African Aura Mining drilling results still confirm New Liberty's potential for open-pit gold mine

African Aura Mining (LON:AAAM, TSX‑V:AUR) published excellent drilling results from the ongoing exploration of the New Liberty gold project in western Liberia. The drilling results are taken from the Latiff Zone and Marvoe Zone, with the best intersections ranging between 4.64-5.68 grams per tonne (g/t) gold over 16-25m at Latiff and 2.29-5.20g/t over 11-56m at Marvoe.
The company said that the latest drilling results still confirm that the newly discovered Latiff zone’s could enhance the project's open pit mining potential. African Aura also told investors that it expects to announce an independent resource estimate and scoping study for New Liberty in July.

From the Latiff Zone, African Aura’s top three assays were 5.60 g/t gold over 16m, from a depth of 79m, 5.68 g/t over 18m from 70m, and 4.64 g/t over 25m from 166m. At Marvoe, the company’s highlights came from deeper intersections including 5.20g/t gold over 11m from 158m, 4.68g/t over 13m from 196m and 2.29g/t over 56m from 334m.
“The holes being announced today, which conclude the results from the initial drilling campaign, have returned some of the strongest gold intercepts to date at New Liberty”, African Aura President and CEO  Luis da Silva commented. "We are pleased to be delivering on our promises made to our shareholders.”

Follow up drilling is already underway on Latiff. The newly discovered zone is approximately 235m long, and lies 40m west of the Kinjor zone and 130m east and the Larjor zone. “As with all zones at New Liberty the Latiff zone remains open at depth and the company considers that its discovery can only enhance the project's open pit mining potential”, African Aura stated.
New Liberty currently has a NI43-101 resource of 1.38 million ounces (Moz) - 13.533Mt measured and indicated resource at 3.18 g/t gold. The company considers the results from the current phase of drilling have the potential to expand the resource base further. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth. 

Furthermore, African Aura noted that metallurgical testwork has indicated a non-refractory ore with excellent expected recoveries of up to 93%, and a scoping study is being undertaken by AMC Consultants. The study will contribute to a Bankable Feasibility Study, for an open pit and/or underground gold mine, targeting 100,000oz annual production.

African Aura Mining was formed late last year with a merger between Mano River Resources and African Aura Resources. The merger was completed in October 2009, and the enlarged company has a considerable portfolio of projects focused on iron ore and gold deposits in highly prospective, underexplored countries of sub-Saharan Africa.

In April 2010, African Aura conducted a private placing with certain institutional and other investors to raise approximately £11.3 million (C$17.5 million), issuing 17.39 million new shares at 65p (C$1.01) each. The proceeds are intended to fund work across its project portfolio over the next 14 months, including the New Liberty gold deposit and the Weaju deposit in Liberia, and the Nkout iron ore project in Cameroon.

Specifically, African Aura told investors that it intends to use the proceeds for the completion of a Bankable Feasibility Study (BFS) at New Liberty, with an estimated cost of US$9 million; to deliver a maiden resource statement for Nkout for an estimated cost of US$3.8 million; and to deliver a NI 43-101 resource statement for Weaju which is estimated to cost US$1.1 million.

http://www.proactiveinvestors.co.uk/companies/news/17733/african-aura-mining-drilling-results-still-confirm-new-libertys-potential-for-open-pit-gold-mine-17733.html