TIDMASO
RNS Number : 5289I
Avesoro Resources Inc.
22 March 2018
22 March 2018
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
HIGH-GRADE INTERSECTIONS FROM NEW LIBERTY INFILL DRILLING
AND EXPLORATION UPDATE
Avesoro Resources Inc., ("Avesoro" or the "Company"), the TSX
and AIM listed West African gold producer, is pleased to provide
assay results for the first 29 holes of its extended 55 hole infill
drilling programme at the New Liberty Gold Mine ("New Liberty") in
Liberia, as well as an update on its exploration activities in
Liberia and Burkina Faso.
Highlights:
-- 55 hole infill drilling campaign completed targeting the
upgrade of a significant portion of Inferred Resources at New
Liberty;
-- Results to date indicate that the mineralised zones
intersected by the drilling are in general wider, or of higher
grade, than predicted by the mineral resource model; and
-- Assay results reported to date show high grade intercepts including:
o K497: 26 metres grading 8.49g/t Au (from 176 metres);
o K501: 42 metres grading 3.17g/t Au (from 255 metres);
o K502: 43 metres grading 2.65g/t Au (from 304 metres);
o K510: 22 metres grading 4.50g/t Au (from 361 metres);
o K507: 13 metres grading 7.33g/t Au (from 304 metres);
o K503: 30 metres grading 3.17g/t Au (from 240 metres)
o K516: 11 metres grading 7.30g/t Au (from 350 metres);
o K508: 21 metres grading 3.43g/t Au (from 331 metres);
o K525: 14 metres grading 4.16g/t Au (from 341 metres); and
o K522: 15 metres grading 3.47g/t (from 404 metres).
Serhan Umurhan, Chief Executive Officer of Avesoro Resources,
commented: "The results from the first stage of the infill drilling
programme at New Liberty have been extremely encouraging and add
further momentum to the exploration success we delivered during H2
2017 in Burkina Faso and our 2018 goal of increasing our mineral
resource inventory and subsequently increasing the mine lives at
our New Liberty, Youga and Balogo mines.
The infill programme was designed to increase the confidence
level of the continuity of the New Liberty orebody by targeting an
area of the mineral resource model containing 275,000 ounces of
inferred resources to higher categories of confidence, and in turn
potentially increasing the Mineral Reserve at New Liberty. In terms
of grade and width, results to date improve on the current model
and we anticipate, upon receipt of the final assays, to be able
upgrade significant areas of Inferred Resource into the Indicated
Resource category."
New Liberty Infill Drilling Programme
The previously announced 14,000 metre infill drilling programme
at New Liberty was extended to 19,500 metres for 55 holes. The
objective being to convert into the Indicated Mineral Resource
category, a substantial portion of the 3.5 million tonnes ("Mt") of
Inferred material at a grade of 2.8g/t Au (containing 315koz of
gold) contained in the NI 43-101 Technical Report dated November 1,
2017, of which 3.0Mt at a grade of 2.85g/t Au (containing 275koz of
gold) is located below the current designed pit floor, but lies
within the US$1,300 pit shell.
The 55 hole drilling programme has now been completed, and assay
results from the first 29 holes compare favourably to the mineral
resource model and, in most cases, demonstrate that the
mineralisation is either wider, or contains higher grade
mineralised zones, than previously modelled.
The Company expects to receive the remaining assay results
during April 2018. An updated Mineral Resource estimate will then
be prepared, and work undertaken to examine the potential of
further upgrading this material to Mineral Reserves.
The link below details a plan map and cross sections from the
infill drilling programme:
https://avesoro.com/wp-content/uploads/2018/03/New-Liberty-Infill-Figures.pdf
Exploration Update
Liberia
The Company continues to make good progress with its exploration
programme for 2018 that was announced on February 1, 2018. The
Company currently has four diamond drill rigs operating in Liberia,
with an additional six drill rigs expected to be mobilised during
Q2 2018. Two of these drill rigs are currently active at New
Liberty undertaking a 7-hole 6,500 metre drill programme designed
to test the plunge of the ore shoots to vertical depths of 900
metres, whilst the two other rigs are currently being mobilised to
the Ndablama target, located 35 kilometres east of New Liberty, to
commence a resource conversion and infill drilling campaign.
