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Monday 10 August, 2009

Mano River Resources

Gold Project Update

RNS Number : 1326X
Mano River Resources Inc
10 August 2009
 






10 August 2009


TSX-V: MNO

AIM:     MANA


MINING LICENCE GRANTED FOR NEW LIBERTY GOLD PROJECT IN LIBERIA


Mano River Resources Inc. ('Mano' or the 'Company') the TSX Venture Exchange ('TSX-V') and AIM listed exploration to production company focused on goldiron ore and diamonds in West Africa is pleased to announce it has been granted by the Government of Liberia its Class 'A' Mining licence within the Bea Mineral Development Agreement ('MDA').


Highlights

  • Class 'A' 25 year Mining Licence granted on 29 July 2009

  • Bankable Feasibility Study for underground mine planned for completion by the end of 2010

  • Up to 10,000m drilling programme planned to assist feasibility study

  • Current resource of 1.4 Moz, (NI 43-101) 13.533Mt measured and indicated at 3.18 g/t gold with further potential


Luis da Silva, President & CEO of Mano commented:


'This represents another positive step forward towards commercial production from Liberia's first ever hard rock gold mine. The support from the Government of Liberia is evident to achieving the Company's goals and we are now in a position to undertake the confirmation drilling in advance of completing a bankable feasibility study in 2010 for an underground mine targeting 100,000oz pa. We are in the process of finalising a new geological model with a firm of independent consultants, incorporating the positive drilling results received in 2008 from below 200m, including 23m grading 4.95 g/t and 26m grading 5.04 g/t. In addition the Company will also be looking to further grow the resource base on the Bea MDA through advancing exploration of the satellite gold deposits at Weaju and the Silver Hills and Gondoja prospects, which lie in close proximity to the New Liberty Gold Project..'


Mineral Title

The Ministry of Lands, Mines and Energy of The Republic of Liberia has, after a detailed review, granted the Class 'A' Licence whereby, having satisfied all necessary exploration requirements under the Law, the Company is entitled to mine in the production area it has selected within the Bea MDA. This production area reduces the ground holding from 1,000km2 to 457 km2. The 25 year renewable mining licence became effective on 29 July 2009 and is held through the Company's 100% owned subsidiary incorporated in Liberia, the Bea Mountain Mining Corporation. 


Confirmation Drilling

Following the review of the geological data by AMC Consultants (UK) Limited ('AMC') in the second half of 2008 whereby the recommendation was for an underground mining method at the New Liberty gold deposit. AMC was then mandated in July 2009 to incorporate the new drilling data from 2008's deeper drilling campaign. The 2008 drilling (holes K115-K130) produced some of the best intersections achieved to date at the New Liberty gold depositas illustrated in Table 1, below.


Table-1:  Ranking of Top 20 Intersections at New Liberty gold deposit


Top 20 Intersections

Ranking

Hole ID

From
(m)

To
(m)

Length
(m)

Au
(Mean g/t)

1

K63

55

92

37

8.45

2

K10

32

82

50

4.30

3

K13

20

46

26

6.20

4

K2

24

40

16

8.81

5

K126

144

170

26

5.04

6

K96

43

62

19

6.76

7

K116

210

245

35

3.59

8

K70

48

100

52

2.23

9

K115

205

228

23

4.95

10

K3

36

62

26

4.10

11

K24

56

78

22

4.80

12

K47

54

86

32

3.29

13

K49

47

57

10

10.08

14

K52

47

61

14

6.97

15

K14

26

34

8

12.10

16

K95

10

24

14

6.92

17

K69

60

74

14

6.63

18

K98

41

79

38

2.40

19

K129

223

255

32

2.66

20

K20

56.09

77

20.91

3.90


The modelling by AMC will enable the Company to optimally target its next phase of confirmation drilling. This will consist initially of diamond drill holes totalling between 8,500m and 10,000m to depths of 300m below surface, to enable further modelling of the deposit. The Company will also consider drilling additional holes to -500m towards the end of the drilling campaign. The model will be 'live', whereby new drilling data will be actively inserted into the 'wireframe' to adapt the ongoing drilling as necessary. Completion of this drilling is expected by the end of 2009.


