RNS #25 Nov 2012 07:15
TIDMAME
RNS Number : 2785Q
African Mining & Exploration PLC
05 November 2012
African Mining and Exploration Plc ('AME' or 'the Company')
Kossanto Gold Prospect Moves into Resource Definition Drilling Stage
African Mining and Exploration plc, the AIM listed West African focussed gold exploration company, is pleased to announce positive check-assay results from its 207 sq km Kossanto Gold Project ('Kossanto') in western Mali.
Highlights:
-- Positive check assay results on previously reported significant mineralisation
-- Significant positive results include (see Table 1):
9m @ 11.88 g/t Au, including 2m @ 28.15 g/t
19m @ 1.87 g/t Au, including 10m @ 2.42 g/t
-- Positive check-assay results mean significant savings as it removes the need for confirmation drilling
-- Prospect moves into resource definition stage
-- 5,000m reverse circulation ('RC') resource definition drilling programme on schedule to commence in November 2012
African Mining CEO Mark Jones said, "The confirmation of grade and intercepts at Kossanto, including a peak result of 29.2 g/t Au at the shallow depth of 16m, reinforces our view that the licence area warrants significant further investment. The strong correlation between the check-assays and the existing data on the three target areas of Gourbassi East, Gourbassi West and Massakama, will greatly assist us in the drill planning process and ensure we maximise the value of our in ground investment. With a strong cash position, an imminent drill programme at Kossanto and additional opportunities in the pipeline, I look forward to updating shareholders on developments as we continue to build a West African focussed gold exploration and development company."
The Company, following the acquisition of Caracal Gold Mali SARL in July 2012 (see RNS announcement of 3 July 2012), has been actively evaluating historic data including check-assaying analysis of mineralised intercepts and reverse air blast ('RAB') drilling in order to further ascertain the prospectivity of the Kossanto licence area. This was considered essential before planning for, and committing funds to, a 5,000m RC resource definition drilling programme, targeted to commence in November 2012.
Accordingly 62 samples of pulps from Caracal's original RC drilling were submitted to ALS laboratory in Bamako for check-assaying. These were taken primarily from the three identified target areas of Gourbassi East, Gourbassi West and Massakama.
Results have now been received and they have successfully replicated the previous results, underpinning the integrity of the historic data.
Results
Results were received for 62 samples, including 2 duplicates, 2 blanks and 3 standards. The highest result was 29.2g/t. The significant intercepts of the check-assays are presented in the table below:
Table 1: Significant intercepts from the check-assaying
HOLE ID FROM TO INTERVAL