African Aura Mining Inc. - New gold zone discovered and further high grade
drill results from New Liberty project
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES/
TSX-V: AUR
AIM: AAAM
Highlights:
- New gold zone, near surface, with 3.75g/t over 12m from 68m
- Latest intersections from New Liberty gold project also include:
- 7.52 g/t Au over 14m from 145m depth
- 5.51 g/t Au over 14m from 312m depth
- 3.66 g/t Au over 8m from 259m depth
- 10,000m confirmation drill programme completed in April 2010
- 890m additional drilling completed in the new zone
- Remaining assays expected by the end of May 2010
- Revised independent resource estimate and scoping study underway
TORONTO, May 11 /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:
"These are very positive drilling results from the New Liberty gold deposit, with the discovery of a new near surface zone and further high grade intercepts at depth. The excellent high grade results coupled with the potential of further near surface ounces in this new zone between the Larjor and Kinjor bodies, adds greater near-term, potential mining value.
As previously announced, the current 1.38Moz resource was estimated to a depth of 300m and these further results are being included in the mine scoping study currently being prepared. An additional 4 holes have been drilled into the new zone and final assay results are expected at the end of May. Following on from the capital raising in April 2010, we are now well positioned to move ahead with the planned development of our key gold assets. We look forward in continuing to update shareholders on this and other news from our gold division in June."
Latest Gold Intersections, New Liberty gold deposit
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From To Length Mean
Hole ID (m) (m) (m) Au(g/t) Zone
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KGD140 120 130 10 0.42
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Including 126 128 2 1.57
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And 138 142 4 1.38
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KGD141 148 159 11 0.90
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including 148 150 2 0.91
--------------------------------------------------------- Larjor
including 157 159 2 3.61
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KGD142 133 165 32 3.39
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including 145 159 14 7.52
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KGD143 154 169 15 1.81
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including 163 169 6 4.05
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KGD144 60 83 23 2.02
--------------------------------------------------------- New Zone
including 68 80 12 3.75
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KGD145 129 136 7 3.30
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including 131 135 4 4.60
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And 154 156 2 1.88
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KGD146 430 442 12 0.16
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And 467 493 26 0.43
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including 468 471 3 2.34
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And 652 671 19 0.23
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KGD147 124 138 14 1.63
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including 130 135 5 3.95
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KGD148 107 125 18 0.49
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including 115 120 5 1.17 Kinjor
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And 147 159 12 0.32
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KGD149 Abandoned at 56m
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KGD150 308 329 21 3.86
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including 312 326 14 5.51
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And 349 390 41 0.25
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K151 259 267 8 3.66
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including 260 265 5 5.76
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K152 290 299 9 2.77
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including 290 296 6 4.06
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And 368 370 2 1.18
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Notes:
- Assay data are uncut.
- Length of intersection is down hole
The previous New Liberty news release, dated 18 February 2010, provided results for the first 9 holes of this drilling campaign, all in the Larjor Zone. The above 13 holes conclude the drilling results for the Larjor and Kinjor zones. The next update, in June, will provide the balance of the 35 holes infilling the Marvoe and newly discovered zone.
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 31.8% 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 XRF at their 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 7299 4212; Evolution Securities Limited, Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Public Relations, Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7337 1500
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