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TORONTO, Nov. 11, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus Mining" or the "Company") is pleased to announce maiden
NI 43-101 resources for the Ndablama and Weaju gold projects
("Ndablama", "Weaju"). Ndablama and Weaju are located within the
Company's 100% owned, Bea Mountain Mining licence in Liberia, and are
situated respectively 40 and 30 km north-east of Aureus' flagship New
Liberty Gold project.
An Inferred Mineral Resource of 451 000 ounces at 2.1 g/t Au has been
estimated using a 0.5 g/t cut-off.
The resource has been defined that strikes north for 650 metres and down
to a maximum depth of 120 metres below surface.
The mineralised body is open in all directions and the following is
Gold mineralisation locates within sheared and altered metavolcanics
which dip shallowly to the west.
Gold mineralisation is still open at depth. The last phase of drilling
intersected the ore zone at depths of 80 to 110 metres below surface
and highlighting grades of 4.1 g/t over 43 metres and 4.3 g/t over 27
Outside of the defined resource area, trenching and additional drilling
has defined a northerly extension of one kilometre and includes
intercepts of 82 metres at 2.1 g/t and 19 metres at 1.1 g/t.
The next phase of diamond drilling will commence in November 2013, the
focus will be on expanding the current resource. Definition drilling
programmes will be undertaken over at least a kilometre in the
north-south direction and down dip to vertical depths of 250 metres
Ndablama forms part of a 13 kilometre gold corridor which locates close
to a granite contact. Six gold projects have been identified to date
through drilling and trenching programmes.
A shallow, westerly dipping shear structure is identified over five
kilometres of the thirteen kilometre zone covering an area from Leopard
Rock South to Ndablama Far North.
Further reconnaissance drilling, trenching and geological mapping will
be undertaken in 2014 to test the whole pressure shadow zone.
An Inferred Mineral Resource of 178 000 ounces at 2.1 g/t Au has been
estimated using a 1.0 g/t cut-off.
Gold mineralisation is associated with discrete, shallow dipping and
westerly plunging bodies within three zones referred to as the Main,
Northern and Ridge zones.
The plunging mineralised shoots are open at depth. The Main zone is also
open along strike to the south-west and pitting and soil results
highlight a potential extension of at least 500 metres.
Further drilling will be undertaken in 2014 to test the shallow depth
extensions of the known plunging mineralised shoots and to locate new
ones in the potential south-west extension.
Commenting on the Resources, David Reading, President and Chief
Executive Officer of Aureus Mining, said:
"The maiden resources for Ndablama and Weaju increase the Company's
resource inventory to approximately 2.4 million ounces. At Ndablama we
believe that we have discovered a new goldfield and there is
considerable opportunity to continue to expand the resource base. The
potential highlighted by our exploration work confirms our strategy of
positioning Liberia as an exciting new gold district in West Africa."
Ndablama and Weaju resource estimates
The Ndablama and Weaju resource estimates were prepared by AMC
Consultants (UK) Limited ('AMC') in accordance with the requirements of
National Instrument 43-101 "Standards of Disclosure for Mineral
Project", of the Canadian Securities Administrators ("NI-43-101″).
Resource Statements for the Ndablama and Weaju Gold Deposits, Liberia.
AMC Consulting (UK) Limited, November 11 2013.
Mineral Resources for the Ndablama deposit are reported at a cut-off
grade of 0.5 g/t Au and for the Weaju deposit at 1.0 g/t Au.
The effective date of the Ndablama and Weaju gold deposit mineral
resource estimates is 11 November 2013.
Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as indicated and measured mineral
Totals and average grades are subject to rounding to the appropriate
Tonnage and Grade Sensitivities at Various Cut-off Grades
Further details can be found at:
The Ndablama gold target is located within the Company's 457 km2, 100% owned, Bea Mountain Mining licence in Liberia, and is situated
approximately 40 kilometres north-east of Aureus' flagship New Liberty
Gold project. A total of 54 diamond drill holes covering 8,314 metres
and 63 trenches for 3,967 metres have been completed at the Ndablama
gold target and span 1.65km of a Northerly striking mineralised system.
