TSX : AUE
AIM : AUE
TORONTO, Sept. 10, 2012 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus Mining" or the "Company") is pleased to announce phase two drilling and additional trenching results from the Ndablama gold target and reconnaissance drilling and trenching results from the Gondoja gold target. The Ndablama and Gondoja gold targets are located within the Company's 100% owned Bea Mountain Mining licence in Liberia, and lie approximately 40 km North East of Aureus's flagship New Liberty Gold project.
- Final results from the latest phase of the 21 hole drilling (2,975m) and trenching at Ndablama have outlined three mineralised zones which host multiple, high and low grade intercepts. All intercepts are between surface and a maximum depth of 100m, and include:
- 7.1 g/t over 11m
- 7.6 g/t over 2.2m
- 4.8 g/t over 3.3m
- 2.0 g/t over 5m
- 1.6 g/t over 15m
- 1.1 g/t over 19m
- 7.8 g/t over 10m (trench)
- 3.8 g/t over 11m (trench)
- Geological modelling of the mineralised systems is currently in progress. Further drilling is planned to improve continuity and extend the mineralised system, which remains open in all directions. This will be possible after the rainy season ends in October.
- A ground Geophysical survey was undertaken to cover the gap between the Ndablama and Leopard Rock targets. This highlighted the possible presence of further sulphide-bearing bodies, which will require drill testing. Interpretation of the airborne geophysical data for the whole mining licence suggests that Ndablama and Leopard Rock can be linked by a broad structural zone.
- At the Gondoja gold target results have been received from a thirteen hole reconnaissance drilling programme with complimentary trenching. These results included:
- 11.7 g/t over 6m
- 14.8 g/t over 3m
- 3.6 g/t over 4.3m
- 1.2 g/t over 38m (trench)
Commenting on the exploration update, David Reading, President and Chief Executive Officer of Aureus Mining, said:
"The positive results from the drilling and trenching campaigns at Ndablama and Gondoja builds further on the exploration success Aureus has had to date. Our thorough approach to adding potential ounces to our existing reserves and resources within our Bea Mountain Mining License is a key part of our stated strategy of harnessing the vast potential of a highly prolific gold address in West Africa".
Diamond drilling programmes and trenching at Ndablama have outlined three mineralised zones with a cumulative northerly strike of one kilometre.
The Ndablama gold target is located approximately 40 kilometres ENE of the New Liberty Gold deposit and within the Company's Bea Mountain Mining License of 457 km2. Over eighteen months, 36 diamond drill holes covering 6,012 metres and 63 trenches for 3,967 metres have been completed at Ndablama. Drilling and trench results have outlined multiple gold intercepts associated with three mineralised zones referred to as the North, Main and SE zones. In each zone the mineralised system strikes in a Northerly direction and dips westwards at shallow angles ranging between 40 and 50 degrees. The diamond drilling cores demonstrate that the gold mineralisation is associated with disseminated pyrite and pyrhotite, located within sheared and altered ultramafic and mafic rocks. Intercepts often occur at the sheared contact zones between the two rock types. The ultramafic and mafic rocks have been intruded by granitic dykes. Gold intercepts vary in width and grade. All 36 holes and all trenches located within the mineralised zones are reported in tables 1 and 2 below. Previously unreported intercepts are highlighted in bold.
Table 1: Ndablama Drill Hole Results
| All Borehole values are reported from north to south within the Ndablama Target.
