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.
-- 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
Indicated 2,625.3 1.36 35,699 7.47 631
Inferred 2,368.4 1.11 26,402 6.19 471
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.
For further information please visit www.northriverresources.com or contact:
David Steinepreis North River Resources Tel: +44 (0) 79 1340
Luke Bryan North River Resources Tel: +44 (0) 20 7292
Guy Wilkes Ocean Equities Limited Tel: +44 (0) 20 7784
Ewan Leggat Fairfax I.S. PLC Tel: +44 (0) 20 7460
Katy Birkin Fairfax I.S. PLC Tel: +44 (0) 20 7598
Angela Peace Strand Hanson Limited Tel: +44 (0) 20 7409
David Altberg Strand Hanson Limited Tel: +44 (0) 20 7409
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
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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