The objective of the Ndablama drilling campaign is to increase
the confidence of the mineral resource classification within the
previously published Indicated Mineral Resource of 7.6Mt grading
1.6g/t Au (containing 386koz of gold) and Inferred Mineral Resource
of 9.6Mt grading 1.7g/t Au (containing 515koz of gold) reported in
the NI 43-101 Technical Report dated December 1, 2014. The Company
has also commenced a study to determine the economic potential of
trucking this material to New Liberty for processing to examine
whether these ounces can also be included in the New Liberty
Mineral Reserve base. Additionally, representative samples have
been dispatched to the Company's in-house metallurgical laboratory
for detailed metallurgical testing.
At the Silver Hills target, located approximately 15 kilometres
north east of the New Liberty Mine, the Company has also commenced
access road and drill pad preparations for a 7,000-metre drill
programme that is expected to commence later in the year, with two
additional new drill rigs currently being mobilised to Liberia for
this programme.
Burkina Faso
At the Gassore East target, located approximately 2 kilometres
from the Youga processing plant, drilling has now been completed
with internal resource modelling, pit design and optimisation
studies nearing completion. Management is confident that this work
will add further mine life to the Youga Gold Mine beyond that
reported in the NI 43-101 Technical Report dated June 19, 2017.
At the Gassore West targets, drilling has commenced with three
diamond rigs currently active undertaking a 42-hole 8,800 metre
drill programme designed to test mineralisation identified during
the 2017 trenching programme. Moreover, four of the ten additional
new diamond drill rigs that the Company has mobilised have now
arrived at the Youga Gold Mine and are currently undergoing
commissioning.
Within the Zerbogo and Songo permits, located to the
west-southwest of the Youga processing plant, soil sampling and a
29,500-metre trenching programme has commenced. The soil sampling
programme aims to test the north-western strike continuity of the
Gassore trend into the Songo permit, whilst the trenching programme
aims to confirm the northeast-southwest trending anomalies across
both the Zerbogo and Songo permits identified by historic
studies.
At Ouaré, located 36 kilometres north east of the Youga
processing plant, camp construction has now been completed and an
exploration team has mobilised to commence trenching at five
targets in close proximity to the main mineralised zone. Drill pad
preparation is continuing and drilling is expected to commence
during Q2 2018, with 65,000 metres of drilling and 20,000 metres of
trenching budgeted for the licence in 2018.
The initial phase of the Ouaré drilling campaign is designed to
twin some of the historic reverse circulation drill holes and to
undertake an infill drilling campaign to upgrade the confidence
level and classification of the published Indicated Mineral
Resource of 5.1Mt grading 1.39g/t Au (containing 228.3koz of gold)
and Inferred Mineral Resource of 7.2Mt grading 1.8g/t Au
(containing 406koz of gold), and in turn inform a study which aims
to examine whether some of the higher confidence material included
within the Mineral Resource can be further upgraded into the
Mineral Reserves category, with Probable Mineral Reserves currently
standing at 2.6Mt grading 1.67g/t Au (containing 141koz of
gold).
Contact Information
Avesoro Resources Inc.
Geoff Eyre / Nick Smith
Tel: +44(0) 20 3874 4740
Camarco finnCap
(IR / Financial PR) (Nominated Adviser and
Gordon Poole / Nick Hennis Joint Broker)
Tel: +44(0) 20 3757 4980 Christopher Raggett / Scott
Mathieson / Emily Morris
Tel: +44(0) 20 7220 0500
Berenberg Hannam & Partners (Advisory)
(Joint Broker) LLP
Matthew Armitt / Charlotte (Joint Broker)
Sutcliffe Rupert Fane / Ingo Hofmaier
Tel: +44(0) 20 3207 7800 / Ernest Bell
Tel: +44(0) 20 7907 8500
Appendix 1: New Liberty Infill Programme Drill Results
Hole From (m) To (m) Width (m)* Au (g/t)
ID
------ --------- ------- ----------- ---------
K496 223 224 1 1.34
------ --------- ------- ----------- ---------
238 240 2 2.33
------ --------- ------- ----------- ---------
243 250 7 3.07
------ --------- ------- ----------- ---------
K497 176 202 26 8.49
------ --------- ------- ----------- ---------
