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African Mining & Exploration plc ('AME' or the 'Company')
EXPLORATION UPDATE
HIGHLIGHTS
· Drilling has commenced on the priority targets within the Karan Exploration Licence
· Confirmation received that the Diatissan Exploration Licence has been renewed
Drilling Programme
African Mining and Exploration plc (the "Company" or "AME") is pleased to announce that the Phase 1 drill programme has commenced on the Karan Exploration Licence. In an announcement issued on the 7th of February 2011, AME informed Shareholders of its intent to drill an initial 12,400 metre reverse circulation drill programme focusing on a number of priority targets.
As of 22 February, 2011, the first 7 of a 62 hole programme had commenced. Drilling will initially centre on the Fintakourouni target where 8 holes have been planned in short fences across the centre of the target area.
To date, drilling has intersected the expected suite of highly weathered metasediments and volcanic rocks prevalent in the area together with encouraging evidence of alteration, sulphide mineralisation and quartz veining.
The first batch of samples has been dispatched to the laboratory in Bamako for analysis.
Evidence accumulated to date from recent and historic exploration suggests the presence of gold mineralisation associated with a regional shear zone that extends north to south across the Karan Licence with smaller cross-cutting and sub-parallel faults occurring within this structural corridor. The intent of the Phase 1 drill programme is firstly to establish and confirm the presence of gold mineralisation at depth at a number of priority targets where artisanal gold mining has taken place and secondly, to broadly define those structures that may be controlling the distribution of gold mineralisation. Once these controls have been confirmed the Company is better placed to embark on the next stage of drilling aimed at defining resources.
Diatissan Licence
In AME's AIM Admission Document, the Company disclosed that an application had been submitted for renewal of an Exploration Licence over the 16km2 Diatissan Licence. AME has now received notification by the Ministry of Mines in Mali that this licence has been renewed for an initial period of 3 years (in accordance with the Mali Mining Code) with two further 3 year extensions providing the Company meets its obligations in terms of reporting and work programme commitments over the licence period.
The Diatissan concession exhibits many attributes favourable for the discovery of economic gold deposits. The Directors propose undertaking an initial 12-month work programme for the Diatissan prospect consisting of a compilation of available reports and data to a centralised database, a structural analysis of the tenement by satellite and aerial photograph interpretation, mapping and sampling of the artisanal pits followed by detailed ground magnetic, electromagnetic and possibly induced polarisation surveys. This will then be followed by drilling programmes based upon the results.
Mark Jones, Chief Executive Officer of African Mining & Exploration commented:
"AME continues to develop as a junior mining company. With the renewal of our Diatassan licence and the commencement of drilling on time we are making good progress and delivering on the plan that was a key part of our development strategy"
Enquiries:
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
44 (0)2031764249
Notes:
The technical information contained in this announcement has been reviewed and approved by Mr. RN Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of Mining and metallurgy (Aus.I.M.M).
This information is provided by RNS