TIDMAVM
RNS Number : 9813P
Avocet Mining PLC
12 June 2015
Positive drilling results at Souma
Avocet Mining PLC ("Avocet" or "the Company") announces positive
results from its drilling campaign at Souma, Burkina Faso. These
are the first results from an ongoing drilling and metallurgical
test work programme that commenced in April 2015. The programme
will determine to what extent Souma might provide satellite ore
feed to Inata, with minimal capital cost, or would be best suited
to a low cost standalone heap leach operation, benefiting from
synergies with Inata.
Previous drilling has indicated that mineralisation at Souma is
quartz hosted, and does not have the same carbonaceous ore types as
seen at Inata. The objectives of the programme are to confirm that
Souma's metallurgy is oxide and non-carbonaceous, and to upgrade
the existing resource of 0.68 million ounces in order to generate a
maiden ore reserve.
Highlights of this programme are set out below:
DYNAMITE
-- DYRC0215: 18m @ 4.33 g/t Au from 20m
-- DYRC0208: 8m @ 7.70 g/t Au from 25m
-- DYRC0221: 22m @ 2.28 g/t Au from 2m
-- DYRC0221: 8m @ 5.36 g/t Au from 16m
-- DYRC0158: 3m @ 12.48 g/t Au from 27m
-- DYRC0167: 7m @ 3.68 g/t Au from 14 to 21m
-- DYRC0167: 14m @ 2.62 g/t Au from 43m
-- DYRC0184: 6m @ 4.74 g/t Au from 44m
-- DYRC0184: 3m @ 6.12 g/t Au from 27 to 30m
-- DYRC0217: 7m @ 3.99 g/t Au from 9m
-- DYRC0205: 15m @ 1.83 g/t Au from 6m
-- DYRC0202: 12m @ 2.21 g/t Au from 45m
-- DYRC0167: 7m @ 3.68 g/t Au from 14m
-- DYRC0206: 15m @ 1.63 g/t Au from 30m
-- DYRC0201: 14m @ 1.74 g/t Au from 2m
-- DYRC0200: 4m @ 5.90 g/t Au from 37m
-- DYRC0223: 7m @ 3.33 g/t Au from 39m
-- DYRC0233: 19m @ 1.03 g/t Au from 0m
-- DYRC0225: 5m @ 3.87 g/t Au from 8m
-- DYRC0184: 3m @ 6.12 g/t Au from 27m
-- DYRC0155: 4m @ 4.52 g/t Au from 41m
-- DYRC0235: 13m @ 1.38 g/t Au from 1m
-- DYRC0154: 7m @ 2.03 g/t Au from 30m
-- DYRC0199: 11m @ 1.26 g/t Au from 19m
-- DYRC0226: 9m @ 1.32 g/t Au from 32m
-- DYRC0223: 7m @ 1.65 g/t Au from 15m
-- DYRC0163: 10m @ 1.06 g/t Au from 5m
-- DYRC0227: 10m @ 1.01 g/t Au from 26m
The above intercepts were determined using a 0.5g/t cut off, top
cut 20g/t, minimum width to accumulate 2metres, maximum waste
2metres.
These encouraging results are from an area towards the north of
the Souma trend known as Dynamite, as shown in the figure below,
and are expected to contribute to the programme's objectives of
increasing confidence in the existing orebody (as set out in the
Appendix) and growing the resources.
A total of 63 reverse circulation ("RC") holes for a total of
2,921 metres have been drilled at Dynamite. The Dynamite drilling
programme reduces the drill spacing to 12.5m x 10m, as
mineralisation at Dynamite is hosted within a complex intersecting
array of shears and requires close spaced drilling. As well as
infilling previous drilling, additional holes were drilled at
Dynamite that targeted a northeast cross-cutting trend with
potential for extension of the zone. The drill holes are designed
to test only the weathered portion of the deposit that may be
amenable to heap leach processing.
Please click link below in order to see relevant figure
http://www.rns-pdf.londonstockexchange.com/rns/9813P_1-2015-6-11.pdf
Bélahouro exploration licences - gold in auger samples on a
background of VTEM response, showing the cluster of auger anomalies
associated with the Inata mine and the prominent anomalies
associated with the Souma trend, approximately 20 kilometres east
of Inata. Avocet owns 100% of the Souma licence, which extends
until 2017.
The full programme of RC drilling is expected to be complete in
July. The results of the remaining RC drilling will be announced
when they become available, covering Miilam and other areas within
the Souma trend. A total of 20 diamond drilling ("DD") holes for a
total of 882 metres have been completed for metallurgical test work
at Miilam Central and Dynamite, which are the main deposits.
Samples from these areas have been sent for test work, which is
expected to take several months. DD holes remain to be drilled in
other areas for metallurgical test work purposes.
The information in this release that relates to the exploration
results is based on information supplied by Mr Robert Seed, a
competent person. Robert Seed is employed by Avocet Mining and has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Robert Seed consents to the inclusion in the release of
the matters based on his information in the form and context in
which it appears.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
David Cather, CEO Daniel Thöle Michael Wentworth-Stanley
Mike Norris, FD
+44 203 709 2570 +44 20 2772 2500 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The
Inata Gold Mine poured its first gold in December 2009 and produced
86,037 ounces of gold in 2014. Other assets in Burkina Faso include
eight exploration permits surrounding the Inata Gold Mine in the
broader Bélahouro region. The most advanced of these projects is
Souma, some 20 kilometres from the Inata Gold Mine.
In Guinea, Avocet owns 100% of the Tri-K Project in the north
east of the country. Drilling to date has outlined a Mineral
Resource of 3.0 million ounces, and in October 2013 the Company
announced a maiden Ore Reserve on the oxide portion of the orebody,
which is suitable for heap leaching, of 0.5 million ounces. As an
alternative, the potential exists to exploit the entire 3.0 million
ounce Tri-K orebody via the CIL processing method. The Company
announced on 2 April 2015 that an exploitation permit had been
awarded for Tri-K.
Appendix
Information on the Souma trend
The Souma Trend is part of a larger 30 kilometre long and 3
kilometre wide structural zone that separates a major granitic
batholith in the east from the volcano-sedimentary terrain in the
west. Previous drilling has defined a resource of 675,600 ounces,
of which 74% is Inferred and will benefit from the ongoing infill
drilling programme.
The table below sets out the current Souma Mineral Resources
(using a cut-off of Au >0.8g/t).
Category Tonnes Grade Au (g/t) Metal
(ozs)
-------------- -------------- --------------- --------------
Measured - - -
Indicated 2,410,000 2.32 179,500
Meas+Ind 2,410,000 2.32 179,500
Inferred 9,220,000 1.67 496,100
Meas+Ind+Inf 11,630,000 1.81 675,600
-------------- -------------- --------------- --------------
The current drilling programme is designed to upgrade areas of
Inferred resources, increase oxide resources and provide
metallurgical data required for a feasibility study. The average
drill hole depth is 50 metres with the deepest hole being 100
metres. All holes are angled at 60 degrees towards the east.
Samples have been submitted for gold analysis by fire assay using a
50 gramme charge at the SGS laboratory in Ouagadougou and the
Intertek laboratory in Ghana. Avocet has implemented industry
standard QAQC procedures. The program includes diamond drilling to
generate material for metallurgical test work.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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