The resource estimation work in this release only covers 650 metres of
the mineralised system, which is effectively the Central and SE zones
of the deposit. The North zone still requires further drilling. The
mineralization is located within a sheared package of ultramafics and
mafic rocks intercalated within a gneiss sequence overlying a granite
batholith. The mineralization has a shallow westerly dip reaching on
average 30° and striking to the North. It has been drill investigated
to a maximal vertical depth of 130 metres below surface. It remains
open along strike and down dip, where grade and mineralization
thickness often improves as described in the Company press release on
the Phase three drilling results published on 11 July 2013.
The resource has been calculated based on drill holes covering a strike
length of 650 metres (45 drill holes and 6,876 metres) and comprising
the Central and South East Zones of Ndablama. The target remains open
down dip and along strike.
At Ndablama North Zone, gold mineralization has been traced by trenching
over another 1 km in a Northerly direction and includes additional
diamond drilling over the first 300 m. Results for this zone were
presented in the Company's press release of 10 September 2012.
Highlights of this exploration work include:
19 metres at 1.1 g/t from a depth of 16 metres in borehole NDD026
8 metres at 1.1 g/t from a depth of 4 metres in borehole NDD014
82 metres at 2.1 g/t from trench NT17
9 metres at 2.1 g/t from trench NT62
Follow up drill testing is scheduled for H1 2014.
The Ndablama resource and wire frame modelling is based on 45 diamond
holes (6,876 metres).
For the purposes of resource estimation at Ndablama, two identified
mineralised zones, named Central and South East respectively, were
constrained within wireframed mineralised shells, defined using a
nominal 0.1 g/t Au threshold. Intersections of gold mineralisation of
variable thicknesses and grades have been used within the broad
enveloping host. The wireframe of this host is typically 60 m in width
and tapers to the south.
Statistical analyses, variography and grade estimation were undertaken
using one metre samples (compositing not required) within the
mineralised zones. Grade estimation was completed using Localised
Multiple Indicator Kriging, using estimation panels of 20 m x 20 m x 10
m, and selective mining unit dimensions of 5 m x 5 m x 5 m. Search
volumes were aligned with the orientation of the encompassing
No capping was applied to gold assays prior to grade estimation.
However, the influences of very high grades were constrained by
application of the median gold value for the highest indicator bin.
Bulk densities were estimated using inverse distance squared weighting.
Ndablama is situated within a pressure shadow zone which forms part of a
thirteen kilometre gold corridor
Ndablama is situated within a 13 kilometre zone of continuous gold in
soil anomalies which straddle the geological contact between a granite
batholith and a Metavolcanic rock package. This anomalous zone has been
trenched and drill tested at six sites and in all cases bedrock gold
mineralisation has been identified. To date, less than 20% of the 13
kilometre gold anomaly has been tested. Gold mineralisation is
associated with alteration and disseminated sulphides and is related to
shear deformation which follows the granite-metavolcanic contact zone.
Two geological domains have been identified and are referred to as the
Northern shear corridor and the pressure shadow zone and these are
respectively situated on the northern and western edges of the
batholith contact. On the western edge, shallow westerly dipping
shearing occurs in a zone interpreted as a pressure shadow area of the
batholith. This area extends over 5 kilometres from Leopard Rock to
Ndablama Far North.
Eight hundred metres south east of Ndablama, the Leopard Rock target has
been drilled at a reconnaissance level and demonstrated shallow
westerly dipping gold mineralisation which is very similar to Ndablama
and can be followed for a further 800 metres to the SE.
The northern shear corridor extends over 8 kilometres. Work to date has
highlighted three projects (Koinja, Gbalidee and Gondoja) for which
steeply dipping, shear hosted mineralisation was intersected within
both trenches and drill holes.
Follow up drilling programmes will focus on defining extensions to the
current resource as well as the rest of the five kilometre pressure
Ndablama, Ndablama Far North and Leopard Rock gold projects all locate
within the pressure shadow zone of five kilometres and will be the
subject of multi-phased drilling programmes. The primary, short term,
objective is to expand the current Inferred Resource through further
down dip drilling and drill testing of the potential northerly
extension of one kilometre. The Company's exploration team are also
focused on further geological mapping, trenching and drill testing of
the whole five kilometre pressure shadow zone from Ndablama Far North
to the southern portion of Leopard Rock. These are the principal
objectives to be achieved within the current field season from November
2013 to June 2014.
