Positive Gold Drilling Results - Kossanto Project

RNS Number : 8460Y
African Mining & Exploration PLC
28 February 2013
 



African Mining and Exploration / Index: AIM / Epic: AME / Sector: Mining

28 February 2013

 

African Mining and Exploration Plc ('AME' or 'the Company')

Positive Gold Drilling Results at Kossanto Project in Mali

 

African Mining and Exploration plc, the AIM listed gold exploration and development company focussed in West Africa, is pleased to announce positive results from its first phase 3,136m drilling programme at its 207 sq km KossantoGold Project('Kossanto' or 'the Project'), located in the prolific Kenieba Inlier in western Mali.

 

Highlights:

·    Reverse Circulation drilling identified significant gold mineralisation at the Gourbassi East target in a consistent mineralised corridor trending NNW, which has a 900m strike length that remains open in both directions

·    28 holes drilled at the Gourbassi East target area totalling 2,246 metres - main mineralised intercepts located less than 100m below surface with best intercepts including:

o 75m @ 2.04 g/t Au

o 46m @ 2.16 g/t Au

o 17m @ 3.86 g/t Au

o 11m @ 6.16 g/t Au

·    Drilling at Gourbassi West Target area indicates continuity of gold mineralisation along a 1km corridor

·    10 holes drilled at the Gourbassi West target area totalling 889 metres - best intercepts include:

o 9m @ 3.46 g/t Au

o 6m @ 2.77 g/t Au

o 21m @ 1.8 g/t Au

 

AME CEO, Mark Jones said: "These impressive gold intercepts highlight the exciting upside potential our flagship Kossanto Gold Project offers.   With two key target areas identified, Gourbassi East and Gourbassi West, we will continue to explore the Project with a view to defining a maiden resource and in turn economic prospectivity. 

 

"Drilling was primarily focused on the Gourbassi East target.  Results suggest the area has significant future resource upside, with gold mineralisation occurring within a 900m long zone, which remains open in both directions.   Drilling results have produced sufficient grade and width to give us confidence that we can define an initial mineral resource later this year.  In tandem, drilling results taken from our secondary target area, Gourbassi West, indicate the continuity of gold mineralisation along a 1km corridor, and further exploration will be conducted over this area to further assess the project's larger resource potential."  

 

Drilling Programme

 

The 3,136m RC drilling programme was completed in December 2012 and followed on from positive check-assay results reported within the Kossanto Project area from three target areas, Gourbassi East, Gourbassi West and Massakama, and a trench re-sampling programme at Gourbassi East (see press release dated 11 January 2013).

 

The RC drilling programme, which focussed on the Gourbassi East and Gourbassi West target areas, 7 km away from each other, was designed to achieve two primary objectives.  The first objective was to define sufficient grade and tonnage for an initial mineral resource estimate at the Gourbassi East target area.  

 

28 RC holes were drilled at the Gourbassi East target area totalling 2,246 metres, to depths of between 50 and 130 metres, all inclined at -55 degrees.   Collar spacing between new and old holes in this area was narrowed where possible to approximately 25 metres apart, and for a better assessment of the mineralised orebody, scissor holes were drilled at 50 metre intervals.

 

Drilling to date has identified that the mineralisation at Gourbassi East is formed of steep dipping "pervasive silica alteration - style" silica and is disseminated with gold grades generally increasing towards a clear resistive axis following a lithological contact between a rhyolite and a rhyodacite structure.  The drilling also indicated the continuity and the quality of the mineralisation along a 900m strike length trending NNW, suggesting the area has significant resource upside potential.  AME has refined the geological model for the target area and the Company believes that an initial resource estimate could be defined in H1 2013.   

 

The second objective of the 2012 drilling programme was to better understand the mineralisation at the Gourbassi West target.  10 holes were drilled in this area, totalling 889 metres, all inclined at -60 degrees.  Importantly, these drill results indicated the continuity of mineralisation along a 1km corridor, which ground and aerial geophysics had previously suggested.  It is the Company's intention to conduct further exploration at this target area in order to better define the resource potential.

 

Table 1: AME drilling results for the Kossanto Gold project.  Results reported for intercepts >0.3g/t Au.

 

 

AREA

SECTION

BHID

FROM (m)

TO (m)

INTERVAL (m)

