African Aura Mining (LON:AAAM) gave an update today on the drilling program at the company’s 100% owned New Liberty gold site in Western Liberia.
The AIM-listed exploration and production company focused on gold and iron ore in sub-Saharan Africa announced today positive results from the first of the nine holes investigated. The New Liberty deposit currentlyu has a resource of 1.385 million ounces, measured at 3.18f/t gold. According to the company, the recent drill looks to expand this resouce even further. The results, in particular one intersection of 8.45g/t AU over 37 metres over 55 metres depth, suggest the mineralised zone continues significantly deeper than the lower limit of the current resource estimated at 300 metres. AMC Consultants are said to be scoping the deposit in preparation for a feasability study.
Luis da Silva, President and CEO of African Aura commented:
"We are very pleased with the results received to date from the current round of drilling at the New Liberty gold deposit. Of particular note is hole KGD133 which intersected 4.42g/t over 8m from a depth of 447 metres, which strongly suggests potentially mineable grades and widths continue at depth, as is characteristic of Archaean greenstone gold deposits. The current 1.4Moz resource was projected down to a depth of only 300 metres. The results from drilling are being included in the mine scoping study currently being prepared by AMC which is expected to be completed in the third quarter of this year. We look forward to updating shareholders on this and other news from our gold division in due course."
Going forward, a scoping study is underway at New Liberty for an open pit and underground mining operation, which is expected to be complete in the third quarter of the year.
See also:African Aura Mining commissions survey for Cameroon targets.
