TSX : AUE
AIM : AUE
TORONTO, June 12, 2012 /CNW/ - Aureus Mining Inc. (TSX: AUE) (AIM: AUE) ("Aureus Mining" or the "Company") is pleased to announce further drilling results from the Leopard Rock gold target and new trenching results from the Gondoja gold target. Leopard Rock is situated on the Archaen Gold exploration license and Gondoja is located within the Bea Mountain Mining license. Both licences are contiguous, 100% owned by the Company and are located in Liberia.
- Final results for the 27-hole (4,293m) diamond drilling programme at Leopard Rock returned multiple gold intercepts. New results included:
- 13.9 g/t over 4m
- 10.4 g/t over 2m
- 4.8 g/t over 4m
- 2.8 g/t over 10m
- 1.4 g/t over 9m
- 1.0 g/t over 11.5m
- The completed phase one drilling and trenching programme has outlined both high and lower grade mineralised zones along a north-west trending, gold bearing shear zone over a strike length of 1.1km. This gold system is still open in all directions and further drilling will be undertaken in H2, after the rainy season
- A 13km by 2km geochemistry survey has outlined a continuous zone of gold in soil anomalies covering multiple target areas which include Leopard Rock, Ndablama and Gondoja. Drilling is in progress along the gold corridor and programmes have been completed at Leopard Rock (27 holes for 4,293m) and Ndablama (36 holes for 6,012m). Results for the phase two drilling programme at Ndablama (21 holes for 3,345m) are pending
- At the Gondoja gold target a new trench, GT04, returned a gold intercept of 87m grading 1.4 g/t, including 7m at 13.1 g/t. This trench is located 50m south of historical borehole GD4 which returned an intercept of 36m at 3.3 g/t. A diamond drilling programme is currently in progress at this site involving 10 holes for 1,500m
- An airborne geophysical survey for magnetics and radiometrics has been completed over the Company's total license portfolio in Liberia. The survey covers an area of 546km2 at an optimal flight height of 100m above the surface. Processed and interpreted images of the data highlight numerous new target areas for follow up exploration work
Commenting on the exploration update, David Reading, President and Chief Executive Officer of Aureus Mining, said:
"The drill results from Leopard Rock and Gondoja provide further positive indications of a significant mineralized system over a strike of 13km and attest to the highly prospective Archean terrains within our mining license. We are looking forward to further drilling results during Q2 and we plan to undertake generative studies over our license portfolio during the forthcoming rainy season in order to grow our exploration pipeline".
Leopard Rock - trenching and diamond drilling programmes outline multiple gold zones within a shear zone which is still open to the NW and SE
The Leopard Rock gold target is located approximately 40km ENE of the New Liberty deposit within the Archaen Gold exploration license. A phase one exploration programme has now been completed at this target and includes soil geochemistry, geological mapping, 27 trenches covering 2,965m and 27 drill holes totalling 4,293m. Results from the drilling and trenching have outlined multiple gold zones which are hosted within a NW to SE trending shear zone over a strike length of 1.1km. The diamond drilling cores demonstrate that the gold mineralisation is associated with disseminated pyrite, pyrhotite and arsenopyrite, located within sheared and altered ultramafic rocks at the contact with metabasalt rocks. The ultramafic and metabasalt rocks have been intruded by granitic dykes. Gold zones vary from thin (1-4 metres) higher grade (+5 g/t) bodies to wider intercepts (8-20 metres) grading 0.5 to 2.0 g/t. All of the gold zones dip at a shallow angle of 45 degrees to the SW. The results for the 27-hole programme are given in Table 1 below:
|Borehole ID|| From
|Au Grade g/t|
|Assay grade data is un-cut.|
| NSV - LDD003, LDD015, LDD018, LDD021, LDD025 and LDD027
Values shown in italics previously reported in February 2012
The Leopard Rock gold target is still open to the NW and SE. Gold in soil anomalies extend for a further kilometre NW to the Ndablama target. An induced polarisation, ground geophysical survey is currently in progress in this area to define further targets for drilling. In the SE the gold in soil anomaly associated with the Leopard rock mineralisation can be traced for a further 500m and results for a further four trenches are still pending for this extension.
Further drilling programmes at Leopard rock will focus on the NW and SE extensions as well as infill drilling into the current gold zones, outlined by the previous drilling programme.
Exploration programmes highlight +13km gold corridor extending from Leopard rock to Gondoja. Phase two drilling programme completed at Ndablama covering 21 holes for 3,345 metres.
A 13km by 2km geochemistry survey has outlined a continuous zone of gold in soil anomalies with values up to 6 g/t in the soil. This work has highlighted multiple targets which include Leopard Rock, Ndablama and Gondoja and at least three other areas. The gold in soil anomalies have been drill tested and trenched at Ndablama and Leopard Rock, and now this work has commenced at Gondoja. In all cases, this work has returned gold mineralisation within the bedrock confirming the source of the soil anomalies. To date only 15% of the gold corridor has been drill tested.
