RNS Number : 6176O
North River Resources Plc
21 September 2011
North River Resources plc / Ticker: NRRP / Index: AIM / Sector: Mining
21 September 2011
North River Resources plc ('North River' or 'the Company')
Further High Grade Mineralisation Identified at Namib Lead-Zinc Project
North River Resources plc, the AIM listed resource company focussed on Southern Africa, is pleased to announce the identification of further high grade intersections from its 100% owned Namib Lead-Zinc Project in Namibia ('Namib' or 'the Project'). The board believes that the consistently high grade intersections demonstrated from the Company's recent underground drilling campaign underpins the high prospectivity of the Project as the Company evaluates the potential to recommence production at the previously operating Namib Lead-Zinc Mine.
-- Further high grade intersections from Namib Lead-Zinc Project underpin high grade prospectivity below historically mined levels
-- Results follow the completion of a 1,300 metre underground drilling campaign to evaluate the potential to recommence production at the previously operating Namib Lead-Zinc Mine
-- Intersections include:
o 10.98m @ 13.49% zinc ('Zn'), 7.28 lead ('Pb'), 86 g/t silver ('Ag'), 16ppm indium ('In')
o 6.81m @ 16.86% Zn, 0.43% Pb, 45g/t Ag, 114ppm In
o 5.05m @ 8.16% Zn,, 5.06% Pb, 78g/t Ag, 45ppm In
o 12.10m @ 3.30% Zn, 1.22Pb, 42g/t Ag, 17ppm In
-- Conceptual engineering study underway to assess the level of reserves/resources required to enable the re-opening of the mine and will be used to form the basis of a decision on whether to commence underground development to facilitate further exploration
North River Managing Director David Steinepreis said, "The encouraging grades and widths that have been demonstrated in these intersections reinforce our confidence that there is strong potential for the Namib Lead-Zinc Project to be developed into a profitable mining operation. In line with this, the conceptual engineering studies, which are now underway, will provide us with further information with which we will evaluate the potential to progress towards recommencing operations and the optimum route towards production."
Further Information on Drilling Programme
The Company commenced an underground drilling campaign at Namib, which was in operation from 1965-1992, in April 2011. Approximately 1,300 metres have been drilled from a single drill platform, for a total of 21 completed holes.
Significant results from the latest batch of samples include:
From 62.34 to 69.15m 6.81m @ 16.86% Zn, 0.43% Pb, 45g/t Ag, 114ppm In
From 16.75 to 23.25m 6.50m @ 2.55 Zn, 1.59% Pb, 24g/t Ag, 7ppm In
From 29.09 to 41.19m 12.10m @ 3.30% Zn, 1.22% Pb, 42g/t Ag, 17ppm In
From 19.77 to 23.27m 3.50m @ 3.43% Zn, 6.23% Pb, 100g/t Ag, 3ppm In
From 31.47 to 36.52m 5.05m @ 8.16% Zn, 5.06% Pb, 78g/t Ag, 45ppm In
From 54.60 to 56.86m 2.26m @ 10.33% Zn, 13.17% Pb, 147g/t Ag, 36ppm In
From 17.21 to 24.46m 7.25m @ 1.85% Zn, 3.99% Pb, 53g/t Ag, 3ppm In
From 54.63 to 65.61m 10.98m @ 13.49% Zn, 7.28% Pb, 86g/t Ag, 16ppm In
The mineralisation intersected at about 66m downhole depth is about 50m vertically below 6.5 Level (the collar position).
Review by a Qualified Person
Mr Jon Andrew, Manager-Geology for North River Resources, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. Mr Andrew is a geologist with an Honours degree in Geology, has more than 15 years relevant experience and has been a Member of the South African Council for Natural Scientific Professions (SACNASP) for more than seven years.
For further information please visit www.northriverresources.com or contact:
David Steinepreis North River Resources Plc Tel: +44 (0) 79 1340 2727
Luke Bryan North River Resources Plc Tel: +44 (0) 20 7292 9110
Guy Wilkes Ocean Equities Limited Tel: +44 (0) 20 7784 4370
Ewan Leggat Fairfax I.S. PLC Tel: +44 (0) 20 7460 4389
Katy Birkin Fairfax I.S. PLC Tel: +44 (0) 20 7598 4073
Stuart Faulkner Strand Hanson Limited Tel: +44 (0) 20 7409 3494
David Altberg Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236 1177
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236 1177
North River Resources plc is an AIM listed resource exploration and development company. Its current portfolio includes gold, base metal and uranium assets in Namibia; uranium, and base and precious metal interests in Mozambique. North River's strategy is to identify, acquire and develop a portfolio of resource opportunities in sub-Saharan Africa at various stages of development in order to create value for its shareholders. The Company has a highly experienced board and management of industry and corporate professionals, led by David Steinepreis and Luke Bryan.
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