Aureus confirms further intercepts at Ndablama gold project in Liberia

27 January 2014 (Last Updated January 27th, 2014 18:30)

Aureus Mining has confirmed further gold drilling intercepts from the phase four programme at the Ndablama gold project in Liberia.

Aureus Mining has confirmed further gold drilling intercepts from the phase four programme at the Ndablama gold project in Liberia.

The Ndablama gold target is situated within the northern block of Aureus Mining's Bea Mountain mining licence in Liberia, and is located 40km north-east of the company's New Liberty gold project.

Aureus undertook the drilling on the down dip extensions to the current inferred mineral resource of 451,000oz at 2.1g/t Au using a 0.5g/t cut-off.

"The company said the latest results confirm continuity of the mineralised system down dip for a further 130m with intercepts starting at 90m below surface and the mineralised body is open in all directions."

Intercepts include 3.0g/t over 33m from 109m, 3.5g/t over 18m from 96m, 1.2g/t over 33m from 99m, and 1.3g/t over 24m from 107m.

The company said the latest results confirm continuity of the mineralised system down dip for a further 130m with intercepts starting at 90m below surface and the mineralised body is open in all directions.

Aureus Mining president and chief executive David Reading said: "Our work along the 5km corridor is demonstrating that we are dealing with an extensive mineralised system and we are very excited about the opportunity that this new goldfield presents for our shareholders."

Aureus Mining's assets include the New Liberty gold deposit in Liberia, which has an estimated proven and probable reserve of 924,000oz of gold grading 3.4g/t.

The New Liberty gold deposit also has an estimated measured and indicated mineral resource of 1,143,000oz of gold grading 3.63g/t and an estimated inferred mineral resource of 593,000oz of gold grading 3.2g/t.

Aureus completed a definitive feasibility study on the project and construction has started with initial earthworks.

The project is expected to have a mine life of eight years, with an annual production of 119,000oz for the first six years.

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