TIDMNRRP
RNS Number : 7837P
North River Resources Plc
10 October 2011
North River Resources plc / Ticker: NRRP / Index: AIM / Sector:
Mining
10 October 2011
North River Resources plc ('North River' or 'the Company')
Gold Anomalies Identified at Namibian Ubib Copper/Gold
Project
North River Resources plc, the AIM listed multi-commodity
resource company, is pleased to announce a positive update on its
100% owned 546km(2) Ubib Copper/Gold Project ('Ubib') in
Namibia.
Overview
-- Positive results received from soil sampling carried out at
the Tsawichas target with peak values of up to 3g/t Au
-- Within the 3km anomalous zone - three distinct anomalies are
visible which are thought to be connected
-- The three anomalous areas will be drill tested to confirm
gold mineralisation and the continuity of the mineralisation along
the 3km zone
-- The regional soil anomaly indicated by previous sampling was
confirmed over a strike length of 2.5km, and extended by an
additional 500m by the detailed sampling
-- Reconnaissance soil sampling also completed on Bergrus and
Tsawisis targets; results expected in early November
North River Managing Director David Steinepreis said, "These
results from the Tsawichas target on our Ubib Copper/Gold Project
provide further encouraging evidence of near surface gold
mineralisation. They underpin the prospectivity of the area, which
is located just 15km from AngloGold Ashanti's Navachab Gold Mine,
which has a current resource of over 5 million ounces of gold at
1.15g/t.
"This programme of soil sampling has demonstrated a 3km strike
length, with three distinct visible gold anomalies with peak values
of up to 3g/t Au. These anomalies, which we believe have the
potential to be connected, will be tested by a drilling
programme.
"We also await results from our recently completed
reconnaissance soil sampling on the Bergrus and Tsawisis targets,
as we build our geological understanding of the wider Ubib Project
area, and look to confirm its resource potential."
Ubib Copper/Gold Project
Ubib is located in a highly prospective mineralised trend of the
central Damara Orogen. AngloGold Ashanti's Navachab gold mine,
which has a resource of 5.1 Moz at 1.15g/t Au, is located 15km to
the northeast along strike. Rio Tinto's Rossing uranium mine and
Extract's Husab uranium project lie 25km to the southwest.
Laboratory analyses confirmed the 2.5km gold in soil anomaly
previously defined by regional sampling and have extended it to the
southwest by a further 500m. Three distinct anomalous zones have
been defined which are separated by two areas where soil sampling
was either ineffective or not carried out due to transported
overburden.
Peak values range between 1-3g/t gold ('Au') (in soil) and the
anomalous halo is interpreted as 150ppb Au (0.15g/t Au) and
above.
The anomalies appear to be best developed over magnetic rock
types or at the edge of contacts between magnetic and non-magnetic
rock types, similar to observations from previous reconnaissance
drilling.
The three distinct gold in soil anomalies are;
-- Ts1 - about 1.2km long by 140m wide,
-- Ts2 - about 600m long by 120m wide, to the northeast of Ts1
and separated from Ts1 by a 600m wide dry river channel, and
-- Ts3 - approximately 500m diameter and circular in shape to
the southwest of Ts1 but not previously identified as a discrete
anomaly in regional sampling.
The three distinct gold in soil anomalies will be drill tested
to determine whether they are associated with potentially economic
widths and grades of gold mineralisation.
The gaps (in areas where soil geochemistry was not effective)
interrupting the continuity of the anomalies along the entire 3km
anomalous zone will also be tested by drilling.
Previous drilling by the Company within the Ts1 anomaly area
included intersections (in two diamond drill-holes on one section
line) of:
-- 2.25m @ 5.97g/t Au, and
-- 3m @ 3.74g/t Au
Soil sampling results were received from Intertek-Genalysis in
Perth for 1,620 soil samples taken on the Tsawichas target at Ubib.
Soil sampling was carried out on lines spaced 50m and 100m apart
and at 25m spacing along lines. Samples were taken at approximately
30cm depth and the -180micron fraction was used for laboratory
analyses. An aqua regia digest was used and gold was analysed by
graphite furnace atomic absorption spectrometry (AAS), while other
elements were analysed by inductively coupled plasma optical
(atomic emission spectrometry (ICP-AES). Standard reference
materials and industry best practice QA/QC procedures were used to
monitor laboratory performance which was acceptable.
Reconnaissance soil sampling and mapping at the Bergrus and
Tsawisis targets, approximately 25km southwest of the Tsawichas
target was completed in late September 2011 and results for the
soil sample analyses are expected in early November 2011.
**ENDS**
For further information please visit www.northriverresources.com
or contact:
David Steinepreis North River Resources Plc Tel: +44 (0) 20 7930 6966
Luke Bryan North River Resources Plc Tel: +44 (0) 20 7930 6966
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
Ltd
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236 1177
Ltd
Notes:
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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