African Aura Mining Inc (TSX-V: AUR, AIM: AAAM) announced the commencement of a two rig, 10,000m confirmation diamond drilling programme at the New Liberty gold deposit in western Liberia. The newly formed African Aura Mining plans to use the subsequent findings to complete an updated bankable feasibility study, which is scheduled for the end of 2010.
The 10,000m drilling programme at New Liberty is designed to confirm the resource morphology to 300m depth and will contribute to an updated bankable feasibility study for an open pit and/or underground gold mine scenario targeting 100,000oz annual production.
The New Liberty gold property has a NI 43-101 compliant 13.533 million tonnes of measured and indicated resource, with an average grade of 3.18 grams per tonne. The 100% owned 1.4 million ounce deposit is located in North West Liberia.
The drill programme is due to be complete during December 2009, with assay results scheduled to follow in the first quarter of 2010.
African Aura Mining also has a pipeline of multiple hard rock gold deposits within truckable distances of New Liberty. The Weaju and Gondoja targets are in close proximity to the New Liberty property. In previous work, first pass drilling revealed intersects of 27.7 grams per tonne over 6m at Weaju and 3.9 grams per tonne over 30m at Gondoja. Further development of these deposits could allow the company to capitalise on considerable operational and cost cutting synergies going forward.
African Aura Mining CEO Luis da Silva commented: "We are currently focussed on fast-tracking the development of the New Liberty gold project through to production. We are extremely pleased with the progress we have had to date and, in addition to the current confirmation drilling at New Liberty.”
This latest announcement follows the completion of the merger between Mano River Resources and African Aura Resources, to form African Aura Mining. The new group is focused on the development of iron ore and gold deposits in highly prospective, under explored countries of sub-Saharan Africa.
The company’s two principle assets are based in Liberia and Cameroon. In addition to the New Liberty Gold property, African Aura Mining has two key iron ore projects in Liberia and Cameroon.
African Aura’s Liberian iron project, Putu, is located in South East Liberia 100km from the Atlantic coast. Putu is being developed through a joint venture with Russian group Severstal Resources (LSE & RTS: CHMF). In July this year, SRK Consulting was engaged to produce a NI 43-101 compliant Independent mineral Resource Estimate for the Putu iron ore project. At present the project has NI 43-101 inferred resources estimate of 1.07 billion tonnes (bt) at 37.6% iron.
In Cameroon, the Nkout iron project is the company’s primary exploration project where grab samples have averaged 54% iron along a 5km section. The Nkout Iron prospect is located in the company's Djoum licence in southern Cameroon.
African Aura is also undertaking uranium and rare earth exploration prospects through its 70% owned Ridgeway Energy Ltd. Ridgeway owns licences in Cameroon covering 3,473 square kilometres.