TIDMNRRP
RNS Number : 6481W
North River Resources Plc
02 February 2012
North River Resources plc / Ticker: NRRP / Index: AIM / Sector:
Mining
2 February 2012
North River Resources plc ('North River' or 'the Company')
Maiden JORC Resource at Malachite Pan & JORC Upgrade at
Koperberg
North River Resources plc, the AIM listed resource company
focussed on Southern Africa, is pleased to announce a maiden JORC
Compliant Resource for the Malachite Pan deposit, on its 100% owned
Witvlei Copper Project, and an upgrade of the JORC compliant
resource at the Koperberg deposit, on its 100% owned Dordabis
Copper Project, both located in Namibia.
Overview
-- Maiden JORC Compliant Resource at Malachite Pan:
o Indicated JORC Resource of 2.6Mt @ 1.36% copper ('Cu') for
35,699t contained Cu
o Inferred JORC Resource of 2.4Mt @ 1.11% Cu for 26,402t
contained Cu
-- Upgraded JORC Compliant Resources at Koperberg:
o Indicated JORC Resource of 762,600t @ 1.14% Cu for 8,718t
contained Cu
o Inferred JORC Resources of 617,600t @ 0.95% Cu for 5,863t
contained Cu
-- Both the Malachite Pan and Koperberg deposits are open
down-dip and mineralisation at Malachite Pan is open to the
south-east - a further drilling programme to identify potential
extensions is scheduled for Q2 2012
-- Metallurgical data for Malachite Pan and Koperberg is
anticipated shortly and will improve the overall confidence in the
resource models. An update with respect to the metallurgical data
will be released in due course.
-- Exploration activities underway to evaluate the resource
potential of the broader project areas
-- Numerous prospects, at various stages of exploration, within close proximity to both targets
North River Managing Director David Steinepreis said, "I am
delighted to announce our maiden JORC resource from our Malachite
Pan deposit, which is shaping up to be a significant asset within
our multi-commodity portfolio. I believe that our confidence in
these results will be further improved, following the receipt of
the metallurgical test work data which we expect shortly.
"This maiden resource from Malachite Pan, in addition to our
upgraded resource at Koperberg, provides the Company with a solid
foundation for our copper resource inventory. We believe the
Company has the ability to grow this resource inventory
substantially, following the completion of the ongoing work
detailed above, in addition to our exploration activities, mainly
focussed on the Witvlei project area."
Maiden JORC Resource and Resource Upgrade
The Company is announcing a maiden JORC Compliant Resource from
its Malachite Pan copper deposit and a JORC Resource upgrade at its
Koperberg copper deposit, both located in Namibia.
The calculation exercise was completed following a review of
drilling and assay results from previous programmes and additional
geological information obtained from diamond drilling completed in
2011.
MSA Group (www.msagroupservices.com) completed its calculations
using the existing drill database and its in-house geological
model. On this basis, MSA Group has estimated the following using a
0.5 Cu cut-off grade:
Tonnes Cu Cu Ag Ag
'000 % Tonnes Ppm 000 Oz
Malachite Pan
Indicated 2,625.3 1.36 35,699 7.47 631
Inferred 2,368.4 1.11 26,402 6.19 471
Koperberg
Indicated 762.6 1.14 8,718
Inferred 617.6 0.95 5,863
Both deposits require additional drilling in order to increase
the confidence of the Inferred and Indicated categories to Measured
Resources.
In addition, metallurgical data will become available shortly
which is anticipated to add to the overall confidence in the
models. At both Malachite Pan and Koperberg, deposits are open
down-dip and mineralisation is still open to the southeast at
Malachite Pan.
Further Work Programme
The initial focus of the Company's detailed work programme will
be Malachite Pan, where a further 6,000m of drilling is planned to
start in Q2 2012. The purpose of this additional drilling campaign
will be to:
-- increase the confidence of the resource estimates;
-- improve the geological model;
-- correlate the dominantly Reverse Circulation drilling results
used in the model up to now with Diamond drilling results;
-- test for extensions to the known resource along strike (to the southeast); and
-- acquire additional samples for pilot plant metallurgical test-work.
Regional Exploration Programme
Both Malachite Pan and Koperberg are located within prospective
areas with numerous known prospects in close proximity. The main
focus for the Company, in 2012, will be the Malachite Pan / Witvlei
project area, the aims being extensions to the Malachite Pan
deposit, upgrading of other known copper prospects and exploration
for new prospects under cover. An airborne magnetic survey will be
completed at Witvlei in Q1 2012.
At the Witvlei project, the Company has numerous prospects at
various stages of exploration within 30km of the Malachite Pan
resource. The most advanced of these prospects is at Okasewa, 20km
to the southwest, where 35,000m of historic drilling has defined
comparable grades and tonnages to Malachite Pan, albeit in a
slightly different geological setting.
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.
**ENDS**
For further information please visit www.northriverresources.com
or contact:
David Steinepreis North River Resources Tel: +44 (0) 79 1340
Plc 2727
Luke Bryan North River Resources Tel: +44 (0) 20 7292
Plc 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
Angela Peace Strand Hanson Limited Tel: +44 (0) 20 7409
3494
David Altberg Strand Hanson Limited Tel: +44 (0) 20 7409
3494
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
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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