LONDON, UNITED KINGDOM--(Marketwire - Feb. 4, 2013) - Amara Mining plc (formerly Cluff Gold plc)(AMA.L)(TSX:AMZ), the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce the results of the final 16 holes of the 106 hole, 2011/2012 sulphide drilling programme at its Yaoure Project in Côte d'Ivoire.
- All of the 106 holes drilled have encountered mineralisation
- Drill results to date continue to confirm the potential for a large, moderate-grade sulphide deposit underlying the previously mined oxide resources at Yaoure
- Significant intercepts including:
- 6.2m at 3.4g/t from 384.0m in hole YDD0071
- 9.0m at 5.1g/t from 377.0m in hole YDD0102
- 13.0m at 5.6g/t from 392.0m in hole YDD0110
- Inferred mineral resource update targeted for Q1 2013
Peter Spivey, Chief Executive Officer of Amara, commented:
"These final drilling results continue to demonstrate Yaoure's potential to become an important part of Amara's portfolio. It is particularly encouraging that all the holes have encountered mineralisation, suggesting we have not yet defined the limits of the deposit and providing scope for further exploration. Work is ongoing on the resource update, which we expect will deliver a significant increase on Yaoure's current resources."
The diamond drilling programme at Yaoure concluded in early November 2012, with a total of 23 holes (1,967 metres) drilled in 2011 and a further 83 holes (29,988 metres) drilled in 2012. All 106 holes encountered mineralisation and the results of the final 16 holes, plus the remaining 7 of the 11 deepened holes(i), are reported in the Appendix. A drilling map is available on Amara's website at http://www.amaramining.com/Operations/Yaoure.
In line with the previously reported drilling results, these latest results continue to confirm the potential for a large-scale sulphide deposit underlying the previously mined oxide resources at Yaoure. Amara's focus is on the wider, moderate-grade, shallow-dipping zones of mineralisation where continuity is being established. It is expected that the thinner, higher grade sub-vertical cross-cutting veins with frequent visible gold will enhance the overall grade of the orebody.
Amara has now drilled out an area with an across-strike width of 1km targeting both the Yaoure Central and CMA mineralisation on drill fence lines with an average spacing of approximately 160m by 160m. Every hole drilled to date in the current drilling programme at Yaoure has intersected mineralisation. The confirmation of mineralisation in these final holes suggests that the extent of the orebody has not yet been defined. Therefore a key element of Amara's strategy at Yaoure for 2013 is to continue step-out drilling with the intention of understanding the full extent of the mineralisation associated with the Yaoure Central and CMA pits. In addition, in-fill drilling is being conducted to demonstrate the level of continuity of the higher grade intercepts reported.
Amara expects to announce a significant increase on the existing Yaoure Central resource (249,000 ounces - 4.9Mt at 1.6g/t(ii)) in Q1 2013 based on the results of the 2011/2012 drilling campaign.
Phase one of a metallurgical test campaign to understand the leaching kinetics of the mineralised material at Yaoure has been completed where variability leach and CIL recoveries averaged well in excess of 90%. The results also confirmed the non-refractory nature of the gold mineralisation and will be reported in full with the resource update.
Phase two of the test work, which is designed to identify the optimal processing route, will include tests such as heavy medium separation, gravity, flotation, the effect of grind and simulated heap leach via coarse bottle rolls. This test programme is expected to be completed by the end of May 2013 and the results will be announced thereafter.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, drilling results, resource calculations and potential future production at Yaoure, and future capital plans and objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, the Company's ability to delineate sufficient sulphide resources for the development of a CIL/CIP operation, risks related to international operations, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined as well as future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
The diamond drilling programme at Yaoure was undertaken by two independent drilling contractors. Drill cores for assaying were taken at a maximum of two metre intervals, typically one metre, and were cut with a diamond saw with one-half of the core placed in sealed bags. The core samples were sent to the Intertek sample preparation facility in Yamoussoukro, Côte d'Ivoire, prior to fire assay, mainly at Intertek Minerals Ltd in Accra, Ghana, but also at the SGS laboratory in Tarkwa, Ghana). In addition, two batches of samples (two holes) were sent to Bureau Veritas in Abidjan, Côte d'Ivoire, for sample preparation and fire assay. The core samples were crushed down to minus 2 mm, with half the sample then being pulverised down to 85% passing 75 microns, prior to analysis for gold by fire assay using a 50 g sample. As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted. The laboratories used are independent of the Company.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.
(i) The results of the initial 4 of the 11 deepened holes are set out in the news release entitled "Further Drilling Results from Yaoure Gold Project", dated 03 December 2012
(ii)Encompassed within the 169,000oz (3.4Mt at 1.6g/t) in measured mineral resources and 123,000oz (2.2Mt at 1.7g/t) in indicated mineral resources set out in the Company's 2010 Annual Report. See also the technical report titled, "Technical Review of the Angovia Gold Mine, Mount Yaoure, Côte d'Ivoire" dated 16 October 2008 and filed on SEDAR
APPENDIX: Results of remaining 16 holes, plus 7 deepened holes
|BHID||From m||To m||Interval m||AU||East||North||UTM RL|
|Diamond Drill Holes targeting Yaoure Central mineralisation|
|Deepened Diamond Drill holes targeting Yaoure Central mineralisation|
|Diamond Drill Holes targeting CMA North & Central mineralisation and Yaoure Central mineralisation below|
|Diamond Drill Holes targeting CMA South mineralisation|
|Diamond Drill Hole targeting new SE-trending zone extending from the southern end of the CMA Central pit|
- Interval lengths are not true widths. Composite intersections are based on a minimum width of 2m and a cut-off of 0.4g/t gold. Internal dilution of up to 2.00m at less than 0.4g/t has been allowed for continuity.
- Aggregated composite intersections in which internal dilution of greater than 2.00m at less than 0.4g/t has been allowed for continuity.
- All samples with visible gold or returning >10g/t are being re-assayed by 500g Metallic Screen Fire Assay (MSFA). Where MSFA is available, this has been used in the calculation of the intersection rather than the original 50g Fire Assay, regardless of whether the MSFA is higher or lower than the original 50g Fire Assay.
- No intersection greater than 2m. Best intersection in hole shown for completeness.
- Intersection in waste at top of hole.
- Investment & Company Information
John McGloin, Chairman
Peter Spivey, Chief Executive Officer
Pete Gardner, Finance Director
Katharine Sutton, Head of Investor Relations
+44 (0)20 7398 1420
Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
+44 (0)20 7523 8000
Pelham Bell Pottinger
(Financial Public Relations)
+44 (0)20 7861 3232