Aureus Bea Mountain mining licence enlarged to include Leopard Rock
AA – Aureus Mining Inc., (“Aureus” or the “Company”), is pleased to announce that its Bea Mountain Mining Licence has been enlarged to include the Leopard Rock gold target. Following this enlargement, the entire 13 kilometre gold bearing structural corridor stretching from the Gondoja target to the Leopard Rock South target is now located within the Company’s Bea Mountain Mining licence. The rights to mine are covered by the Bea Mountain Mineral Development Agreement (“MDA”), which provides a stable environment in respect to the legal, operational and fiscal parameters for the operations, as announced in the Company’s release of 24 September 2013.
- The Bea Mountain Mining Licence has been increased from 457km2 to 478km2. This extension was undertaken in accordance with the Minerals and Mining Law for Liberia.
- The Bea Mountain Mining Licence now includes the Leopard Rock gold target. The entire 13 km mineralised gold corridor from the Gondoja target to the Leopard Rock South target, including the Ndablama target, now locates within the Bea Mountain Mining licence.
- The gold corridor is a mineralised shear system adjacent to the contact zone between Archean Greenstones and granite. This structural zone is associated with extensive bedrock gold mineralisation and artisanal gold mining.
- The enlargement of the licence allows for the commercial development of the entire mineralised gold corridor under the same parameters as detailed in the MDA, subject to the granting of an Environmental Permit.
- To date, eight gold targets have been outlined within the 13 km corridor but only one of these, Ndablama, has been drill tested to a Resource level.
- Previously reported drilling at the Leopard Rock target highlighted encouraging intercepts including:
- 17.6 g/t over 4 m
- 13.9 g/t over 4 m
- 9.4 g/t over 6 m
- 9.5 g/t over 3 m
- The Company’s exploration team is currently carrying out detailed field mapping, sampling and target preparation along the corridor in advance of a drilling campaign planned for Q1 2016.
Liberia Declared Ebola Free:
The Republic of Liberia was declared Ebola Free by the World Health Organisation (“WHO”) on 9 May 2015 following a period of 42 continuous days elapsing without a confirmed case of the Ebola virus in the country.
Commenting, David Reading, President and Chief Executive Officer of Aureus Mining, said:
“The inclusion of the Leopard Rock gold target within our existing mining licence area will allow Aureus to develop the entire 13 kilometre gold corridor under the same fiscal and operating terms as the New Liberty Project. This consolidation enables us to focus our efforts solely on defining a second economic project rather than negotiating a new mineral development agreement for a portion of the corridor. We consider the gold corridor to be highly prospective and to date we have only drill tested approximately one kilometre of this area. This has resulted in the definition of over 900,000 ounces at Ndablama.”
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