re: PAF.V - Pan African Mining - C$0.95
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Pan African Mining Corp. Commences Phase 2 Exploration on the Mountain of Gold
Thursday August 4, 9:00 am ET
VANCOUVER, BC----Aug 4, 2005 -- PAN AFRICAN MINING CORP. (Vancouver:PAF.V - News) (the "Company") is pleased to announce the commencement of its Phase 2 Exploration Program on its Mountain of Gold Project. The project is located in the Dabolava region of the Central-West Plateau of Madagascar. The Company's license in this region encompasses approximately 1825 sq. km. situated 125 air miles west-southwest of the capital city of Antananarivo, in the provinces of Toliary and Antananarivo.
The Phase 2 Program is designed as a follow-up to its recent discovery of a permissive zone of dilation hosting high-grade gold mineralization along the 10km. Mountain of Gold shear system. The current program is intended to generate focused drill targets to expand the zone of initial discovery at Dabolava East and to identify other similarly permissive zones along the trend. Phase 1 diamond drilling at that site yielded significant "discovery" intercepts, including 4.3 m @10.52 g/t Au and 17.2 m @ 4.04 g/t in holes DE-D-004 and DE-D-006 respectively, approximately 110 meters apart.
The significant drill results from Phase 1 confirm a permissive structural environment along with a strong gold-sulphide association. Accordingly, further geochemical and magnetic studies are now being undertaken along the Mountain of Gold shear system to define additional drill targets for the Phase 2 diamond drilling program. The present work program is being overseen by Andre J. Audet, P.Eng.
The Company has identified a strong relationship between gold-sulphide mineralization and disseminated magnetite at the Dabolava East zone. Magnetite appears to be related to the metamorphic transformation of earlier carbonate alteration generated by a substantial center of hydrothermal activity. Accordingly, the Company has now commenced a detailed ground magnetometer survey and a limited IP (induced polarization) survey that will test the key 2 km by 3km zone of known gold mineralization. Magnetic patterns associated with gold mineralization will be investigated on a 50 by 12.5 meter grid with a survey totalling approximately 50 line kilometres. Within this area, a minimum of 20 line km of IP survey will also be conducted on selected targets to investigate the distribution of disseminated sulphides and magnetite related to the shear-hosted gold mineralization. The program will be extended to prospective ground beyond the boundaries of this initial discovery zone in Dabolava East as deemed warranted.
In addition to the detailed ground magnetic and induced polarization studies being conducted in the Dabolava East zone, the Phase 2 Program will also include exploration of the entire prospect area along the Mountain of Gold shear system by means of stream sediment geochemistry and where applicable, by shallow mechanized auger drilling. The Company also plans to conduct a broad-based exploration program on the remainder of its 40 km by 60 km Dabolava tenement to identify other potentially productive zones for drilling. A combination of geochemical techniques and traditional prospecting methods will be utilised as conditions warrant. Limited geophysical surveys may be conducted on targets generated by this phase of exploration. The Company anticipates commencing its Phase 2 diamond drilling program comprising approximately 3,000 metres of drilling upon completion of the targeting work.
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties in Madagascar. The Company is exploring these properties for gold, uranium, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada, and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com
ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP.
"Irwin A. Olian"
Irwin A. Olian
Chief Executive Officer
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information, contact:
Irwin Olian
President and CEO
Email: Email Contact
Phone: 604-899-0100
Fax: 604-899-0200
Karim Gangji
Technical Operations Manager
Email: Email Contact
Phone: 604-521-6846
Fax: 604-899-0200 |