224 225 1 0.64
------
K499 176 177 1 3.33
------ --------- ------- ----------- ---------
194 197 3 6.88
------ --------- ------- ----------- ---------
199 202 3 0.93
--------- ------- ----------- ---------
205 206 1 1.93
239 246 7 0.88
------
K500 180 183 3 0.73
------ --------- ------- ----------- ---------
197 198 1 1.37
------ --------- ------- ----------- ---------
215 225 10 3.94
--------- ------- ----------- ---------
259 265 6 1.87
--------- ------- ----------- ---------
268 269 1 1.07
------
K501 231 241 10 1.47
------ --------- ------- ----------- ---------
255 297 42 3.17
------
K502 304 347 43 2.65
------ --------- ------- ----------- ---------
350 357 7 0.8
------ --------- ------- ----------- ---------
K503 240 270 30 3.17
------ --------- ------- ----------- ---------
271 275 4 0.8
------
K504 335 338 3 1.18
------ --------- ------- ----------- ---------
341 345 4 3.09
------ --------- ------- ----------- ---------
357 363 6 2.73
--------- ------- ----------- ---------
374 380 6 6.96
--------- ------- ----------- ---------
386 388 2 1.13
--------- ------- ----------- ---------
391 393 2 0.63
------ --------- ------- ----------- ---------
K505 282 283 1 2.21
------
K506 234 248 14 1.94
------ --------- ------- ----------- ---------
264 275 11 0.95
------ --------- ------- ----------- ---------
307 308 1 0.58
------ --------- ------- ----------- ---------
K507 304 317 13 7.33
------ --------- ------- ----------- ---------
328 333 5 3.54
------
363 365 2 0.83
------ --------- ------- ----------- ---------
K508 331 352 21 3.43
------ --------- ------- ----------- ---------
366 372 6 3.12
------ --------- ------- ----------- ---------
399 400 1 1.06
------ --------- ------- ----------- ---------
K509 277 293 16 0.84
------ --------- ------- ----------- ---------
319 327 8 1.53
------ --------- ------- ----------- ---------
K510 361 383 22 4.5
------ --------- ------- ----------- ---------
407 427 20 2.06
------ --------- ------- ----------- ---------
452 462 10 0.5
------
K511 213 217 4 3.62
------ --------- ------- ----------- ---------
K512 279 280 1 1.6
------ --------- ------- ----------- ---------
331 333 2 0.08
------ --------- ------- ----------- ---------
K513 334 338 4 1.03
------ --------- ------- ----------- ---------
342 349 7 6.19
------ --------- ------- ----------- ---------
404 405 1 0.65
------
K514 330 332 2 0.88
------ --------- ------- ----------- ---------
339 355 16 2.58
------ --------- ------- ----------- ---------
368 370 2 1.3
375 379 4 0.93
406 408 2 1.39
------
K515 387 393 6 0.86
------ --------- ------- ----------- ---------
457 462 5 0.6
------
K516 350 361 11 7.3
------ --------- ------- ----------- ---------
431 434 3 1.38
------
K517 293 299 6 3.81
------ --------- ------- ----------- ---------
327 333 6 4.58
------ --------- ------- ----------- ---------
361 364 3 8.22
------ --------- ------- ----------- ---------
K518 328 332 4 2.06
------ --------- ------- ----------- ---------
370 371 1 1.04
------
K519 360 371 11 2.54
------ --------- ------- ----------- ---------
433 434 1 2.73
------ --------- ------- ----------- ---------
K520 357 359 2 4.15
------ --------- ------- ----------- ---------
K521 356 357 1 1.1
--------- ------- ----------- ---------
K522 404 419 15 3.47
------ --------- ------- ----------- ---------
K523 327 332 5 0.8
--------- ------- ----------- ---------
K524 366 374 8 6.28
------ --------- ------- ----------- ---------
446 447 1 0.61
------ --------- ------- ----------- ---------
K525 341 355 14 4.16
------ --------- ------- ----------- ---------
K537 148 150 2 1.54
------ --------- ------- ----------- ---------
155 171 16 2.27
------ --------- ------- ----------- ---------
Samples in progress
------ ------------------------------------------
K538 144 150 6 1.45
------ --------- ------- ----------- ---------
161 163 2 3.26
------ --------- ------- ----------- ---------
K539 190 202 12 0.56
------ --------- ------- ----------- ---------
214 227 13 0.7
------ --------- ------- ----------- ---------
K540 233 242 9 0.9
------ --------- ------- ----------- ---------
251 262 11 0.94
------ --------- ------- ----------- ---------
K547 349 358 9 1.6
------ --------- ------- ----------- ---------
376 383 7 3.2
------ --------- ------- ----------- ---------
* It is estimated that true width
is approximately 90% of the drilled
width stated above.
