UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or
15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February,
2016.
Commission File Number 001-32399
BANRO CORPORATION
(Translation of registrants name into English)
1 First Canadian Place
100 King Street West, Suite
7070
Toronto, Ontario, Canada
M5X
1E3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F
Form 20-F [X] |
Form 40-F [ ] |
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrants home country), or under the
rules of the home country exchange on which the registrants securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrants security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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BANRO CORPORATION |
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/s/
Kevin Jennings |
Date: February 24, 2016 |
Kevin Jennings |
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Chief Financial Officer |
-2-
INDEX TO EXHIBITS
-3-
PRESS RELEASE
Banro Reports Further High Grade Drill
Results and New Mineralized Zone at Namoya
-
Drilling at Namoya intersects significant
mineralization, including 10.00 metres grading 18.48
g/t Au, 29.00 metres grading 3.84 g/t
Au, 16.00 metres grading 4.16 g/t Au,
6.00 metres grading 17.65 g/t Au and 42.00 metres
grading 2.29 g/t Au.
-
New mineralised zone; Namoya Summit Hanging
Wall, discovered at Namoya.
Toronto, Canada February 24, 2016 Banro Corporation
("Banro" or the "Company") (NYSE MKT - "BAA"; TSX - "BAA") is pleased to
announce additional mineralization intersections from its on-going near mine RC
drilling program at the Namoya Summit deposit.
The near mine drilling program at Namoya is intended to
identify new resources and increase the geological confidence of the resource
base with the goal of enhancing the medium term economics of the mine. During
the last half of 2015, near mine exploration activities continued to build on
the results published in the Companys September 18, 2015 press release, with
the main focus of RC drilling activities being in the Namoya Summit and Filon B
deposits, including infill and step out drilling from previous drill holes. As
well, exploration drilling was carried out in the newly-discovered Namoya Summit
hanging wall and Filon C targets (see the locality map referred to below).
Interim Program Update
During the interim period following the September
18th press release, 54 RC drill holes totalling 4,681 metres were
drilled at Filon B, Namoya Summit Footwall zone, Namoya Summit Main zone, Filon
C and Namoya Summit Hanging Wall zone. The significant mineralization
intersections from the interim program include the following:
Namoya Summit & Filon B
-
Hole NRC-091 intersected 10.00 metres
grading 2.23 g/t Au from 67.00 metres,
-
Hole NRC-092 intersected 42.00 metres
grading 2.29 g/t Au from 51.00 metres,
-
Hole NRC-093 intersected 7.00 metres grading
2.05 g/t Au from 0.00 metres (2.00 metres of void from 7.00 to 9.00
metres),
-
Hole NRC-107 intersected 15.00 metres
grading 2.44 g/t Au from 0.00 metres (and 5.00 metres of void from
15.00 to 20.00 metres),
-
Hole NRC-108 intersected 5.00 metres grading
3.23 g/t Au from 17.00 metres,
2
-
Hole NRC-109 intersected 10.00 metres
grading 18.48 g/t Au from 34.00 metres, including 1.00 metre of void from 38.00 metres,
-
Hole NRC-112 intersected 6.00 metres grading
17.65 g/t Au from 82.00 metres,
-
Hole NRC-115 intersected 13.00 metres
grading 2.21 g/t Au from 98.00 metres.
Namoya Summit Hanging Wall and Filon C
-
Hole NRC-100 intersected 13.00 metres
grading 3.41 g/t Au from 12.00 metres,
-
Hole NRC-129 intersected 29.00 metres
grading 3.84 g/t Au from 52.00 metres,
-
Hole NRC-134 intersected 16.00 metres
grading 4.16 g/t Au from 34.00 metres,
-
Hole NRC-137 intersected 8.00 metres grading
2.27 g/t Au from 57.00 metres.
Commenting on the results at Namoya John Clarke, President and
CEO of the Company, said; These results continue to indicate the upside
potential of the Namoya Summit deposit and demonstrate potential at Filon B area
which is known to host very high grade mineralization. We will continue to
pursue detailed and careful evaluation of the Namoya Summit deposit, especially
at Filon B and the newly discovered Hanging Wall zone, to ensure that we
understand these structures and to delineate significant additional resources.
These results, together with the previous results, have provided the necessary
information to assist with Mineral Resource and Mineral Reserve upgrades at
Namoya which are planned for the second quarter of 2016.
The RC drilling program was undertaken using an in-house
Prospector rig. A total of 54 RC holes averaging 87 metres were completed for a
total of 4,681 metres to generate 4,681 RC samples. Drilling was oriented N-S
(0° and 180° azimuth) at the Filon B area and towards 225° in the Namoya Summit
area. Drilling inclination ranged from 55° to 80° in both areas. RC drill holes
were planned in fences ranging from 15-40 metres in Filon B area and between
40-80 metres at the Namoya Summit Main and Filon C areas. It is estimated that
the true width of mineralization approximates 85% of mineralization
intersections in the drill holes. The table referred to below provides a summary
of all intersections from the interim RC drilling program at Namoya.
