African Aura Resources Ltd. - Further encouraging results from Nkout iron project
Wed Jun 10, 9:28 AM
ca.news.finance.yahoo.com
TSX-V: AAZ
TORONTO, June 10 /CNW/ - African Aura Resources Ltd. ("African Aura" or the "Company", TSX-V: AAZ), an exploration company with iron, gold and uranium exploration activities in Cameroon and Liberia, announces that it has received initial results from further reconnaissance at the Nkout iron project on the 1,000km(2) Djoum licence in southern Cameroon.
- Strike of iron mineralisation extended to 8km at Nkout
- Reconnaissance samples return assays up to 68% Fe averaging 55% Fe
- Further prospects on contiguous Akonolinga and Essong licences
- Project strategically well located 150km northwest of 2.4 Bt Mbalam
deposit
- Merger with Mano River Resources Inc update
Nkout iron project reconnaissance results
In April 2009, the Company retained GT Exploration Services of South Africa to undertake a reconnaissance sampling and mapping programme at the Nkout project in order to define areas for initial drill testing along Nkout ridge which is co-incident with an intense, 12km long aeromagnetic dipole. Reconnaissance exploration was also completed across iron targets highlighted by geophysical data on the contiguous Akonolinga and Essong licences.
Mapping has shown that the Nkout iron project comprises several hills which form a 12km, east-west striking discontinuous ridge. A total of 191 samples were taken, the first two batches of which returned a maximum grade of 68% iron and an average grade of 55% iron, excluding five samples of granite-gneiss country rock as detailed in Table 1. These assay results extend the strike of the iron rich section of Nkout to more than 8km as well as confirming the results obtained from an initial survey announced by the Company in January 2009. Detailed X-ray diffraction and optical microscopy on these previous samples showed that they comprise mainly high grade haematite and magnetite.
Table 1. Assay results from reconnaissance samples at Nkout
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Number of
samples % Fe Main component(s) Rock type
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39 54-68 Fe(2)O(3) Haematite/ magnetite
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11 37-43 Fe(2)O(3) + SiO(2) BIF
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5 (less than)10% SiO(2) Granite-gneiss
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The remaining assay results from Nkout and the surrounding targets are expected in due course. Meanwhile an overview map showing the Nkout project and results received to date is available on the company's website at african-aura.com.
Further iron prospects identified
This phase of reconnaissance mapping and sampling has confirmed four new iron prospects:
- Ngoa Hill, located 3km to the south of Nkout on the adjacent 70%
African Aura owned Essong licence; and
- Akom Hills, being three areas to the northwest of Nkout on the
contiguous 100% owned Akonolinga licence.
Ngoa is approximately 2km long and stands some 100m higher than Nkout. Its flanks are strewn with a high proportion of enriched banded iron formation ("BIF") float with haematite +/- magnetite contents visually estimated between 70% and 100%.
The Akom Hills prospects cover a discontinuous strike length of approximately 20km based on interpreted airborne geophysical data. Mapping of the prospects has identified three separate BIF occurrences with a combined strike length of approximately 8km. Samples were collected over these occurrences including an outcrop of iron rich BIF.
Assay results from Ngoa and Akom areas are expected shortly and will be announced upon receipt and interpretation. A map showing the location of the prospects is available on the Company's website at african-aura.com.
A reconnaissance diamond drilling programme is being planned based on the results, with an initial 23 holes sited at Nkout and a further six holes sited on the Ngoa prospect.
John Gray, Chief Executive Officer, commented:
"We remain highly encouraged by ore grade assay results obtained from samples taken during this latest phase of reconnaissance, which covered an 8km section of the 12km long Nkout prospect, and the potential for further iron deposits at Ngoa and Akom. All these areas occur within a recognised iron ore province close to existing infrastructure and indicate the potential for a commercial deposit of significant total tonnage. Furthermore, all these areas are located close to the potential rail route between the 2.4 billion tonne Mbalam iron deposit to the southeast, and the proposed deep water port at Kribi on the Atlantic coast.
Separately, I am pleased to confirm that African Aura and Mano River are close to signing the definitive transaction agreement for the merger of our two companies and we look forward to providing shareholders with an update shortly."
About the Nkout iron project
The Nkout iron prospect is located on the 1,000km(2) Djoum licence which is held by the Company's 100% owned subsidiary Caminex SARL. The prospect was identified by interpretation of historic airborne magnetic and remote sensing data which defined a 12km long discontinuous ridge coincident with a magnetic dipole hosted by Archaean age rocks. The Company considers that the dimensions of Nkout and surrounding hills represent a potentially economic iron deposit. The sub-region hosts a number of significant iron deposits which are currently under exploration and development including the 2.4 billion tonne Mbalam deposit which is under development by Sundance Resources Limited and located approximately 150km southeast of Nkout.
Oversight
The exploration results and further planned work in Cameroon have been reviewed and approved by Mark Biddulph. He holds a BSc Hons in Geology, and GIS from Rhodes University, and a GDE in Mining Engineering (Mineral Economics) from the University of Witwatersrand in South Africa. Mark is a Professional Natural Scientist under the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person under National Instrument 43-101.
Sample Preparation and Assay
The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100micron at their in-country preparation facilities in Cameroon and Liberia, followed by fused bead technique and XRF analysis at their main laboratory in Loughrea, Ireland. OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board) which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement. OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.
About African Aura
African Aura (TSX-V: AAZ.V) has a 'first-mover' exploration strategy, focused on the discovery of economic iron, gold, and uranium deposits in sub-Saharan Africa. African Aura commenced exploration in 2004 and has established a portfolio of exploration licences totalling approximately 9,400km2, targeting areas of active artisanal gold mining within Archaean greenstone and Proterozoic volcano-sedimentary belts. The portfolio includes the 12km long Nkout iron project in southern Cameroon, the Batouri gold project in eastern Cameroon, the Fula Camp gold project in western Liberia, and a pipeline of significant prospects for drill testing, as well as numerous other gold, uranium and iron ore targets that require follow up exploration. African Aura trades on the TSX-V under the symbol AAZ.
Forward-Looking Statements
This press release includes certain Forward-Looking Statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding potential mineralisation and reserves, exploration results, future plans and objectives of African Aura and/ or Mano River, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements include statements concerning the completion of the transaction (including entering into the Transaction Agreement), the cash position and market capitalization of the merged company, the merged company's ability to complete future mergers and acquisitions, improvements to the liquidity in trading of the merged company's shares, the merged company's objectives and plans, and the intention of Mano River to change its name and consolidate its shares. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the failure of African Aura and Mano River to negotiate definitive agreements, and delays in obtaining or failure to obtain required regulatory and shareholder approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura and Mano River disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.
For more information concerning the reports, or to obtain additional information on the Company, please visit our website at: www.african-aura.com and SEDAR's website at: www.sedar.com or contact the Company directly.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
Contacts
African Aura Resources Ltd.
John Gray
Chief Executive
Tel: +44 (0) 207 239 4722
john.gray@african-aura.com
Cell: +44 (0) 779 616 7811
www.african-aura.com |
