23 January 2012
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Initial Drilling at Guinean Gold Project
Intercepts Significant Gold Mineralisation
SMA announces that it has identified wide intervals of
significant gold, including 6.40 grammes per tonne
("gpt") over nine metres, 2.58 gpt over 14 metres
and 2.08 gpt over 24 metres, intersected in initial drill
holes at the Company's Mandiana-Magana project in the
Republic of Guinea, West Africa.
The property is located within the productive Siguiri gold
region close to Gold Fields' Yanfolila multi-million
ounce gold development project in Mali and is the site of
extensive artisanal gold mining which, prior to this
programme, had never been drilled or evaluated by modern
exploration methods.
John Barry, SMA's Director of Exploration, commented:
"These initial results are very encouraging. Over
9,000 artisanal pits had already indicated the length and
width of gold mineralisation and this initial drilling
programme has now also confirmed gold mineralization at
depth.
"Equally important - the deep weathering and oxidization
to depths of up to 120 metres indicate the potential for
low-cost, open-pit bulk mining.
"These drilling results cutting broad intervals of
mineralization in excess of 1 gpt are for the most part very
comparable to the initial results from RC drilling
encountered at the Komana Prospect within the nearby
multi-million ounce Yanfolila gold resource in Mali.
This relatively small initial drilling programme
together with the extensive footprint of shallow artisanal
excavations confirms to the Company that it is exploring in a
very large gold-bearing system which now clearly warrants a
major programme of resource delineation drilling."
The drill program tested two major northwest-trending zones
of mineralization:
Yagbelen and Woyondjan, identified and defined by extensive
artisanal mine workings and traceable for several kilometres
within the project area. The program included 21
reverse circulation drill holes (309 metres) and 4 diamond
core holes (313 metres) drilled to maximum depths of 150
metres in profiles across both zones.
Principal results for the reverse circulation holes are
summarized below:
|
Interval (m)
| |
Grade
| |
Drill Hole
|
From
|
To
|
Length
|
gpt Gold
|
Zone
|
Prospect
|
| | | | | | |
RCY 07 |
56 |
79 |
23 |
1.13 |
Yagbelen |
Folontou |
| | | | | | |
and |
101 |
132 |
31 |
1.54 | | |
| | | | | | |
RCY 11 |
62 |
76 |
14 |
2.58 |
Yagbelen |
Foulinibe |
| | | | | | |
RCY 12 |
9 |
26 |
17 |
2.07 |
Yagbelen |
Foulinibe |
| | | | | | |
RCY 13 |
44 |
52 |
8 |
1.03 |
Yagbelen |
Daoulemba |
| | | | | | |
and |
57 |
59 |
2 |
2.97 | | |
| | | | | | |
and |
71 |
76 |
5 |
1.92 | | |
| | | | | | |
and |
109 |
123 |
14 |
1.46 | | |
| | | | | | |
RCY14 |
39 |
44 |
5 |
1.42 |
Yagbelen |
Daoulemba |
| | | | | | |
RCY 15 |
0 |
12 |
12 |
0.88 |
Yagbelen |
Daoulemba |
| | | | | | |
RCW 19 |
10 |
13 |
3 |
2.57 |
Woyondjan |
Woyondjan Main |
| | | | | | |
and |
23 |
30 |
7 |
1.27 | | |
| | | | | | |
and |
121 |
132 |
11 |
2.39 | | |
| | | | | | |
RCW 20 |
65 |
67 |
2 |
2.36 |
Woyondjan |
Woyondjan Main |
| | | | | | |
RCW 21 |
0 |
24 |
24 |
2.08 |
Woyondjan |
Woyondjan Main |
| | | | | | |
and |
49 |
52 |
3 |
1.04 | | |
| | | | | | |
and |
99 |
108 |
9 |
6.4 | | |
| | | | | | |
RCW 22 |
103 |
119 |
16 |
1.06 |
Woyondjan |
Woyondjan Old |
| | | | | | |
RCW 23 |
42 |
49 |
7 |
1.77 |
Woyondjan |
Woyondjan Old |
| | | | | | |
RCD 03 |
63 |
76 |
13 |
1.05 |
Woyondjan Ext. |
Damantere |
| | | | | | |
and |
97 |
107 |
10 |
1.1 | | |
Notes:
1. Composited assays for
the above Table were calculated at a cut off grade of 0.3 gpt
gold.
2. Mineralised intervals
presented above do not represent true widths. All drill holes
are inclined 50° WSW except RCY-07 and 08 which were inclined
ESE. The Company currently interprets the mineralized
zones to dip moderately to the northeast but, until
structural analysis through measurements of oriented cores
has been carried out, geometry cannot be reliably understood.