SUM

Au g/t

MID*

GOURBASSI EAST

3775N

GRC12

4

40

36

21.3

0.59

0


INCL

20

27

7

8.09

1.16



AND

46

48

2

4.42

2.21


3775N

GRC13

12

15

3

2.63

0.88

0


AND

42

44

2

5.33

2.67

0


AND

52

54

2

1.4

0.7

0

3810N

GRC14

21

53

32

78.7

2.46

2


INCL

27

43

16

63.9

4

0

3860N

GRC15

7

60

53

80.1

1.51

3


INCL

7

12

5

21.2

4.36

0


INCL

21

31

10

29

2.9

0


INCL

43

60

17

21.5

1.27

1


AND

67

70

3

1.81

0.6

0

3860N

GRC16

0

75

75

153

2.04

5


INCL

0

11

11

67.8

6.16

0

3900N

GRC17

29

75

46

99.2

2.16

4


INCL

32

49

17

65.7

3.86

0

3900N

GRC18

44

55

11

18.5

1.68

2

3925N

GRC19

15

18

3

3.15

1.05

0


AND

24

65

41

43.2

1.1

4

3925N

GRC20

3

23

20

17.7

0.88

3


AND

67

75

8

2.86

0.36

1


AND

79

100

21

11.4

0.54

3

3950N

GRC21

11

16

5

2.41

0.48

1


AND

57

59

2

1.99

1

0

3960N

GRC22

1

5

4

2.9

0.73

0


AND

20

40

20

11.2

0.58

4

3975N

GRC23

18

24

6

4

0.67

0

3975N

GRC24

43

51

8

15.7

1.96

0


AND

62

72

10

8.28

0.83

0

4000N

GRC25

38

65

27

26.5

0.98

4


AND

77

79

2

1.7

0.85

0

4025N

GRC26

NSI






4025N

GRC27

NSI






4075N

GRC28

NSI






4075N

GRC29

13

14

1

12

12

0

4125N

GRC30

10

13

3

1.87

0.62


3685N

GRC31

72

85

13

19.3

1.49

3


INCL

72

75

3

15.7

5.22

0

3655N

GRC32

90

96

6

9.41

1.57

1


INCL

91

92

1

5.77

5.77



AND

101

106

5

2.11

0.42

2


AND

113

119

6

25.1

4.18

0

3655N

GRC33

36

41

5

8.52

1.74

1


INCL

38

39

1

6.65

6.65



AND

51

75

24

41.5

1.73

4


INCL

52

62

10

29.2

2.92

0


INCL

69

74

5

10.5

2.098

0

3700N

GRC34

60

81

21

19.3

1.49

3


INCL

73

81

8

20.4

2.55

1


AND

90

104

14

9.23

0.66

3


INCL

90

96

6

7.25

1.21

0

3725N

GRC35

27

29

2

1.72

0.86

0


INCL

49

51

2

2.5

1.25

0


AND

64

70

6

11.4

1.9

0

3725N

GRC36

11

12

1

1.12

1.12

0


AND

26

31

5

1.69

0.34

2


AND

47

49

2

7.47

3.74

0


AND

72

74

2

3.18

1.59

0

3725N

GRC37

12

16

4

31.8

7.96

0


AND

24

26

2

2.86

1.43

0

3400N

GRC38

31

54

23

18.1

0.79

3


INCL

31

33

2

4.75

2.38

0


INCL

41

44

3

5.49

1.83

0

3400N

GRC39

NSI






GOURBASSI WEST

5200N

GRC40

NSI






5200N

GRC41

60

67

7

3.28

0.47

1

5350N

GRC42

NSI






5350N

GRC43

19

29

10

9.92

0.99

2


AND

37

58

21

37.9

1.8

2


INCL

45

54

9

31.1

3.46

0


AND

67

72

5

2.29

0.46

1

5280N

GRC44

38

43

5

1.65

0.33

2

5635N

GRC45

32

37

5

10.2

2.04

1


AND

56

60

4

2.65

0.66

1


AND

74

97

23

13.5

0.59

4


AND

117

124

7

4.24

0.6

2

5940N

GRC46

0

12

12

9.64

0.8

2


AND

16

18

2

1.71

0.86

0


AND

47

55

8

10.4

1.31

0

5940N

GRC47

1

14

13

5.33

0.41

2


AND

43

47

4

1.49

0.37

1


AND

55

60

5

2.17

0.43

2


AND

65

73

8

4.07

0.51

3


AND

78

97

19

12.1

0.63

2

6050N

GRC48

71

72

1

1.3

1.3



AND

77

89

12

17.1

1.43

0


INCL

82

88

6

13.6

2.77

0

6050N

GRC49

2

9

7

12.4

1.77

0


INCL

3

6

3

8.65

2.88

0

 

NSI: No significant Intercepts

MID: Maximum Internal dilution

 

The RC drilling programme was completed by a certified drilling service AMCO Drilling using SANDVIK UDR 650.

 

Sampling and Assaying Procedures

 

Samples have been collected at one metre intervals, which were bagged in large plastic sample bags.  All the samples collected were weighed and carried to the camp for analytical sampling. This sampling was done by multi-stage riffle splitting to reduce a 20kg - 30kg sample to a 2kg fraction to be analysed for gold.

 

All samples have been prepared and assayed at SGS certified laboratory at Kayes, Mali, using fire assay methods (FAA505) on 50g sample pulp.  AME has implemented a routine and efficient quality check system by the means of standards and blanks on a regular basis, and duplicates inserted at 25m intervals, totalling up to 16% of the assayed samples. Laboratory sample preparation and assaying was reviewed and controlled during the entire duration of the campaign.

 

All QA/QC samples retrieved from the laboratory have been checked and found to be acceptable and conform to the best practices in the mineral industry.

 

Competent Person

 

Nigel Chapman: The technical exploration and mining information contained in this Announcement has been reviewed and approved by Mr. RN Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy (CP Aus.I.M.M). Mr. Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears.

 

**Ends**

 

For further information please visit www.ameplc.co.uk or contact:

Mark Jones

African Mining & Exploration plc

Tel: +44 (0)20 7499 5881

James Maxwell / Jenny Wyllie

N+1 Singer

Tel: +44 (0)20 7496 3000

Felicity Edwards/ Charlotte Heap

St Brides Media & Finance Ltd

Tel: +44 (0)20 7236 1177

 

Notes

About AME

African Mining and Exploration plc (AIM:AME) is a West African focussed gold exploration company. AME currently has a number of prospective gold projects in Mali including its flagship 207 sq km Kossanto Gold Project located in the centre of the prospective Kenieba inlier in western Mali. It is currently exploring and developing the Kossanto Gold Project with a view to delineating its maiden JORC compliant resource. The Company is also evaluating additional opportunities to expand its portfolio and geographical focus.


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