ENDS


Qualified Person

Mano's Qualified Person responsible for preparing this release is its former Director and CEO, Dr Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy of the UK, and a Fellow of The Geological Society. 


Quality Control and Sample Preparation

Mano has a rigorous Quality Control Program (QCP) inserting a minimum 5% of standards, blanks and duplicates into the sample stream. The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100 micron at their in-country preparation facilities in Liberia, followed by XRF at their main laboratory in LoughreaIreland


OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board) which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement. OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.


For further information on Mano River Resources and its exploration programme, you are invited to visit the Company's website at www.manoriver.com or contact one of the following:



Mano River Resources Inc.

Luis da Silva, CEO                                                      Tel:  +44 (0) 20 7299 4212


Evolution Securities Limited 

Simon Edwards / Chris Sim / Neil Elliot                Tel:  +44 (0) 20 7071 4300


Pelham Public Relations

Charles Vivian / James MacFarlane                     Tel:  +44 (0) 20 7337 1500



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.


NOTES TO EDITORS 


Drilling programme of 2008

During the first half of 2008, the Company drilled deeper holes in order to ascertain with confidence the continuity of the ore body at depth. This drilling consisted of 15 additional holes (identified as K115-K130) totalling 4,485m in an effort to intersect the structure at approximately -200m and -550m, below surface. One hole, number 123, was abandoned. Three of the Top 10 intersections and four of the top 20 intersections resulted from this campaign.


Table-2:  Full Results of the 2008 Deep Drilling Campaign - drill collars & mineralization intervals


Hole ID

Easting

Northing

Depth

 

From
(m)

To
(m)

Length
(m)

Au
(Mean g/t)

K115

10775

9580

266

 

205

228

23

4.95

K115

 

 

 

Including

212

224

12

9.12

K116

10725

9600

256

 

210

245

35

3.59

K116

 

 

 

Including

218

235

17

7.03

K117

10825

9600

251

 

201

211

10

0.30

K117

 

 

 

Including

204

208

4

0.54

K118

10750

9360

605

 

557

581

24

0.36

K118

 

 

 

Including

565

568

3

1.62

K119

10875

9605

247

 

169

173

4

0.49

K119

 

 

 

and

227

231

4

0.28

K120

10796

9360

564

 

506

525

19

1.18

K120

 

 

 

Including

517

520

3

6.21

K121

10675

9603

258

 

173

200

27

0.67

K121

 

 

 

Including

184

194

10

1.45

K122

10925

9605

241

 

156

161

5

0.43

K124

11498

9551

250

 

148

181

33

1.40

K124

 

 

 

Including

172

180

8

4.85

K124

 

 

 

and

191

200

9

1.45

K125

11558

9550

250

 

139

145

6

0.24

 

 

 

 

Including

155

158

3

0.83

K126

11618

9550

250

 

144

170

26

5.04

 

 

 

 

Including

158

170

12

10.39

 

 

 

 

and

187

193

6

0.69

 

 

 

 

and

201

207

6

1.33

 

 

 

 

and

204

206

2

3.72

K127

11675

9550

250

 

136

150

14

2.58

 

 

 

 

Including

137

148

11

3.18

 

 

 

 

and

173

202

29

0.41

 

 

 

 

and

190

197

7

1.01

K128

12260

9390

256

 

162

163

1

0.87

 

 

 

 

Including

174

176

2

0.21

 

 

 

 

and

179

180

1

0.49

K129

12122

9400

255

 

162

164

2

0.25

 

 

 

 

and

172

173

1

0.26

 

 

 

 

and

197

203

6

1.44

 

 

 

 

Including

223

255

32

2.66

 

 

 

 

and

226

245

19

4.37

K130

11934

9450

255

 

211

253

42

0.33

 

 

 

 

Including

231

237

6

1.06

 

 

 

 

and

250

253

3

0.99





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