The Weaju gold target is located less than 30km NE of the New Liberty
Gold deposit within the Company's Bea Mountain Mining License of 457 km2. Mano River, the former license holder, drilled 48 diamond holes during
the period 2000 to 2005. From November 2012 to June 2013, Aureus
completed a drill programme of 81 holes for approximately 9,635m.
Results from recent Aureus programmes were reported in March and June
The geology at the Weaju target consists of a sequence of folded
ultramafic rocks which are enveloped by Archean gneisses and intruded
by various generations of granite and pegmatite. This package of rocks
has been subjected to shearing and folding which led to the gold
mineralisation event. Gold is associated with disseminated sulphides
and intense hydrothermal alteration involving silicification and the
introduction of phlogopite, sericite, tourmaline and magnetite.
The gold mineralisation occurs on both north and south limbs of an
asymmetrical synform (North and Main zones) and within the fold closure
(Ridge zone). The North zone dip is variable due to folding and ranges
from 40 to 70 degrees in the S-SW direction. The Main zone dips steeply
at 50 to 60 degrees to the N-NW. The Ridge zone is linked by folding
and locate in the nose of the synform. Dips are variable from shallow
to steep. Gold mineralisation has been identified at shallow levels
from surface to 50 metres in the Main and Ridge zones and over 100
metres in the North zone.
The Weaju resource estimate and wireframe modelling is based on 115
diamond core holes (12,888 metres).
The Weaju mineralisation has been constrained as ten distinct domains
interpreted from a combination of gold grade shells and the structural
geology of the deposit, and further partitioned according to weathered
and fresh rock. Drillhole samples within the mineralised domains were
composited to 2.0 m and grade capping was applied to composites within
six of the eighteen sub-domains.
Gold grades were estimated independently into each domain, using 10 m x
10 m x 10 m model blocks, by either ordinary kriging or inverse
distance squared weighting. Search volumes were aligned according to
the gross orientations of each domain.
Bulk densities were assigned using sample average values for each block
model domain and weathering horizon.
Weaju Main Zone is open to the SW
Gold mineralization within the Main and North zones is associated with
discrete, shallow dipping and westerly plunging bodies that remain open
at depth. The Main zone is open to the SW where soil results and
pitting highlighted a potential extension of at least 500 m. The North
zone is also open along strike to the West where subtle soil anomalies
have been defined. Mineralization in the Ridge zone is shallow dipping
and some sections to the far east with good trench results remain
untested. Surface work will continue testing the above mentioned
extensions and will be followed in 2014 by further drilling designed to
test the newly defined projects as well as the shallow depth extensions
of the known plunging ore shoots.
Sampling and QA / QC
Drill core is split on site and samples are despatched under custody to
the SGS Laboratory in in Monrovia
All samples collected by Aureus are analysed using aqua regia digestion
and fire assay analysis with an atomic absorption finish. Assay quality
control protocols include the submission of commercial certified
reference standards, blanks, field duplicates, pulp duplicates and
umpire control samples. Standards are inserted into the sample stream
at a frequency of 1 in 10. All other quality control samples are
submitted at a frequency of 1 in 20. Assay quality control samples are
reviewed on a monthly basis. Aureus also submits samples for screened
fire assay analysis.
Aureus will file a NI 43-101 compliant technical report on the Mineral
Resource estimates for Ndablama and Weaju. The report will be available
within 45 days at www.sedar.com and on the Company's corporate website www.aureus-mining.com.
The Qualified Person responsible for preparing the resource estimate and
the technical Resource information presented in this press release is
Mr Chris Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC Consultants (UK)
The Company's Qualified Person responsible for preparing the geology and
exploration portion of this release is David Reading, who holds a MSc
in Economic Geology from University of Waterloo, Canada and is a Fellow
of the Institute of Materials, Minerals and Mining. David Reading is
the President and CEO of Aureus Mining Inc. and consents to the
inclusion in the announcement of the matters based on their information
in the form and context in which it appears and confirms that this
information is accurate and not false or misleading.
