Mwana Africa (LON:MWA) announced today that it has increased the size of its resource at the Zani-Koko gold prospect in Congo, West Africa. The multi-commodity group, which has an 80% interest in the area, revealed a 14% increase in the indicated resources and a 61% increase in the inferred resources, totalling 217,277 and 423,013 ounces of gold respectively. The Company added that the overall grade of the Kodo Main Zone has also increased from 2.7 grams per tonne gold to 2.82 grams per tonne gold.
Mwana Africa is a resources company with interests in three principal areas: base metals, precious metals and diamonds. They are focused on a number of countries on the African continent, including Zimbabwe, the Democratic Republic of Congo, South Africa, Angola, Ghana and Botswana. Its principal activities are nickel and gold production, and exploration and development for diamonds and other minerals. In October 2005, Mwana Africa became the first African-owned, African-managed resource company to be listed on the London Stock Exchange’s Alternative Investment Market (AIM), through a reverse takeover of African Gold plc by a privately held mining company, Mwana Africa Holdings (Pty) Limited.
In today's update, an update on the exploration project was also given, where the company noted good mineralisation at depth, a lenticular high grade shoot of the main body which is bounded by two north-north-east trending faults on the north and south, and no significant internal faulting in the Kodo Main zone.
Going forward, a second drill has been mobilised to test the down dip extension at the Kodo Main prospect.
Kalaa Mpinga, CEO of Mwana Africa, commented:
"We are pleased to be able to announce an updated resource estimate on our Zani-Kodo gold prospect. It is particularly encouraging that drilling just 9 additional holes has resulted in this substantial increase in indicated and inferred mineral resources, which indicates that our model is robust, and supports our confidence in the potential of the prospect. Mwana has so far only drilled 700m along an estimated 9km strike length along the Zani-Kodo Trend, but it is already clear that Zani-Kodo, together with the neighbouring Mongbwalu (AngloGold) and Kibali (formerly Moto Goldmines) concessions, could form one of the world's major undeveloped gold provinces."