Drilling is in progress along the gold corridor and programmes have been completed at Leopard Rock (27 holes for 4,293m) and Ndablama (36 holes for 6,012m). Results for the phase two drilling programme at Ndablama (21 holes for 3,345m) are pending.
Gondoja Gold target - new trench result highlights a mineralised zone grading 87m at 1.4 g/t and including 7m at 13.1 g/t.
The Gondoja gold target is located 10km NE of Leopard Rock and is one of the areas within the +13km gold corridor. The area was previously explored by Mano River Resources in 1999 to 2000 and results from seven trenches and four drill holes were reported in 2000. The trench results showed grades of between 1 and 2 g/t over wide widths of 20m to 64m. Five diamond drill holes were drilled in various orientations with a best intercept of 36m grading 3.3 g/t from hole GD4.
The Company's exploration teams have recently undertaken geological mapping, trenching and diamond drilling programmes at the Gondoja target. A total of seven trenches have been excavated for 577m and a diamond drilling programme is in progress with 7 holes from a 12 hole programme (2,300 metres) completed to date. Results from the first trench, GT04, have been received and highlight a mineralised interval of 87 metres grading 1.4 g/t and including 7 metres grading 13.1 g/t. This mineralised zone locates 50m SW of historical hole GD4. Gold mineralisation at Gondoja locates at the sheared contact between ultramafic and metabasalt rocks and is associated with disseminated arsenopyrite and pyrhotite and silicia-sericite-carbonate alteration. The gold-bearing shear zone has been mapped for 600m in a NE to SW orientation and is still open in both directions. Gold in soil anomalies have been defined for over four kilometres in a NE-SW direction in this area. At the Gbalidee target, locating two kilometres SW of Gondoja, four trenches for 235 metres have been completed and a programme of 8 diamond drill holes is planned. The geology of Gbalidee is very similar to Gondoja.
Results from trench GT04 and the historical trenches and drill holes are summarised in table 2 below:
|Trench ID|| From
|Au Grade g/t|
|Borehole ID|| From
|Au Grade g/t|
|Assay grade data is un-cut.|
| NSV - T-5, T-6 and GD-3
GT04 is a part of the new trenching programme
Airborne Geophysical surveys outline major structural zones for follow up exploration programmes
The company has completed a comprehensive airborne geophysical survey for radiometric and magnetics which covers the license portfolio of 549km2. Line spacing was at 50m and 100m and flying height was at an optimal 100m above the surface. Processed and interpreted images of the data highlight numerous structural zones and lithological contacts which are considered to be priority areas for follow up exploration work. This work will commence after the rainy season, in November 2012.
Diagrams of Leopard Rock, Ndablama, Gondoja and the airborne geophysical survey
The geology, soil geochemistry and sections of Leopard Rock are illustrated in the following link: http://aureus-mining.com/wp-content/uploads/2012/06/Leopard-Rock.pdf
Ndablama geology and dill locations are illustrated in the following link:
The geology of Gondoja and the associated soil geochemistry on this area are illustrated in the following link:
Selective images of the airborne survey are illustrated in the following link:
The Company's Qualified Person responsible for preparing 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.
Assay and sampling information are taken from the Company's database as prepared on New Liberty site by the project geologists. Drill core is split on site and sent under custody to the Alex Stewart-OMAC sample preparation facility in Monrovia where pulps are prepared and dispatched to the OMAC laboratory in Ireland for analysis by fire assay with an atomic absorption finish.
Quality control and quality assurance procedures include the regular and methodical implementation of field duplicates, blank samples, standards and laboratory repeats as well as regular and specific programmes of re-assaying and umpire laboratory assaying.
About Aureus Mining
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project"), which has an estimated Reserve of 873,000 ounces of gold grading 3.1 g/t and an estimated Measured and Indicated Mineral Resource of 1,143,000 ounces of gold grading 3.6 g/t and an estimated Inferred Mineral Resource of 593,000 ounces of gold grading 3.2 g/t. A technical update for the New Liberty gold project was released in February 2012, derisking and building on the robust PEA, filed in December 2010. The project is expected to have an eight year mine life and annual production of 123,000 ounces for the first four years.
The New Liberty Gold Project is located within the Bea Mountain mining license which covers 457 km² and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2012. The contiguous Archaen Gold exploration licence is also a focus of exploration for 2012, with Leopard Rock being the main target.
The Company also has gold assets within exploration properties 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 Preliminary Prospectus of Aureus Mining Inc. dated April 20, 2011, 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 www.aureus-mining.com.
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 exploration.
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.
For further information:
Aureus Mining Inc.
David Reading / Jeremy Cave
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