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia
(the "New Liberty Gold Project" or the "Project"), which has an
estimated proven and probable reserve of 924,000 ounces of gold grading
3.4 g/t and an estimated measured and indicated mineral resource of
1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred
mineral resource of 593,000 ounces of gold grading 3.2 g/t. A
Definitive Feasibility Study has been completed on the Project and
construction has commenced with initial earthworks. The Project is
expected to have an 8 year mine life and annual production of 119,000
ounces for the first 6 years of production. The Company has financed
the Project's equity funding requirement, has mandated two banks for a
project debt facility that have received credit committee approval, and
has mandated one bank for a subordinated debt facility.
The New Liberty Gold Project is located within the 100% owned Bea
Mountain mining licence, which covers 457 km² and has a 25 year,
renewable, mineral development agreement. The Bea Mountain mining
license also hosts additional gold projects of Ndablama, Gondoja and
Weaju, which are the focus of exploration programs during 2013.
Ndablama has an inferred mineral resource of 451,000 ounces of gold
grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000
ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence,
which covers 89 km², is also a focus of exploration for 2013, with
Leopard Rock being the main target.
The Company also has gold exploration permits in Cameroon.
This press release contains certain forward-looking information. All
information, other than information regarding historical fact, that
addresses activities, events or developments that Aureus Mining
believes, expects or anticipates will or may occur in the future is
forward-looking information. Forward-looking information contained in
this press release includes, but may not be limited to, the future
plans and objectives of Aureus Mining and their anticipated future
growth, mineral resource estimates and the anticipated exploration and
development activities of Aureus Mining. The foregoing and any other
forward-looking information contained in this press release reflects
the current expectations, assumptions or beliefs of Aureus Mining based
on information currently available to Aureus Mining. With respect to
the forward-looking information contained in this press release, Aureus
Mining has made assumptions regarding, among other things: general
business, economic and mining industry conditions; and it has also been
assumed that no material adverse change in the price of precious and/or
base metals occurs, no unusual geological or technical problems occur
and no significant events occur outside of the normal course of Aureus
Mining's respective business.
Such forward-looking information is subject to a number of risks and
uncertainties that may cause actual results or events to differ
materially from current expectations, including: risks normally
incidental to exploration and development of mineral properties;
uncertainties in the interpretation of results from drilling and test
work; the possibility that future exploration, development or mining
results will not be consistent with expectations; uncertainty of
mineral resources estimates; adverse changes in precious and/or base
metal prices; and future unforeseen liabilities and other factors
including, but not limited to, those listed under "Risk Factors" in the
Annual Information Form of Aureus Mining Inc. dated March 20, 2013 a
copy of which is available on SEDAR at www.sedar.com, and in the Aureus
Mining Admission Document, a copy of which is available at
Any mineral resource figures referred to in this press release are
estimates and no assurances can be given that the indicated levels of
minerals will be produced. Such estimates are expressions of judgment
based on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
Aureus Mining believes that the mineral resource estimates in respect
of their respective properties are well established, by their nature
mineral resource estimates are imprecise and depend, to a certain
extent, upon statistical inferences which may ultimately prove
unreliable. If such mineral resource estimates are inaccurate or are
reduced in the future, this could have a material adverse impact on
Aureus Mining, as applicable. Due to the uncertainty that may be
attached to inferred mineral resources, it cannot be assumed that all
or any part of an inferred mineral resource will be upgraded to an
indicated or measured mineral resource as a result of continued
Forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable law, Aureus Mining
disclaims any obligation to update or modify such forward-looking
information, either as a result of new information, future events or
for any other reason.
SOURCE: Aureus Mining Inc.
For further information:
Aureus Mining Inc.
David Reading / Paul Thomson
Tel: +44(0) 20 7257 2930
Bobby Morse / Gordon Poole
Tel: +44(0) 20 7466 5000
RBC Capital Markets (Nominated Adviser and Joint Broker)
Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000
GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800