Liberia – Aureus Mining, the West African gold junior who will produce first gold from its New Liberty gold project, recently announced that its Bea Mountain mining licence has been enlarged to include the Leopard Rock gold target.

Following this enlargement, the entire 13 km gold bearing structural corridor stretching from the Gondoja target to the Leopard Rock South target is now located within the company’s Bea Mountain Mining licence. The rights to mine are covered by the Bea Mountain Mineral Development Agreement (MDA), which provides a stable environment in respect to the legal, operational and fiscal parameters for the operations

Highlights:

  • The Bea Mountain Mining licence has been increased from 457 km2to 478 km2. This extension was undertaken in accordance with the Minerals and Mining Law for Liberia.
  • The Bea Mountain Mining licence now includes the Leopard Rock gold target. The entire 13 km mineralised gold corridor from the Gondoja target to the Leopard Rock South target, including the Ndablama target, now locates within the Bea Mountain Mining licence.
  • The gold corridor is a mineralised shear system adjacent to the contact zone between Archean Greenstones and granite. This structural zone is associated with extensive bedrock gold mineralisation and artisanal gold mining.
  • The enlargement of the licence allows for the commercial development of the entire mineralised gold corridor under the same parameters as detailed in the MDA, subject to the granting of an Environmental Permit.
  • To date, eight gold targets have been outlined within the 13 km corridor but only one of these, Ndablama, has been drill tested to a Resource level.
  • Previously reported drilling at the Leopard Rock target highlighted encouraging intercepts including:
    • 17.6 g/t over 4 m
    • 13.9 g/t over 4 m
    • 9.4 g/t over 6 m
    • 9.5 g/t over 3 m
  • The company’s exploration team is currently carrying out detailed field mapping, sampling and target preparation along the corridor in advance of a drilling campaign planned for Q1, 2016.

“The inclusion of the Leopard Rock gold target within our existing mining licence area will allow Aureus to develop the entire 13 km gold corridor under the same fiscal and operating terms as the New Liberty project. This consolidation enables us to focus our efforts solely on defining a second economic project rather than negotiating a new mineral development agreement for a portion of the corridor. We consider the gold corridor to be highly prospective and to date we have only drill tested approximately one kilometre of this area. This has resulted in the definition of over 900 000 oz at Ndablama,” says David Reading, President and CEO of Aureus Mining.

Leopard Rock Gold Target

Leopard Rock is located approximately 40 km ENE of the New Liberty deposit. The Leopard Rock gold target is contiguous to the Ndablama deposit and is part of a 13 km mineralised corridor, of which 5 km is represented by a shallow dipping shear zone (pressure shadow zone) and the remaining eight kilometres forms part of a steeper shear system ( Yambesei shear zone).

The Ndablama gold project, with its existing Mineral Resource at a 0.5 g/t cut off of 386 000 oz at 1.6 g/t gold Indicated Resources and 515 000 oz at 1.7 g/t gold Inferred Resources, is located in the 5 km pressure shadow zone.

This zone extends southwards to Leopard Rock South and is characterised by a mineralised structural zone which dips shallowly to the west and occurs close to the altered and sheared geological contact between metavolcanic rocks (ultramafic and mafic units) and the Ndablama granitoid. It is associated with extensive bedrock and artisanal gold mining. As a part of a reconnaissance programme, a phase one drilling programme was completed at Leopard Rock during the 2011-2012 exploration season with 27 diamond drill holes totalling 4,293m. The reconnaissance work included detailed geological mapping, soil geochemistry, an induced polarisation ground geophysical survey and 27 trenches covering 2,965m.

Results from the drilling and trenching outlined multiple gold zones which are hosted within a NW to SE trending shear zone over a strike length of 1.1 kilometres. The encouraging results of the initial 27 hole diamond drilling campaign at the Leopard Rock target was published in June 2012 and are detailed below.

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