www.africanqueenmines.com
African Queen Mines Ltd. and its subsidiaries acquire, explore and develop mineral properties in areas of Africa deemed to have relatively high potential for mining success and relatively low political risk.
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in Africa, initially focusing on exploration for diamonds in Botswana and Namibia, and gold in Mozambique. The Company has approximately 5,500 sq. km. of contiguous diamond licenses in Botswana and 6,200 sq. km. in Namibia, and is exploring for gold and metals in Mozambique under agreements with other companies.
African Queen Mines inks drilling contract for Noyem-Nyanfoman project
African Queen Mines (CVE:AQ) said Thursday it has now signed a contract for a core drilling program at its Noyem-Nyanfoman project on Ghana's Ashanti Belt, after legal settlements in the region cleared the way for accelerated exploration and development.
Mobilization of rigs is to start before the end of the month, with drilling slated to begin in mid-February, the company said.
An initial 2,000 metre program is planned, with further metres to be added by the company on a "result contigent basis", it added.
The company has executed a formal deal with E-Drilling Ghana and E.Global Drilling Corp, units of Energold Drilling (CVE:EGD), with the program to be overseen by African Queen's senior technical team and by consulting firm Remote Exploration Services.
The initial holes are to range from 100 to 200 metres in depth, and will focus on testing the gold mineralization previously discovered by prior owners Newmont Mining Corp on the Noyem A reef on the eastern portion of the concession, where a historic inferred resource of around 1.1 million ounces of gold was established.
The drilling campaign will also test new targets elsewhere on the license area, developed through the company's own exploration program over the past two years.
"After many months of exploratory work and protracted negotiations with the local community and small scale miners, we are delighted to be able to move forward now with drilling at the Noyem-Nyanfoman Project," said CEO Irwin Olian.
"We view this as a unique opportunity to build value for our shareholders and joint venture partner, Akan Exploration, as well as the local community.
"Our hope is that our drilling and exploration efforts will lead to development of a successful commercial mining operation that will contribute significantly to the economic growth of the region as well as the well-being and prosperity of the local community and Nyanfoman people."
The Noyem-Nyanfoman gold project license currently covers an area of approximately 28.9 square kilometres, located within the Birim North District of Ghana's Eastern Region, approximately 130 kilometres northwest of Accra.
It is at the northeastern end of Ghana's well-known, gold-producing Ashanti Belt, near Newmont's Akyem deposit, which is now under development for production with a stated resource in excess of 8 Million ounces of gold.
The project has also long been host to large numbers of artisanal miners, the company said.
African Queen, under a joint venture agreement with Akan Exploration, can earn a 75 percent interest in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.
Last September, African Queen arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana. The 12 claims cover approximately 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.