All RC samples for assaying were taken consistently at one
metre intervals and were riffle split with one-half of the sample placed in
sealed bags and sent to the Companys on-site sample preparation facility. The
samples were then pulverized down to 90% passing 75 microns. Approximately 150
grams of the pulverized sample was then sent to the on-site SGS Laboratory
(which is independent of the Company) where the samples were analyzed for gold
by fire assay using a 50g charge. As part of the Companys QA/QC procedures,
reflecting internationally recognized standards, duplicates and blanks were
inserted into the sample batches.
Progress Summary of the Drilling Program
After the successful drilling campaign, the mineral resource
team will incorporate the drill results from these additional near surface zones
into the Namoya Summit reserve with the aim of delivering an enhanced production
profile for the commencement of mining at the Namoya Summit in H2 of 2016.
A total of 38 RC drill holes representing 3,324 metres were
drilled at Filon B, Namoya Summit Footwall zone, and Namoya Summit Main zone.
The resource area has been interpreted to have a strike length of 400 metres. It
is open to the northwest and southeast, with multiple gold bearing lodes that
extend to a depth of 65 metres, and exhibits a pinch and swelling
characteristic; widths between 2 and 30 metres down-dip.
3
A northwest southeast trending zone of new mineralization
(Namoya Summit Hanging Wall zone) has been delineated about 400 metres to the
northeast of Namoya Summit Main zone. Mineralization was discovered by trenching
and auger drilling over a strike length of almost 700 metres and followed up by
RC drilling. A total of 11 RC drill holes, representing 861 metres have been
completed in the area. Significant mineralization was intersected including
holes NRC129, NRC134, and NRC137. Follow up drilling will be undertaken to fully
evaluate this new hanging wall mineralized zone.
Within the Namoya Summit Main pit shell, a new eastwest
mineralized zone, Filon C, was also discovered by trenching and auger drilling.
Five (5) RC drill holes totalling 431 metres have been completed in the area.
Significant mineralization intersections include hole NRC100. Follow up drilling
will be undertaken to fully determine the strike extension of this new
mineralized zone.
Results from the RC holes are tabulated in a table which can be
accessed on the Companys website at
http://www.banro.com/assets/docs/RC-intercections-Feb-2016.pdf
A locality map of the reported drill holes can also be found on
the Companys website at
http://www.banro.com/assets/docs/NamoyaSummit-FilonBDrillholeLocationMap.pdf
Qualified Person
The drilling results disclosed in this press release have been
reviewed, verified (including sampling, analytical and test data) and compiled
by the Company's geological staff based in Bukavu, Democratic Republic of the
Congo (DRC), under the supervision of Daniel K. Bansah, who is a Member and
Chartered Professional of The Australasian Institute of Mining and Metallurgy
(MAusIMM(CP)), the Company's Head of Projects and Operations, and a "qualified
person" (as such term is defined in National Instrument 43-101). Mr. Bansah has
reviewed and approved this press release.
Banro Corporation is a Canadian gold
mining company focused on production from the Twangiza mine, which began
commercial production September 1, 2012, and the ramp-up to full production at
its second gold mine at Namoya, where commercial production was declared
effective January 1, 2016. The Companys longer term objectives include the
development of two additional major, wholly-owned gold projects, Lugushwa and
Kamituga. The four projects, each of which has a mining license, are located
along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and
Maniema provinces of the DRC. All business activities are followed in a socially
and environmentally responsible manner.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the
"SEC") permits U.S. mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and legally extract
or produce. Certain terms are used by the Company, such as "Measured",
"Indicated", and "Inferred" "Resources", that the SEC guidelines strictly
prohibit U.S. registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in the Company's
Form 20-F Registration Statement, File No. 001-32399, which may be secured from
the Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml.
4
Cautionary Note Concerning Forward-Looking
Statements
This press release contains forward-looking statements. All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements regarding
estimates and/or assumptions in respect of future gold production (including the
timing thereof), mineral resource and mineral reserve estimates, potential
mineral resources and mineral reserves and the Companys production, development and exploration plans and
objectives) are forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things: uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return of the Companys projects;
the possibility that actual circumstances will differ from the estimates and
assumptions used in the economic studies of the Companys projects; failure to
establish estimated mineral resources and mineral reserves (the Companys
mineral resource and mineral reserve figures are estimates and no assurance can
be given that the intended levels of gold will be produced); fluctuations in
gold prices and currency exchange rates; inflation; gold recoveries being less
than those indicated by the metallurgical testwork carried out to date (there
can be no assurance that gold recoveries in small scale laboratory tests will be
duplicated in large tests under on-site conditions or during production);
uncertainties relating to the availability and costs of financing needed in the
future; changes in equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in procuring or
maintaining, permits and approvals; lack of availability at a reasonable cost or
at all, of plants, equipment or labour; inability to attract and retain key
management and personnel; changes to regulations affecting the Company's
activities; the uncertainties involved in interpreting drilling results and
other geological data; and the other risks disclosed under the heading "Risk
Factors" and elsewhere in the Company's annual report on Form 20-F dated April
6, 2015 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the forward-looking statements
are reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements
due to the inherent uncertainty therein.
For further information, please visit our website at
www.banro.com, or contact:
Martin Jones
+1 (416) 366-2221, Ext.
3213
+1-800-714-7938, Ext. 3213
info@banro.com
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