Positive Gold Drilling Results - Kossanto Project
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.
This information is provided by RNS
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