Resource Definition Drilling Completed at Kossanto

RNS Number : 3066V

African Mining & Exploration PLC

11 January 2013

 



11 January 2013

African Mining and Exploration Plc ('AME' or 'the Company')

Resource Definition Drilling Completed at Kossanto Gold Prospect

African Mining and Exploration plc (AIM:AME), the AIM listed West African focussed gold exploration company, is pleased to announce the completion of a resource definition drilling programme at its 207 sq km Kossanto Gold Project ('Kossanto') located in the highly prospective Kenieba inlier in western Mali.

Overview

·    3,136m reverse circulation ('RC') drilling programme completed following positive check-assay results at Kossanto which included 9m at 11.88g/t Au with 2m at 28.15 g/t, and 19m at 1.87 g/t Au with 10m at 2.42 g/t

·    Programme primarily targeted Gourbassi East area where a mineralised structure of 900m strike length, which remains open, has been identified, and also drill tested the Gourbassi West target area

·    Further positive check-assay results received on previously identified mineralisation in a trench resampling programme at Gourbassi East undertaken November 2012 with significant intercepts including 13m at 0.93 g/t and 23m at 0.68 g/t

·    To date over 2,000 samples have been submitted to an accredited laboratory and results will be announced in due course

·    Aim to delineate a maiden JORC compliant resource at Kossanto in H1 2013

African Mining CEO Mark Jones said, "The completion of the resource definition drilling programme at Kossanto represents a significant milestone for the Company.  The RC drilling programme, which primarily focussed on the Gourbassi East target where high grade intercepts and a mineralised structure of 900m strike length had been identified, will help with our aim of delineating a maiden JORC compliant resource in H1 2013.  The programme also drill tested the Gourbassi West target and going forward it is our intention to complete further exploration work over the Massakama target area with the aim of further defining the prospectivity of Kossanto. We look forward to updating the market on the results of our RC drilling programme in due course."

Further Information

The 3,136m RC drilling programme follows on from the positive check-assay results reported over three target areas, Gourbassi East, Gourbassi West and Massakama at Kossanto, and a trench re-sampling programme at Gourbassi East.

Check-assaying was undertaken by the Company following the acquisition of Caracal Gold Mali SARL in July 2012 to evaluate historic data.  The results, which included positive intercepts including 9m at 11.88g/t Au with 2m at 28.15g/t Au and 19m at 1.87g/t Au with 10m at 2.42g/t Au replicated and re-confirmed the significant intercepts received from Caracal Gold's previous exploration. See RNS release on 05/11/12 for full results.

The trench re-sampling programme was completed in November 2012 and concentrated on deepening and re-sampling specific trenches that were to be targeted by the drilling programme. The intercepts confirmed previously discovered mineralisation with significant intercepts including 13m at 0.93 g/t and 23m at 0.68 g/t.

The drilling programme focussed on the Gourbassi East target area which is a prospect characterised by a SE striking mineralised zone along a clear lithological contact. Previous soil sampling, trenching and RC drilling had identified a 900m strike length to the mineralised zone, which is open along strike in both directions. Previous results included 22m at 1.59 g/t (including 15m at 2.18 g/t) in one of the RC drill holes. Mineralisation is related to the contact between Rhyolite and Rhyodacite units and a clear chargeable and resistive structure as indicated by IP surveys is present. During the drilling programme 2,246m were drilled at the Gourbassi East prospect.

It is the Company's intention to define a JORC compliant resource at Gourbassi East in H1 2013.

There are two other target areas at Kossanto - Gourbassi West and Massakama. The Gourbassi West prospect lies approximately 3.7km WNW of Gourbassi East and appears to be analogous with its clear SSE striking zone of mineralisation associated with felsic volcanic rocks running for almost 1km. A previous IP Survey identified a highly anomalous chargeable structure, which correlates to the SSE to NNW trending mineralisation and was confirmed by positive trench results including 28m at 0.96 g/t and 33m at 1.08 g/t. Previous RC drilling intersected significant mineralisation and areas of strong alteration and sulphidisation with peak intercepts of 17m at 2.05 g/t, including 9m at 3.06 g/t and 6m at 1.8 g/t, including 3m at 3.01 g/t. The structure is open along strike in both directions. During the drilling programme 890m were drilled at the prospect.

The third target area is Massakama, which is in the western portion of the Kossanto permit area. The mineralisation at Massakama is hosted by a strongly silicified green volcanic rock characterised by skarn-type alteration and is associated with quartz veins orientated SSE and along the sheared contacts between intrusive bodies and host rock. Previous trenching and RC drilling have both intersected anomalous gold grades. Previous trenching results across the alteration included intersections of 36m at 0.55 g/t and 22m at 0.74 g/t; previous RC drilling results included a high grade intersection of 16m at 9.5 g/t just 13m below surface and 8m at 18.5 g/t. The high grade mineralisation is not well understood at this stage, and it is AME's intention to conduct detailed geological mapping and RC chip re-logging to gain a better understanding of the prospect's mineralisation prior to potentially commissioning a drilling campaign.

Mali Update

The Company notes that, following recent political changes, business has continued as normal in the southern part of the country and the Company's drilling programme and other operations continued without interruption.

**ENDS **

For further information please visit www.ameplc.co.uk or contact:

Mark Jones	African Mining & Exploration plc	Tel: [phone]
James Maxwell / Jenny Wyllie	N+1 Singer	Tel: [phone]
Felicity Edwards/ Charlotte Heap	St Brides Media & Finance Ltd	Tel: [phone]

Notes

About AME

African Mining and Exploration plc (AIM:AME) is a West African focussed gold exploration company. AME currently has a number of prospective gold projects in Mali including its flagship 207 sq km Kossanto Project located in the centre of the prospective Kenieba inlier in Western Mali. It is currently exploring and developing the Kossanto Project with a view to delineating its maiden JORC compliant resource. The Company is also evaluating additional opportunities in West Africa to expand its portfolio and geographical focus.

Competent Person

The technical information contained in this announcement has been reviewed and approved by Mr Douglas D Chikohora. Mr Chikohora (MSc, MIMMM., CEng) has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr Chikohora is a Director of African Mining & Exploration Plc.

 

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