Bolded values represent Phase two results. Intercepts not highlighted are the
previously reported Phase one holes
| Au Grade
|Assay grade data is un-cut|
|NSV - NDD005, NDD013, NDD015, NDD022|
Table 2: Ndablama Trench results for mineralised zones
| Trench Values are reported from north to south
Bolded values represent new results. Intercepts previously reported are not
|Trench ID||From (m)|| To
| Au Grade
|Assay grade data is un-cut.|
|The following trenches fell within the three zones but yielded NSV - NT04, NT22 & NT63|
All three zones are striking in Northerly direction and dip at shallow angles to the west. The Main zone has a strike length of 500 metres, the North zone is outlined over 300 metres and the SE zone for 200 metres. Gold mineralization is associated with disseminated sulphides in sheared and altered ultramafic and mafic horizons. At this stage the Main zone has the best grade continuity. All of the zones are open at depth to the West. The Main and SE zones are still open to the South and the North zone is still open to the North. Gold in soil anomalies of 50 to 500ppb which are coincident with this zone can be traced northwards and southwards of the last drill holes and relevant trenches for a kilometres and five hundred metres respectively. The Ndablama target is similar in geology and style of gold mineralisation to Leopard rock which locates 500 metres south of the SE zone. Leopard rock geology and mineralised intercepts were reported in the Company's press release dated 12 June 2012.
Geological modelling of the three zones is currently in progress with the objective of defining further drilling for resource definition and to test potential extensions to the North and South and at depth.
Ground Geophysics survey highlights the potential for sulphide bearing zones in the gap between Ndablama and Leopard Rock
The Company has completed a ground geophysical survey for IP and magnetics which covers a 1.8 km2 area and includes the southern portion of Ndablama, the northern portion of Leopard Rock and the 500 metre gap in between these gold targets. This work has highlighted chargeable bodies between Ndablama and Leopard Rock and a new chargeability zone to the east of Ndablama and Leopard Rock at the contact between the greenstones and a granitic batholith. These targets will be the subject of follow up exploration programmes during the new field season commencing in October 2012.
Interpretation of the recently completed airborne radiometric and magnetic survey covering our mining license highlights that Leopard Rock and Ndablama locate within a broad deformation zone at the contact between the greenstone units (ultramafic and mafic horizons) and a granitic batholith. The borehole and trench results from Ndablama and Leopard Rock demonstrate that this contact zone is a favourable trap for gold bearing fluids.
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 20% of the gold corridor has been drill tested.
Gondoja Gold target - new trench and reconnaissance drill results highlight multiple intercepts over an ENE trending structural zone with a 500 strike length.
The Gondoja gold target is located 10km NE of Leopard Rock and 45km ENE of New Liberty. The area was previously explored by Mano River 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 30m grading 3.9 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 has been completed involving 13 holes (2,699 metres). Gold mineralisation at Gondoja locates at the sheared contacts between ultramafic and metabasalt rocks and is associated with disseminated arsenopyrite and pyrhotite and silicia-sericite-carbonate alteration. All results from the previous and current trenching and drilling programmes are summarized in tables 3 and 4 with current results highlighted in bold print.
Table 3: Gondoja Reconnaissance Drill Hole results
| Borehole values are reported from north to south.
Bolded values represent new results. Intercepts that have
been previously reported are not highlighted
| Au Grade
|Assay grade data is un-cut|
| NSV - GD-3, GDD006, GDD007, GDD008, GDD009,
GDD011 & GDD013. GDD012 was abandoned
|Note: GD1 - GD5 are historical boreholes|
Table 4: Gondoja Trench Results
| Trench values are reported from north to south.
Bolded values represent new results. Intercepts previously
reported are not highlighted
| Au Grade
|Assay grade data is un-cut.|
|NSV -T5, T6, GT06, GT07 & GT09|
|Note: T1 - T7 are historical Trenches.|
The Broad zone of shearing can be mapped for 600m in an ENE to WSW orientation. The borehole and trench results outline multiple intercepts over 500m and appear to close off the mineralisation to the ENE. The mineralised system is still open to the WSW and at depth. At this stage the mineralisation is characterised by very variable widths and grades but further surface work and drilling will be required in order to develop a mineralisation model.
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 235m and five diamond drill holes have been completed and results are pending. The geology of Gbalidee is very similar to Gondoja.
The following diagrams illustrate the geology and mineralisation of Ndablama and Gondoja:
Ndablama Phase One and Two Drill Holes
Leopard Rock - Ndablama Gap: Chargeability
Gondoja Trench and Drill Hole Locations
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 Inc.
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.
SOURCE: Aureus Mining Inc.
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