--------------------------------------------------
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX") and the
AIM market operated by the London Stock Exchange ("AIM"). The
Company's assets include the New Liberty Gold Mine in Liberia (the
"New Liberty Gold Mine" or "New Liberty") and the Youga and Balogo
Gold mines in Burkina Faso ("Youga" and "Balogo").
New Liberty has an estimated proven and probable mineral reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated measured and indicated mineral resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated inferred
mineral resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in an NI 43-101 compliant Technical Report dated November 1,
2017 and entitled "New Liberty Gold Mine, Bea Mountain Mining
Licence Southern Block, Liberia, West Africa" and is available on
SEDAR at www.sedar.com.
Ndablama has an estimated indicated mineral resource of 7.6Mt
with 386,000 ounces of gold grading 1.6 g/t and inferred mineral
resource of 9.6Mt with 515,000 ounces of gold grading 1.7 g/t.
Weaju has an inferred mineral resource of 2.7Mt with178,000 ounces
of gold grading 2.1 g/t. The foregoing Mineral Resource estimates
and additional information in connection therewith is set out in an
NI 43-101 compliant Technical Report dated December 1, 2014 and
entitled "Ndablama and Weaju Gold Projects, Bea Mountain Mining
Licence Northern Block, Liberia, West Africa" and is available on
SEDAR at www.sedar.com.
Youga and Balogo have a combined estimated proven and probable
mineral reserve of 9.3Mt with 513,000 ounces of gold grading 1.7g/t
and a combined estimated indicated mineral resource of 16.05Mt with
801,600 ounces of gold grading 1.55g/t and a combined inferred
mineral resource of 13Mt with 655,000 ounces of gold grading
1.57g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith is set
out in two NI 43-101 compliant Technical Reports, dated June 16,
2017 entitled "Mineral Resource and Mineral Reserve Update for the
Balogo Project" and dated June 19, 2017 and entitled "Mineral
Resource and Mineral Reserve Update for the Youga and Ouaré
Projects" and are available on SEDAR at www.sedar.com.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark J. Pryor, who holds a BSc
(Hons) in Geology & Mineralogy from Aberdeen University, United
Kingdom and is a Fellow of the Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr.Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an
independent technical consultant with over 25 years of global
experience in exploration, mining and mine development and is a
"Qualified Person" as defined in National Instrument 43 -101
"Standards of Disclosure for Mineral Projects" of the Canadian
Securities Administrators and has reviewed and approved the
scientific and technical disclosures contained in this
announcement.
Forward Looking Statements
Certain information contained in this press release constitutes
forward looking information or forward looking statements with the
meaning of applicable securities laws. This information or
statements may relate to future events, facts, or circumstances or
the Company's future financial or operating performance or other
future events or circumstances. All information other than
historical fact is forward looking information and involves known
and unknown risks, uncertainties and other factors which may cause
the actual results or performance to be materially different from
any future results, performance, events or circumstances expressed
or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "would", "project", "should", "believe", "target",
"predict" and "potential". No assurance can be given that this
information will prove to be correct and such forward looking
information included in this press release should not be unduly
relied upon. Forward looking information and statements speaks only
as of the date of this press release.
Forward looking statements or information in this press release
include, among other things, statements regarding the upgrading of
mineral resource categories to higher levels of confidence, and
statements regarding the completion of infill drilling, trenching
and other exploration activities.
In making the forward looking information or statements
contained in this press release, assumptions have been made
regarding, among other things: general business, economic and
mining industry conditions; interest rates and foreign exchange
rates; the continuing accuracy of Mineral Resource and Reserve
estimates; geological and metallurgical conditions (including with
respect to the size, grade and recoverability of Mineral Resources
and Reserves) and cost estimates on which the Mineral Resource and
Reserve estimates are based; the supply and demand for commodities
and precious and base metals and the level and volatility of the
prices of gold; market competition; the ability of the Company to
raise sufficient funds from capital markets and/or debt to meet its
future obligations and planned activities and that unforeseen
events do not impact the ability of the Company to use existing
funds to fund future plans and projects as currently contemplated;
the stability and predictability of the political environments and
legal and regulatory frameworks including with respect to, among
other things, the ability of the Company to obtain, maintain, renew
and/or extend required permits, licences, authorizations and/or
approvals from the appropriate regulatory authorities; that
contractual counterparties perform as agreed; and the ability of
the Company to continue to obtain qualified staff and equipment in
a timely and cost-efficient manner to meet its demand.
