Silver Bull Resources (MKT:SVBL)(TSE:SVB) said Wednesday it hit manganese mineralization when it carried out a diamond drill program at Ndjole, Central Africa.
The 2,000 square kilometre Ndjole license was also renewed by the Ministry of Mines for another three years.
work program, which was completed over two years, included 5,300 metres
of diamond drilling, and airborne magnetic surveys, geological mapping
and soil sampling which found “significant manganese” soil anomalies
over a 50 square kilometre area.
Among the highlights, drill
hole NDDD0002 intersected 22% manganese over 34.5 metres from zero
metres. This includes 42% over five metres, or 33.7% over nine metres
The license, until recently, was part of the Ndjole-Mevang joint venture agreement with AngloGold Ashanti (NYSE:AU), where AngloGold spent $5.7 million on exploration to assess the gold potential within the Ndjole area.
That joint venture, however, was deep sixed August 3, and the license has now been returned to Silver Bull.
hole NDDD0001 returned 11% manganese over 17 metres from 33 metres. The
aforementioned holes each had recoveries of 70 per cent. The third
hole, NDDD0018, intersected 11% manganese over seven metres from 20
Silver Bull said about 90 per cent of the manganese
target identified remains untested with drilling and the soil anomaly
open to the south and to the west.
“While the company
continues to focus on pushing its flagship silver-zinc Sierra Mojada
project in Mexico, we cannot overlook the fact we also have an extremely
prospective project in Gabon, the second largest producer of manganese
in the world with proven world class manganese deposits,” Silver Bull's
chief executive Tim Barry said in a statement.
During the work
program, the company also identified three large gold anomalies up to 11
km in length, which was followed up with an exploration drill program.
Drill hole NDDD0017 intersected 7.24 grams per tonne gold over nine metres. This includes 13.2 g/t of gold over 4.9 metres.
It also returned 1.98 g/t gold over 4.5 metres. This includes seven g/t gold over one metre in drill hole NDDD0007.
addition to gold intercepts, the company also hit silver ranging
between five to 85 g/t and up to 85 metres in thickness also occur in
weathered saprolites. The source of the silver mineralization has yet to