North River (LSE:NRRP)
Historical Stock Chart
5 Years : From Mar 2012 to Mar 2017
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.
-- 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.
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange