For Immediate Release
Wednesday 24th November 2010
African Mining and Exploration Limited ('AME' or the 'Company')
COMMENCEMENT OF GEOPHYSICAL SURVEY AND EXPLORATION
African Mining & Exploration, (AME), the AIM listed company (insert ticker details) with exploration licences in Mali, West Africa, is pleased to announce the commencement of exploration fieldwork on its Karan exploration licence located close to the capital, Bamako.
· Geologists and field crews have established themselves at Karan and exploration is underway;
· Commencement of a detailed close-spaced ground geophysical survey over 3 priority target areas containing 5 prospects, all of which are subject to intense artisanal mining;
· Initiation of regional sampling to define the Karan structural corridor;
· Signing of an agreement with West African Drilling Services to commence drilling in Q1, 2011 over targets defined by on-going geophysics and regional sampling;
· An agreement reached to allow Newmont Mining Corporation to complete stream sediment sampling across the Company's Karan Exploration licence as part of a larger regional programme.
A contract has been signed with EurekaGeo Suarl, a Malian based geophysical consultant to undertake a close-spaced ground magnetic survey over three priority target areas containing 5 separate prospects within the Karan Licence. The contractor will generate total magnetic field, analytical and 1st vertical derivative geophysical data for a total of 472 line kilometres. The survey is expected to be completed with full interpretation of data sets within 8 weeks of the start date.
Area to be covered
Total line kilometres
3.5km x 1.0km
2.25km x 0.7km
2.5km x 1.5km
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The programme is likely to expand over time as more geological data is generated covering the corridor of historical and active artisanal mining that extends for approximately 10.0 kilometres north to south across the Licence over a width of approximately 2.0 kilometres and is coincident with a known shear structure and cross-cutting faults identified by previously completed airborne geophysics.
The three target areas are all sites of significant active artisanal activity where, in some cases, small-scale mining is reported to have continued for more than 200 years.
The geophysical programme is expected to better define the high density of shear and fault related structures that provide the focus for artisanal mining and thereby provide the detail necessary to focus the planned initial drill programme.
There is ample evidence of complex structure with a gold association and coincident artisanal mining activity over a strike length of approximately 10 kilometres and a width of up to 2.0 kilometres. The sampling programme aims to test and log a representative selection of historic and current artisanal workings and spoil heaps to broadly define the tenure of gold mineralisation across this gold-bearing corridor and to define gold tenure in and around known shear and cross-cutting fault structures.
Samples will be dispatched to the ALS Chemex laboratory in Bamako on a regular basis with a view to building up a database and generation of new targets for follow up before the end of the year.
Newmont Mining Corporation ("Newmont") Sampling Programme
AME has authorised the collection of BLEG samples by Newmont's Exploration team in West Africa over the Karan Licence as part of an ongoing regional programme. Newmont will share the results of its programme with AME.Commenting on the start of exploration, Mark Jones Chief Executive Officer said: "I am delighted to report the commencement of field work on our property at Karan. This is the start of an extensive programme of activity for the Company following its successful listing on the AIM market earlier this month.
There has been extensive artisanal mining on this property for some years, so we are confident that the field work will define the tenure of gold mineralisation across the property"
African Mining & Exploration plc 44 (0)207 499 4059
Mark Jones (Chief Executive Officer)
Singer Capital Markets Limited (Nomad and Broker) 44 (0)20 3205 7500
James Maxwell / Jenny Wyllie
Farm Street Communications
Simon Robinson 44 (0)7593340107
This information is provided by RNS