3. A map showing positions of the
drill holes can be viewed below.
Eighteen of the twenty-one drill holes were concentrated
along four profiles across the main areas of artisanal mining
within the Yagbelen and Woyondjan Zones. The results
confirm significant gold mineralization, indicated in earlier
SMA pit sampling, with 19 of 21 holes containing at least 1
gpt gold in one metre intervals and 10 holes containing an
average grade of +1 gpt gold over at least 10 metres.
The results also suggest continuity both along the
interpreted northwest strike between drill profiles and at
depth in overlapping holes on the same section. Hole
RCD-03, containing 1.05 gpt gold along 13 metres at the
Damantere prospect some 2.5 km northwest of the Main
Woyondjan workings, demonstrates potential strike extent well
beyond the main areas of artisanal mining. A highlight of the
drilling results was a one metre intercept assaying 50.3gpt
(repeat analysis 56.7gpt gold) from 106 metres in RCW-21.
Results were also received for two diamond drill-holes
completed at the start of the programme. This method of
drilling through the intensely weathered oxidised zone was
abandoned because of very poor core recovery (averaging below
50 percent) rendering results unreliable. There was
enough core to send samples for assay and DHY-02
intersected 3.34 metres averaging 14.7 gpt gold from 8.66
metres and 3 metres averaging 8.97 gpt from 40 metres.
What this only qualitatively indicates is that DHY-02
also intersected gold mineralization and that this area
should be redrilled.
The mineralized zones tested are intensely weathered and
oxidized to vertical depths up to 120 metres in all drill
holes. While no metallurgical test work has been
carried out the deep weathering and oxidation has potentially
favorable implications for good gold recoveries using
conventional technology and low cost bulk mining by open pit
methods.
Cash at bank at the end of December 2011 was slightly in
excess of £1.2 million, so the Company has the resources to
complete the next phase of exploration, which will consist of
a further 5,000 metres of RC drilling, probably with some
diamond tails to test the strike extension of the mineralised
zones.
In the meantime the Company is continuing to progress
exploration at its other exploration projects in Guinea,
principally, Marela, Dalagna, and Kouroussa - which will
assist in identifiying the best potential drill
targets.
Shareholders will be kept informed of material developments
as they occur.
Qualified Person
The technical information in this release has been reviewed
by John Barry, P.Geo, a Competent or Qualified Person as
defined by PERC, JORC and NI 43-101.
Quality Assurance/Quality Control (QA/QC)
Samples are sent to the ALS laboratory in Bamako in Mali.
ALS is part of the ALS Group, which is a global leader
in the provision of analytical services to the international
mining industry. At the lab in Bamako samples were
prepared (code Prep 22-2) and then decomposed by fire assay
(code Au-AA26) with AAS finish. The entire sample is dried,
coarse crushed and pulverized to better than 85 % of the
material passing through a 75 micron (Tyler 200 mesh) screen.
A split of 250g is then pulverized to better than 85%
passing 75 micron and homogenised. A 50g sample is then
decomposed by fire assay fusion FA-FUS03 & FA-FUS04and
analysed by atomic absorption spectroscopy (AAS).
ALS Chemex has developed and implemented a Quality Management
System (QMS) at each of its laboratories. ALS Chemex
laboratory operations are covered by ISO 9001:2000
certification for the "provision of assay and
geochemical analytical services" by QMI Quality
Registrars, and accredited to ISO 17025 standards in various
jurisdictions. All laboratories are operating under the
same quality system and use the same standard operating
procedures (SOP). : The ALS (Chemex) Laboratory in
Bamako is working under a combination of ALS Chemex Vancouver
and Johannesburg supervision. At ALS Chemex an internal
Quality Control Group coordinates all inter-lab round robin
work, and also directs all laboratories to participate in
various external proficiency testing programs.
ALS Chemex QA/QC involves the preparation of every 50th
sample at the crushing stage and 20th sample at the
pulverization stage are tested for fineness by screening.
Samples are analysed in batches of 24which includes
one, blank, certified reference material (standard) and two
repeats. In addition SMA inserts one standard, blank
and duplicate in every 20 samples submitted to the
laboratory.
Ends
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
David Pearl, F.C.A. - Chairman
+353 696 8961
david.pearl@pearlcp.com
John Barry - Exploration Director
+353 87 669 5608
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs/Bidhi Bhoma - Corporate Finance
Jerry Keen - Corporate Broking
+44 207 408 4090
RIVINGTON STREET CORPORATE FINANCE, JOINT BROKER
Jon Levinson - Corporate Broking
+44 207 562 3357
SQUARE1 CONSULTING LIMITED
David Bick/Mark Longson
+44 207 929 5599
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