171 230 59 1.75 Marvoe
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including 196 209 13 4.68
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K159 263,782 775,080 126 166 40 0.45 Marvoe
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including 141 146 5 1.5
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KGD160 263,915 774,999 186 218 32 0.51 Marvoe
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including 189 199 10 0.63
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including 215 218 3 1.27
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KGD161 264,093 774,960 117 118 1 0.66 Marvoe
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and 149 152 3 0.28
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KGD162 263,095 775,311 45 47 2 0.8 Latiff
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and 79 95 16 5.6
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including 82 90 8 10.07
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KGD163 262,994 775,323 67 69 2 2.67 Latiff
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And 80 90 10 6.81
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including 81 87 6 11.08
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KGD164 263,146 775,305 54 56 2 1.51 Latiff
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and 70 88 18 5.68
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including 77 87 10 9.26
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and 146 156 10 0.46
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KGD165 263,036 775,261 124 134 10 1.51 Latiff
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and 143 147 4 0.28
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and 164 193 29 4.04
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including 166 191 25 4.64
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KGD166 263,194 775,299 64 65 1 3.73 Latiff
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and 72 79 7 0.18
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and 145 148 3 2.59
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Notes:
- Assay data are uncut.
- Length of intersection is down hole
- Coordinates, UTM zone 29N
African Aura Mining also announces that the Annual Report and Accounts for the year ended 31 December 2009 were distributed to shareholders on 26 May 2010. An electronic copy is available on the Company's website at http://www.african-aura.com.
About the New Liberty Gold Project
The New Liberty gold deposit is classic Archaean shear zone hosted greenstone gold deposit, located in western Liberia. The project has a resource of 1.38 million ounces (NI 43-101 compliant 13.533 Mt measured and indicated resource at 3.18 g/t gold) projected to a depth of 300m, comprising three zones along a 1.75km strike length.
The Company considers the results from the current phase of drilling, which have shown that the ore body extends below 300m, including 4.94g/t Au over 10m in hole KGD136 from a depth of 379m and 4.42g/t Au over 8m in KGD133 at a depth of 447m, have the potential to expand the resource base further. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth and the deposit, which crops out at surface, remains open at depth. Metallurgical testwork undertaken by the Company on drill core from New Liberty has indicated a non-refractory ore with excellent expected recoveries of up to 93%.
A scoping study by AMC Consultants (UK) Limited is presently underway that will contribute to a Bankable Feasibility Study for an open pit and/or underground gold mine, targeting 100,000oz annual production.
New Liberty is one of a series of gold deposits located within the Company's 457km(2) 'Class A' 25 year renewable Mining Licence. Geologically, Archaean greenstone belts are known to host major gold mines in Canada, Australia, the Democratic Republic of the Congo and Tanzania. The Company considers that the Archaean geology of the Man Craton of west Africa is one of very few provinces globally that is highly prospective, but has yet to be systematically explored.
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, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu iron
ore project in Liberia, which is moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of Moscow listed OAO Severstal). The division also includes
a 100% interest in the Nkout iron ore project and surrounding iron
targets in Cameroon.
- The gold division includes the multi million ounce potential New
Liberty greenstone gold deposit, which is being advanced through a
bankable feasibility study, and the proximal Weaju, Gondoja and
Silver Hills projects, all in western Liberia.
In addition, the Company has a 30% 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.
Qualified Person
African Aura's Qualified Person responsible for preparing this release is Dr Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy, and a Fellow of the Geological Society.
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.
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.
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: Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Bell Pottinger: Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7861 3232
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