Update on Gadzema Gold Project Exploration Dril...
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
18 May 2011
African Consolidated Resources plc ('ACR' or 'the Company')
Update on Gadzema Gold Project Exploration Drilling
African Consolidated Resources plc, the AIM listed southern African focused
resource development company, is pleased to announce interim drilling results
from its Gadzema Gold Project in the northern Midlands district of Zimbabwe
('Gadzema' or 'the Project').
Highlights
* Interim assays available for approximately 50% of a 13,000m drill programme
* Drilling covers approx 2km strike within ACR's 7km long Gadzema gold
project
* Best intercepts include;
* 6m @ 25.7 g/t from 35m - includes 2m @ 73.6 g/t (uncut)
* 14m @ 2.0 g/t from 43m
* 6m @ 5.8 g/t from 56m
* 12m @ 2.3 g/t from 86m (see Table 1 below for details)
* Style of mineralisation demonstrates amenity to bulk open-pit mining methods
* Objective to increase current JORC Inferred Resource of 746,000oz Au at
Gadzema
* Additional assays expected by the end of May 2011 followed by a updated JORC
estimate in June 2011
ACR Technical Director Michael Kellow said, "Following the 174,000oz increase in
the Gadzema Resource as reported earlier this month, these additional drilling
results further underpin the prospectivity of our Gadzema Gold Project, where we
now have significant intercepts on several zones over 7km of strike length. Â The
style of mineralisation is very amenable to bulk open-pit mining with attractive
economies of scale. Â We are expecting all drilling assays to be completed by the
end of May, with a JORC estimation completed in June."
Detailed Results
The Company commenced an intensive drilling programme in January 2011, using two
Reverse Circulation ('RC') rigs on double shifts, and a diamond coring drill
rig. Â Interim assay results have been produced for nine diamond drill holes
(BRDD 01-09) and for 45 Reverse Circulation holes (BRRC 109 -154), representing
6,700m of the total 13,000m programme. Â The remaining 6,300m drill programme is
anticipated to be completed by the end of May 2011.
The drilling has been carried out on two parallel structural/lithological
corridors, where north trending thrusting has created large quartz-sulphide
stockwork vein systems in felsic porphyry intrusions, and in adjacent banded
iron formations and talc schists. Â The system is being explored over more than
7km of strike.
The current drilling has been planned to increase the JORC Inferred Resource at
the Gadzema Gold Project, which currently stands at 746,000oz. Â Drill density
was at line spacings of 40m-80m and approximately 40m along lines, and covers
approx 2km of strike. Â Drilling tested the mineralisation, which dips steeply to
the east, to depths of 100-150m vertically below surface. Â Assays were carried
out at 1m intervals by Fire Assay method using ISO accredited laboratories in
South Africa and Zimbabwe.
Table 1: Significant Gold Intercepts, Gadzema Project
+----------+-----------+---------+--------------+---------------+
| Hole_ID | Â From (m) | Â To (m) | Interval (m) | Â Au grade g/t |
+----------+-----------+---------+--------------+---------------+
| BRRC154 | 26 | 28 | 2.0 | 2.0 |
+----------+-----------+---------+--------------+---------------+
| BRRC149 | 94 | 99 | 5.0 | 3.1 |
+----------+-----------+---------+--------------+---------------+
| BRRC144 | 35 | 41 | 6.0 | 25.7 |
+----------+-----------+---------+--------------+---------------+
| Includes | 37 | 39 | 2.0 | 73.6 (uncut) |
+----------+-----------+---------+--------------+---------------+
| BRRC143 | 105 | 108 | 3.0 | 3.7 |
+----------+-----------+---------+--------------+---------------+
| BRRC139 | 90 | 97 | 7.0 | 1.7 |
+----------+-----------+---------+--------------+---------------+
| BRRC135 | 118 | 127 | 9.0 | 1.2 |
+----------+-----------+---------+--------------+---------------+
| BRRC134 | 86 | 98 | 12.0 | 2.3 |
+----------+-----------+---------+--------------+---------------+
| BRRC134 | 66 | 69 | 3.0 | 5.8 |
+----------+-----------+---------+--------------+---------------+
| BRRC133 | 43 | 49 | 6.0 | 1.8 |
+----------+-----------+---------+--------------+---------------+
| BRRC130 | 43 | 57 | 14.0 | 2.0 |
+----------+-----------+---------+--------------+---------------+
| BRRC125 | 47 | 58 | 11.0 | 1.5 |
+----------+-----------+---------+--------------+---------------+
| BRRC124 | 78 | 82 | 4.0 | 2.6 |
+----------+-----------+---------+--------------+---------------+
| BRRC123 | 83 | 85 | 2.0 | 5.6 |
+----------+-----------+---------+--------------+---------------+
| BRRC112 | 56 | 62 | 6.0 | 5.8 |
+----------+-----------+---------+--------------+---------------+
| BRRC111 | 43 | 46 | 3.0 | 5.1 |
+----------+-----------+---------+--------------+---------------+
| BRRC109 | 115 | 126 | 11.0 | 1.2 |
+----------+-----------+---------+--------------+---------------+
1m fire assays; intercepts include up to 2m internal waste, 0.5g/t lower cutoff,
no top cut.
