African Aura Mining Inc. - DRILLING AT NKOUT HITS SIGNIFICANT WIDTHS OF IRON
ORE MINERALISATION
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TSX-V: AUR
AIM: AAAM
TORONTO, Sept. 21 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company"), the TSX-V (AUR) and AIM (AAAM) listed exploration and development company focused on iron ore and gold in sub-Saharan Africa, announces that drilling at the Company's 100% owned Nkout iron ore project in southern Cameroon has intersected significant widths of banded iron formation (BIF).
Highlights:
- Up to 75m of hematite BIF and 195m of magnetite BIF intersected to
date
- First four holes completed for 950m of initial 4,200m programme
- Nkout is defined by an 8km long intense geophysical target and range
of hills
- Further 12km of iron ore targets exist around Nkout as defined by
geophysics
- Previous grab sampling returned up to 68% Fe and averaged 55% Fe
- The deposit is strategically very well located in an emerging iron
ore province
Luis da Silva, President & CEO of African Aura commented:
"It is very encouraging to report that we have intersected significant widths of hematite and magnetite BIF mineralisation at Nkout. The project is now firmly moving towards a maiden resource estimate covering the first 30% of the primary 8km long target which we are now drilling. We are presently mobilising a second in-house drill rig to site in order to accelerate the resource definition programme.
"Nkout is a greenfield discovery made by African Aura which stemmed from initial reconnaissance field work completed in 2008. With a combined geophysical signature of 20km which is larger than the Company's Putu iron ore project in Liberia. With its excellent strategic location being within 30km of the proposed rail line linking the coast to the 2.5 bt Mbalam iron ore project (being developed by ASX listed Sundance Resources), Nkout has the potential to evolve into a very significant iron ore project. We look forward to receipt of the first batch of assay results and updating shareholders accordingly."
Nkout Drilling Data
The geological logs from the current drilling programme are summarised in tables 1 and 2 below. The BIF intersection to date are considered to be approaching true thickness with drill collars having been located to drill southward through the Nkout ridge, at an inclination of approximately 50 degrees and intersecting steeply northward dipping (70 degrees) tabular iron ore mineralised units. The dimensions are considered by the Company to be highly encouraging.
Drilling of the current first phase, 10 holes / 4,200m programme is expected to be complete in November 2010. Subject to assay results the drill programme will be substantially accelerated with additional drilling rigs being brought to site. Receipt of the first batch of assay results from holes NKDD002 and NKDD003 are expected during November. Preliminary metallurgical test work will also be undertaken on representative sample of core collected from the current drilling programme and results will be expected in Q1 2011.
Table 1: Nkout summary drill logs
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Hole ID From To Width Geological Interpretation
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NKDD002 30.3 69.9 39.6 Haematite Magnetite BIF
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NKDD002 81.0 276.2 195.2 Magnetite BIF
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NKDD003 19.7 61.5 41.8 Haematite Magnetite BIF
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NKDD003 131.6 263.6 132.0 Magnetite BIF
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NKDD004 11.6 86.6 75.0 Haematite Magnetite BIF
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NKDD004 86.6 240.0 153.4 Magnetite BIF
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Notes: NKDD001 drilled for orientation purposes, whole terminated
at 104.4m
NKDD004 interruptions in sequence: 9.3m from 46.4m; 5.5m
from 64.0m
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Table 2: Nkout drill collar data
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Hole ID Easting Northing Elevation Azimuth Dip Depth
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NKDD001 254400 285773 692 360 -55 104.38
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NKDD002 254406 286112 728 180 -45 290.71
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NKDD003 254801 286231 766 180 -55 301.53
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NKDD004 253800 286055 740 180 -50 350.86
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NKDD005 254406 286312 728 180 -50 Underway
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African Aura's Iron Ore Portfolio in Cameroon:
African Aura has three principal iron ore projects in Cameroon, namely the Nkout, Ngoa and Akom Hills and considers that their combined dimensions represent a potentially significant iron ore asset. The Nkout iron ore project is located on the 489km(2) Djoum licence which is held by the Company's 100% owned subsidiary Caminex SARL.
Nkout is defined by a major geophysical anomaly with at least 8km of strike length co-incident with a significant range of hills. Further targets have been identified around Nkout which total 12km of strike and are considered to be moderately magnetic and prospective. Previous grab sampling at Nkout returned up to 68% Fe and averaged 55% Fe from 55 samples. A phase one 4,200m 10 hole resource definition drilling programme commenced in July 2010.
The sub-region of southern Cameroon, Gabon and the Republic of Congo hosts a number of substantial iron deposits, which are currently under exploration and development including the 2.5 Bt Mbalam deposit, located approximately 150km southeast of Nkout, which is under development by Sundance Resources Limited. The proposed railroad from Mbalam to the proposed Atlantic port of Lolabe in southern Cameroon, passes within 30km of the Company's Nkout project. Further information on African Aura's iron ore projects in Cameroon is available at www.african-aura.com/s/Nkout.asp.
Oversight
The exploration results and further planned work in Cameroon have been reviewed and approved by Mark Biddulph. He holds a BSc Hons in Geology and GIS from Rhodes University, and a GDE in Mining Engineering (Mineral Economics) from the University of Witwatersrand in South Africa. Mark is a Professional Natural Scientist under the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person under National Instrument 43-101.
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 1.4 million ounce New Liberty gold
deposit (NI 43-101 13.533Mt Measured & Indicated at 3.18 g/t Au),
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.
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, Tim Redfern, 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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