🕐18.05.11 - 09:54 Uhr
AFRICAN CONSOLIDATED RESOURCES PLC - UPDATE ON GADZEMA GOLD PROJECT EXPLORATION DRILLING
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
18 May 2011
African Consolidated Resources plc (ACR or the Company)
Update on Gadzema Gold Project Exploration Drilling
African Consolidated Resources plc, the AIM listed southern African focused resource development company, is pleased to announce interim drilling results from its Gadzema Gold Project in the northern Midlands district of Zimbabwe (Gadzema or the Project).
Highlights
* Interim assays available for approximately 50% of a 13,000m drill programme
* Drilling covers approx 2km strike within ACRs 7km long Gadzema gold project
* Best intercepts include;
* 6m @ 25.7 g/t from 35m - includes 2m @ 73.6 g/t (uncut)
* 14m @ 2.0 g/t from 43m
* 6m @ 5.8 g/t from 56m
* 12m @ 2.3 g/t from 86m (see Table 1 below for details)
* Style of mineralisation demonstrates amenity to bulk open-pit mining methods
* Objective to increase current JORC Inferred Resource of 746,000oz Au at Gadzema
* Additional assays expected by the end of May 2011 followed by a updated JORC estimate in June 2011
ACR Technical Director Michael Kellow said, "Following the 174,000oz increase in the Gadzema Resource as reported earlier this month, these additional drilling results further underpin the prospectivity of our Gadzema Gold Project, where we now have significant intercepts on several zones over 7km of strike length.
The style of mineralisation is very amenable to bulk open-pit mining with attractive economies of scale.
We are expecting all drilling assays to be completed by the end of May, with a JORC estimation completed in June."
Detailed Results
The Company commenced an intensive drilling programme in January 2011, using two Reverse Circulation (RC) rigs on double shifts, and a diamond coring drill rig.
Interim assay results have been produced for nine diamond drill holes (BRDD 01-09) and for 45 Reverse Circulation holes (BRRC 109 -154), representing 6,700m of the total 13,000m programme.
The remaining 6,300m drill programme is anticipated to be completed by the end of May 2011.
The drilling has been carried out on two parallel structural/lithological corridors, where north trending thrusting has created large quartz-sulphide stockwork vein systems in felsic porphyry intrusions, and in adjacent banded iron formations and talc schists.
The system is being explored over more than 7km of strike.
The current drilling has been planned to increase the JORC Inferred Resource at the Gadzema Gold Project, which currently stands at 746,000oz.
Drill density was at line spacings of 40m-80m and approximately 40m along lines, and covers approx 2km of strike.
Drilling tested the mineralisation, which dips steeply to the east, to depths of 100-150m vertically below surface.
Assays were carried out at 1m intervals by Fire Assay method using ISO accredited laboratories in South Africa and Zimbabwe.
Table 1: Significant Gold Intercepts, Gadzema Project
Hole_ID
From (m)
To (m)
Interval (m)
Au grade g/t
BRRC154
26
28
2.0
2.0
BRRC149
94
99
5.0
3.1
BRRC144
35
41
6.0
25.7
Includes
37
39
2.0
73.6 (uncut)
BRRC143
105
108
3.0
3.7
BRRC139
90
97
7.0
1.7
BRRC135
118
127
9.0
1.2
BRRC134
86
98
12.0
2.3
BRRC134
66
69
3.0
5.8
BRRC133
43
49
6.0
1.8
BRRC130
43
57
14.0
2.0
BRRC125
47
58
11.0
1.5
BRRC124
78
82
4.0
2.6
BRRC123
83
85
2.0
5.6
BRRC112
56
62
6.0
5.8
BRRC111
43
46
3.0
5.1
BRRC109
115
126
11.0
1.2
1m fire assays; intercepts include up to 2m internal waste, 0.5g/t lower cutoff, no top cut.
The technical elements of this report have been reviewed by Mr.
Michael Kellow (the Companys Technical Director).
Michael Kellow (BSc) is a member of the Australian Institute of Geoscientists (AIG) and a full-time employee of African Consolidated Resources Plc.
Mr Kellow has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves" (JORC Code) and as a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.
Michael Kellow consents to the publication of this report.
**ENDS**
For further information visit www.acrplc.com or please contact:
Roy Tucker
African Consolidated Resources plc
+44 (0) 1622 816918
+44 (0) 7920 189012
Michael Kellow
African Consolidated Resources plc
+263 772 239 301
Andrew Godber
Panmure Gordon (UK) Limited
+44 (0) 207 459 3600
Callum Stewart
Panmure Gordon (UK) Limited
+44 (0) 207 459 3600
Abhishek Majumdar
Panmure Gordon (UK) Limited
+44 (0) 207 459 3600
Susie Geliher
St Brides Media & Finance Ltd
+44 (0) 20 7236 1177
GLOSSARY OF TECHNICAL TERMS
Term
Explanation
Acronym
Au
chemical symbol for gold
banded iron formations
chemical sedimentary rock consisting of iron and quartz
BIF
diamond drilling
Drilling method using a diamond-impregnated cutting bit to obtain a core sample of rock
dip
the orientation of a planar geological feature relative to horizontal
Felsite
silica rich igneous rock, aka felsic volcanic
JORC
Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy
mineralisation
metallic minerals such as gold, base metals, pyrite and arsenopyrite incorporated in rocks
quartz
silicon oxide mineral very common in hydrothermal deposits
resource
mineral resource as defined by the JORC Code 2004
reverse circulation drilling
rotary percussion drilling whereby the sample is returned from the cutting head inside the rod string to surface thereby avoiding contamination from the walls of the hole
RC
schist
metamorphic rock with well developed foliation
stockworks
zone of multiple quartz filled structures with individual veins often of random orientation
strike
the horizontal orientation of a planar geological feature
sulphide
sulphur bearing metallic mineral
talc
magnesium iron silicate mica of metamorphic origin
thrust
shallow dipping fault where the upper body of rock overrides the lower portion
UNITS
g/t
grammes per metric tonne - metal concentration
m
metre
oz
fine troy ounce equaling 31.1048 grammes - normal unit used in selling gold
Lottie Brocklehurst
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177
M: +44 (0) 7917 010 468
F: +44 (0) 207 236 1188
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