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Company Statement
Created through the merger of Mano River Resources and African Aura Resources in October 2009, African Aura Mining Inc. is an established gold and iron ore exploration and development company operating in west and central Africa.
About African Aura Mining Inc.
African Aura Mining Inc. is an established TSX and AIM listed gold and iron ore development company with projects in west Africa.
The Company is managed by a team with strong track records in the discovery and development of new commercial deposits. Our focus is on the fast track development of the Company's flagship assets:
Putu Iron Project
Liberia: >1Bt resource from 20% of strike, JV with Severstal 27,000m BFS drill programme underway.
New Liberty Gold Project
Liberia: 1.4Moz gold resource, targeting 100,000oz pa production.
Current Operations
Putu, Liberia
Licence: 425 km2
Target: Haematite/Magnetite deposit with potential strike of 12km
Resource: NI 43-101 Inferred resource estimate of 1.07 Bt @ 37.6% Fe from 2.6km of strike
Location: South East Liberia 100km for Atlantic Coast
Status: 4,000m drilling program completed
Current program:27,000m drill programme and airborne survey
Ownership: 38.5% Mano River Iron Ore Holdings, 61.5% Severstal Group
In July 2009 SRK Consulting (UK) Ltd was engaged to produce a National Instrument 43-101 (NI43-101) compliant Independent Mineral Resource Estimate for the Putu Iron Ore Project based on previously announced drilling results.
The estimate for the 2.6km section of the 12km ridge drill tested to date provided an initial Inferred Mineral Resource of 1,077 million tonnes at a grade of 37.6% total of Banded Iron Formation (BIF) mineralisation.
Selected results from the 4,000m drilling programme include:
- 63.54% Fe (Haematite) over 63.0m
- 54.21% Fe (Haematite) over 54.6m
- 63.60% Fe (Haematite) over 49.5m
- 39.04% Fe (Fresh Magnetite) over 367.4m
The assay data was composited to 5 metres and used in statistical and geostatistical (Variography) studies that enabled Ordinary Kriging (OK) to be applied as the main grade interpolation method.
Current exploration programme
To date 11 drill holes have been completed to a maximum depth of approximately 400m. The drill holes were positioned to allow for an initial resource estimate and to prove the geological model. Four out of the 11 holes drilled ended whilst still in mineralization. Table 2 shows the drilling results.
Nkout, Cameroon
Ownership: 100%
Size: 1,995 km2
Target: Major geophysical anomaly > 12km in Length
Status: Grab sampling with highly encouraging grades up to 65% Fe
Current programme: Prepation for reconnaissance drilling in H2, 2009
The Nkout Iron prospect is located in the Company's Djoum licence in southern Cameroon. The project was identified from interpretation of airborne magnetic and remote sensing data in 2006 whilst investigating gold occurrences in the 150km long, Sangemalina-Djoum Archaean greenstone belt originally identified by the BRGM.
In April 2009, the Company retained GT Exploration Services of South Africa to undertake a reconnaissance sampling and mapping programme at the Nkout project in order to define areas for initial drill testing along Nkout ridge which is co-incident with an intense, 12km long aeromagnetic dipole. Reconnaissance exploration was also completed across iron targets highlighted by geophysical data on the contiguous Akonolinga and Essong licences.
Mapping has shown that the Nkout iron project comprises several hills which form a 12km, east-west striking discontinuous ridge. A total of 191 samples were taken, the first two batches of which returned a maximum grade of 68% iron and an average grade of 55% iron, excluding five samples of granite-gneiss country rock as detailed in Table 1. These assay results extend the trace of the iron rich section of Nkout to more than 8km as well as confirming the results obtained from an initial survey announced by the Company in January 2009. Detailed X-ray diffraction and optical microscopy on these previous samples showed that they comprise mainly high grade haematite and magnetite.
New Liberty, Liberia
Ownership: 100%
Size: 1,000km2
Location: North West Liberia
Resource:1.4M oz (NI 43-101) 13.533Mt M&I at 3.18g/t Au
Geology: Near vertical sheared ultramafics
Status: BFS planned for H2 2010
The New Liberty deposit is located on an east-south-east trending, highly sheared and mylonitised schist-belt within which the zone of pyritisation, veining and alteration attains a confirmed strike length of at least two kilometres, over widths of up to 100 meters. An extensive area of intensive alluvial gold mining, known as Gold Camp, has been worked for many years at the eastern end of the deposit. The discovery of primary deposits up-stream subsequently led to the development of two major hard rock artisanal mining camps approximately 400m apart, at Larjor and Kinjor (ŒKing George'). The host structure can be traced on satellite imagery and airborne geophysical maps for several kilometres beyond the current workings.
