Sign up USA
Proactive Investors - Run By Investors For Investors

African Queen Mines starts field program at Ugunja project, with core drilling to start later this year

African Queen Mines starts field program at Ugunja project, with core drilling to start later this year

African Queen Mines (CVE:AQ) says it has started its 2013 field program at the Ugunja gold project in Kenya's Lakeland district, with a technical team now on site. 

The field work underway is a continuation of the phase 1b exploration program started last year, and includes regional mapping, soil and rock sampling, trenching and ground geophysics, the company told investors Monday. 

"We are excited to be back on the ground at Ugunja now to follow up on the positive results of our 2012 field exploration program," African Queen said in its statement, citing CEO Irwin Olian.

"Kenya remains relatively tranquil at this time following the recent national election and there are presently no impediments to moving forward with our continuing exploration program at Ugunja."

The chief further said the company plans to accelerate activities at Ugunja to find the optimal drill targets in order to start a core drilling program later this year. 

Field work at the site last year revealed anomalous gold, including a visible gold-bearing quartz vein at the Rariada target, which returned reported values of 30.018 grams per tonne (g/t) gold and 4.8 g/t silver over a true width of 80 cm.  

The company said that preliminary results from a satellite image interpretation show that the Rariada structure, as well as other targets at Ugunja, occur in zones of intersection of at least two regional shear zones.  

"These intersections create a favorable environment for the deposition of gold with the potential to host commercial deposits," it added in the release. 

The Ugunja project spans roughly 370 square km in the Busia, Siaya and Kakamega areas, located north of the shores of Lake Victoria in Western Kenya.  It is situated 100 km to the northwest of the company's Odundu project in the Rongo Gold Fields, where core drilling was carried out in 2012.

Late last year, African Barrick Gold, Barrick Gold's (TSE:ABX) African subsidiary, announced that it bought a stake in ground next to the company's Ugunja project from Aviva Corporation.

African Queen can earn up to an 85 percent interest in the Ugunga project under the terms of a joint venture agreement with Kenya Discovery Limited. 

View full AQ profile View Profile

African Queen Mines Timeline

Related Articles

picture of mine interior
July 20 2017
Caledonia retains operational control of Blanket and ownership of 49% of the mine in Zimbabwe
Balmoral Resources opening up new gold zones in the Abitibi
May 03 2017
Balmoral has delivered a string of attractive exploration results from its Martiniere gold project on the prolific Abitibi gold belt
diamond-drill-350.jpg
July 26 2017
The company has transformed itself over the last three years through three major transactions

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use