The technical elements of this report have been reviewed by Mr. Michael Kellow
(the Company's Technical Director). Michael Kellow (BSc) is a member of the
Australian Institute of Geoscientists (AIG) and a full-time employee of African
Consolidated Resources Plc. Mr Kellow has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the "Australian Code for Reporting of Exploration
Results, Mineral Resource and Ore Reserves" (JORC Code) and as a "qualified
person" as defined in the AIM Note for Mining, Oil and Gas Companies. Michael
Kellow consents to the publication of this report.
**ENDS**
For further information visit www.acrplc.com or please contact:
Roy Tucker         African Consolidated Resources +44 (0) 1622 816918
    plc +44 (0) 7920 189012
Michael Kellow African Consolidated Resources +263 772 239 301
plc
Andrew Godber Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Callum Stewart Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Abhishek Majumdar Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236 1177
GLOSSARY OF TECHNICAL TERMS
+----------------------------+-----------------------------------------+-------+
|Term |Explanation |Acronym|
+----------------------------+-----------------------------------------+-------+
|Au |chemical symbol for gold |Â |
+----------------------------+-----------------------------------------+-------+
|banded iron formations |chemical sedimentary rock consisting of|BIF |
| |iron and quartz | |
+----------------------------+-----------------------------------------+-------+
|diamond drilling |Drilling method using a diamond-|Â |
| |impregnated cutting bit to obtain a core| |
| |sample of rock | |
+----------------------------+-----------------------------------------+-------+
|dip |the orientation of a planar geological|Â |
| |feature relative to horizontal | |
+----------------------------+-----------------------------------------+-------+
|Felsite |silica rich igneous rock, aka felsic|Â |
| |volcanic | |
+----------------------------+-----------------------------------------+-------+
|JORC |Joint Ore Reserves Committee of the|Â |
| |Australasian Institute of Mining and| |
| |Metallurgy | |
+----------------------------+-----------------------------------------+-------+
|mineralisation |metallic minerals such as gold, base |Â |
| |metals, pyrite and arsenopyrite | |
| |incorporated in rocks | |
+----------------------------+-----------------------------------------+-------+
|quartz |silicon oxide mineral very common in|Â |
| |hydrothermal deposits | |
+----------------------------+-----------------------------------------+-------+
|resource |mineral resource as defined by the JORC|Â |
| |Code 2004 | |
+----------------------------+-----------------------------------------+-------+
|reverse circulation drilling|rotary percussion drilling whereby the|RC |
|Â |sample is returned from the cutting head| |
| |inside the rod string to surface thereby| |
| |avoiding contamination from the walls of| |
| |the hole | |
+----------------------------+-----------------------------------------+-------+
|schist |metamorphic rock with well developed|Â |
| |foliation | |
+----------------------------+-----------------------------------------+-------+
|stockworks |zone of multiple quartz filled structures|Â |
| |with individual veins often of random | |
| |orientation | |
+----------------------------+-----------------------------------------+-------+
|strike |the horizontal orientation of a planar |Â |
| |geological feature | |
+----------------------------+-----------------------------------------+-------+
|sulphide |sulphur bearing metallic mineral |Â |
+----------------------------+-----------------------------------------+-------+
|talc |magnesium iron silicate mica of |Â |
| |metamorphic origin | |
+----------------------------+-----------------------------------------+-------+
|thrust |shallow dipping fault where the upper |Â |
|Â |body of rock overrides the lower portion | |
+----------------------------+-----------------------------------------+-------+
|UNITS |Â |Â |
+----------------------------+-----------------------------------------+-------+
|g/t |grammes per metric tonne - metal |Â |
| |concentration | |
+----------------------------+-----------------------------------------+-------+
|m |metre |Â |
+----------------------------+-----------------------------------------+-------+
|oz |fine troy ounce equaling 31.1048 grammes |Â |
| |- normal unit used in selling gold | |
+----------------------------+-----------------------------------------+-------+
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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