Actual results could differ materially from those anticipated in
the forward looking information or statements contained in this
press release as a result of risks and uncertainties (both foreseen
and unforeseen), and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indicators of whether or not such results will be achieved. These
risks and uncertainties include the risks normally incidental to
exploration and development of mineral projects and the conduct of
mining operations (including exploration failure, cost overruns or
increases, and operational difficulties resulting from plant or
equipment failure, among others); the inability of the Company to
obtain required financing when needed and/or on acceptable terms or
at all; risks related to operating in West Africa, including
potentially more limited infrastructure and/or less developed legal
and regulatory regimes; health risks associated with the mining
workforce in West Africa; risks related to the Company's title to
its mineral properties; the risk of adverse changes in commodity
prices; the risk that the Company's exploration for and development
of mineral deposits may not be successful; the inability of the
Company to obtain, maintain, renew and/or extend required licences,
permits, authorizations and/or approvals from the appropriate
regulatory authorities and other risks relating to the legal and
regulatory frameworks in jurisdictions where the Company operates,
including adverse or arbitrary changes in applicable laws or
regulations or in their enforcement; competitive conditions in the
mineral exploration and mining industry; risks related to obtaining
insurance or adequate levels of insurance for the Company's
operations; that Mineral Resource and Reserve estimates are only
estimates and actual metal produced may be less than estimated in a
Mineral Resource or Reserve estimate; the risk that the Company
will be unable to delineate additional Mineral Resources; risks
related to environmental regulations and cost of compliance, as
well as costs associated with possible breaches of such
regulations; uncertainties in the interpretation of results from
drilling; risks related to the tax residency of the Company; the
possibility that future exploration, development or mining results
will not be consistent with expectations; the risk of delays in
construction resulting from, among others, the failure to obtain
materials in a timely manner or on a delayed schedule; inflation
pressures which may increase the cost of production or of
consumables beyond what is estimated in studies and forecasts;
changes in exchange and interest rates; risks related to the
activities of artisanal miners, whose activities could delay or
hinder exploration or mining operations; the risk that third
parties to contracts may not perform as contracted or may breach
their agreements; the risk that plant, equipment or labour may not
be available at a reasonable cost or at all, or cease to be
available, or in the case of labour, may undertake strike or other
labour actions; the inability to attract and retain key management
and personnel; and the risk of political uncertainty, terrorism,
civil strife, or war in the jurisdictions in which the Company
operates, or in neighbouring jurisdictions which could impact on
the Company's exploration, development and operating
activities.
This press release also contains Mineral Resource and Mineral
Reserve estimates. Information relating to Mineral Resource and
Mineral Reserve contained in this press release is considered
forward looking information in nature, as such estimates are
estimates only, and that involve the implied assessment of the
amount of minerals that may be economically extracted in a given
area based on certain judgments and assumptions made by qualified
persons, including the future economic viability of the deposit
based on, among other things, future estimates of commodity prices.
Such estimates are expressions of judgment and opinion based on the
knowledge, mining experience, analysis of drilling results and
industry practices of the qualified persons making the estimate.
Valid estimates made at a given time may significantly change when
new information becomes available, and may have to change as a
result of numerous factors, including changes in the prevailing
price of gold. By their nature, Mineral Resource and Mineral
Reserve estimates are imprecise and depend, to a certain extent,
upon statistical inferences which may ultimately prove unreliable.
If such Mineral Resource and Mineral Reserve estimates are
inaccurate or are reduced in the future (including through changes
in grade or tonnage), this could have a material adverse impact on
the Company and its operating and financial performance. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. 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.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, the Company cannot provide assurance that actual
results or performance will be consistent with these
forward-looking statements. The forward looking information and
statements included in this press release are expressly qualified
by this cautionary statement and are made only as of the date of
this press release. The Company does not undertake any obligation
to publicly update or revise any forward looking information except
as required by applicable securities laws.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDKMGZFMMLGRZZ
(END) Dow Jones Newswires
March 22, 2018 03:01 ET (07:01 GMT)
Avesoro Resources (LSE:ASO)
Historical Stock Chart
From Apr 2024 to May 2024
Avesoro Resources (LSE:ASO)
Historical Stock Chart
From May 2023 to May 2024