The results overall from the 2,000m 19 hole diamond drilling programme carried out in 1998/99 suggest that the gold mineralisation in the King George and Larjor sectors averages about 8m in true thickness at a grade of 6.4 g/t gold, over a combined strike length of approximately 650m. Furthermore, ongoing mapping and sampling in the vicinity of hole KGD-10 (50m @ 4.4 g/t gold), drilled 500m east of the King George sector in the East Zone, appear to be indicating that the zone of alteration may be widening in that direction. Both the King George and Larjor zones are some 400 metres long and the East Zone has to date been defined over some 225 metres and is open to the east and west. All three zones are open at depth. Geochemistry and artisanal activity suggest a possible fourth zone to the west of Larjor.
Follow-up drilling is under way, aimed at tracing extensions both east and west along strike and at depth.
The mineralisation is concentrated within sheared ultramafic komatiitic talc schists typical of Archaean greenstone belts elsewhere in the world. The shear zones are almost vertical and the sheared ultramafic rocks appear to be continuous throughout the known strike length of the mineralisation. Granite gneiss and amphibolite make up the hanging wall and foot wall respectively. Metallurgical tests of the mineralised sections carried out by Lakefield Research Limited indicate that the gold is free in form.
The outstanding feature of the New Liberty gold prospect is the scale of the artisanal workings - rarely seen in Archaean gold deposits. These workings are on a larger scale than those previously witnessed at what is now known as the 3 million ounce resource of the Resolute ex - Samax Gold "Golden Pride" mine in Tanzania. The dimensions and nature of the host lithology, strength of shearing, intensity of the hydrothermal alteration system and associated gold mineralisation, suggest that this prospect has all the hallmarks of a major gold deposit.
Batouri, Cameroon
Ownership: 100%
Size: 1,000km2
Location: Eastern Cameroon
Target: 3 prospects defined
Geology: Shallow dipping granite hosted quartz veins and stockworks
Status: Resource drilling programme at Kambele nearing completion
A recent grab sample taken from the workings returned 32g/t gold, and drilling to date has comprised 14 holes along the strike of the workings to maximum depths of 102m of which four have intercepted visible gold in the core. Assay results are pending.
African Aura has undertaken systematic prospecting, soil and stream sampling over the majority of the rest of the Batouri licence. At Djengou, a regional soil sampling programme, with samples collected at 200m intervals on 200m spaced lines, has outlined an 8km long gold in soil anomaly defined by a greater than 25ppb gold contour. The prospect coincides with a major structural lineament as observed from remote sensing data which is considered to be a potential shear zone with the same strike as the Dimako - Mongonam zone. A systematic programme of trenching is currently underway across the structure. Results from the trenching will be used to guide follow up trenching and any future drilling.
Geographical Spread
Liberia and Cameroon
Board of Directors and Key Management
| David Netherway | Independent Chairman |
| Luis da Silva | President & CEO |
| Guy Pas | Independent Director |
| David Evans | Independant Director |
| Steven Poulton | Independant Director |
| Boris Granovsky | Independant Director |
| Bevan J Metcalf | Chief Financial Officer |
Company Address41 Maiden Lane
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Additional Address/Key ContactRegistered Office: |
CapitalTotal shares in issue 52,884,456 |
Year End31 December |
Nominated BrokersEvolution Securities Limited | Nominated AdvisorsHaywood Securities Ltd |
Major Shareholders
| JP Morgan Fleming | 11.84% |
| HSBC Global Custody Nominee (UK) Limited | 10.99% |
| Eastbound Resources Ltd. | 9.56% |
| Lybica Holding BV | 6.29% |
| CDS & CO | 6.13% |
| Fidelity | 5.82% |
Related News
10/02/10 - The Imminent Listing Of Stellar Diamonds Is Further Good News For Cornerstone Investor African Aura15/10/09 - Mano River Absorbs African Aura At Last, Adopting Its Name, Its Canadian Listing, And Its Cameroon Portfolio
11/08/09 - Mano River Gets The Green Light From The Liberian Government To Get Cracking On The Million Ounce New Liberty Gold Project
08/07/09 - Mano River Moves One Step Closer To Absorbing African Aura, But There’s Plenty Else Going On In The Background Too
15/04/09 - Mano River And African Aura Merge To Create A Gold And Iron Ore Specialist With Cash In The Bank And Big, Big Plans
19/01/09 - Mano River Resources Charts A New Course In Gold, Iron Ore And Diamonds, Backed By Russian Money
Most Recent Statement
25/02/10 - Airborne Geophysical Survey Of Cameroon Iron Ore Projects18/02/10 - New Liberty Gold Project Update
27/01/10 - Stellar Diamonds Update
20/01/10 - Board Appointment
12/01/10 - Grant of Stock Options
30/11/09 - Publication of Third Quarter 2009 Financials