Banro Corporation says that surface exploration work has identified two new gold mineralisation zones at the Namoya Summit prospect at its wholly owned Namoya project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (DRC). The ongoing exploration work at the Namoya Summit prospect includes geological mapping, channel sampling of exposures and trenching. The goal of the current exploration program is to delineate additional, near-surface resources that are within economic hauling distances of the proposed Namoya mine.
The two new gold mineralisation zones are located to the southwest and northwest of the Namoya Summit deposit. Exploration work has so far covered a strike length of 250 metres at the southwest zone and 200 metres at the northwest zone. The gold mineralisation is associated with quartz veins and stockworks which generally trend northwest – southeast and dip shallowly to the northeast. The mineralisation appears to represent a northwest trending mineralised stockwork with a width which exceeds 10 metres in places.
The exploration work on the southwest mineralisation of the Namoya Summit prospect is being continued by auger drilling to test bedrock in places that could not be accessed by trenching and channelling due to the steepness of the terrain.
Banro plans to follow up on the results of the surface exploration work at the Namoya project with a diamond drilling program in the third quarter of 2010. In March 2009, Banro’s independent geological consultant, SRK Consulting, estimated the Namoya mineral resource as 376,000 ounces measured contained in 4.68 million tonnes at 2.5 g/t, 748,000 ounces indicated contained in 12.7 million tonnes at 1.8 g/t and 407,700 ounces inferred contained in 8.46 million tonnes at 1.5 g/t.
Banro believes that the recent positive exploration results have the potential to add significantly to the Namoya resource, enhance project economics and improve the likelihood of Namoya being its next project for development following completion of the Twangiza phase one gold mine in 2011. To that end, Banro is completing a feasibility study of Namoya, which includes a comparative analysis of building a carbonin- leach (CIL) versus a heap leach plant. Discussions are also underway with various parties to construct an access road from the main N2 road to the proposed Namoya plant site.