26th Feb 2008 07:01
Mwana Africa PLC26 February 2008 COPPER UPDATE: Democratic Republic of Congo Further positive drilling results at Kibolwe prospect London, 26 February 2008 - The Kibolwe Prospect is situated 160 km northwest ofLubumbashi in the northern portion of the 9689 square kilometre SEMHKAT licencearea. The Kibolwe mineralization is a sediment-hosted stratiform copper deposit whichoccurs within Neoproterozoic Katangan Supergroup rocks of the Central AfricanCopperbelt. The dominant copper oxide mineral is malachite with minor amounts ofcuprite and tenorite which occur mainly in argillaceous carbonates and the shaleunits. Exploration undertaken during the 2006/7 field season at Kibolwe has identifiedfurther significant concentrations of secondary enriched copper oxides. A broadmineralized zone 200 - 400 metres in width which extends over a strike length of1000 metres has been outlined. A program comprising a total of 10,300 metres of reverse circulation percussion("RCP") drilling had been completed by October 2007 at Kibolwe Main. A total of7487 samples have been submitted to ALS Chemex Analytical Laboratories inJohannesburg. Assay and results have been returned for 4597 samples and theremaining 2890 sample results are expected before the end of the first quarterof 2008. Subsequent to the Company's previous Kibolwe announcements (see pressreleases June 2007 and November 2007) in which assay results from 40 RCP werereleased, Mwana advises that it has received assay results from an additional 20infill RCP holes totalling 981 metres (AW15, C20, D18, D19, E15, G16, J8, O13,O14, O15, P13, P14, P15, P17, R14, R21, S15 and S16) which were drilled along1000m of strike. All RCP holes that contained copper intercepts greater than 2%Cu developed over a sample width of 4m are listed in Table 1 below, and areindicated in the accompanying map. Borehole R14 intersected 11 % copper over a2m width at 12m below the surface. These enriched zones are a characteristic ofthe Kibolwe style of mineralization. The mineralized zone is continually beingextended as further borehole results are received. Overall mineralisation fromthe drilling campaign varies as follows: At 0.5% Cu cut-off, width ofmineralisation ranges from 1-48m (down-hole width), and grade considered overwidths equal to or greater than 2m ranges 0.5%-11.1%. The maximum value returnedto date is 1m @ 28.3%Cu. Digital Mining Services in Harare is currently preparing a resource estimatewhich should be completed in the second quarter of this year. Depending on theoutcome of the mineral resource estimate, it will be immediately followed by thepre-feasibility study, with a decision whether to mine anticipated by the end of2008. Table 1. Kibolwe Project, Current sampling results for mineralized zones fromthe 2006-2007 RC drilling programme, (intersections in excess of 2% Cu over 4m). * Hole From To Cu% Width (m) ID (m) (m) (Down Hole) AW15 63 70 2.60 7 C20 15 20 2.54 5 D18 26 31 2.82 5 D19 31 36 2.72 5 E15 4 26 2.63 23 G16 3 13 2.00 10 J8 45 52 2.05 7 O13 6 21 2.25 15 O14 5 37 2.23 31 O15 53 57 2.91 4 P13 7 17 6.41 10 P14 2 5 2.98 4 P15 8 50 2.22 42 P17 18 22 2.28 4 P17 56 60 2.89 4 R14 3 16 4.59 13 R14 14 16 11.05 2 R21 15 22 2.23 7 S15 19 23 2.16 4 S16 40 46 2.87 6 (*Mwana is in the process of posting all assay results on www.mwana.com.) Kibolwe Surrounds Two diamond drill rigs have been secured to undertake a 5000m diamond drillingprogramme at the Kiamato copper-cobalt and the Mwombe copper-cobalt-nickeloccurrence located to the north-east and north-west of Kibolwe. At Kiamato a 700 metre long and 15 metre wide zone of prospective strata wasmapped, trenched and sampled. Assay results received to date report cobaltvalues of up to 0.2% cobalt over 2 metres which equates to almost 2% copper.Traces of copper, up to 0.5% have been reported from leached strata. Theoccurrence is open ended to the northeast and southwest. Mapping, trenching and sampling at Mwombe has identified mineralized MinesSub-group strata over 600 metres strike length. Assay results from trench andpit sampling have yielded elevated Ni and Co values within the Mines strata inthe area. Grades of 2% Ni and 0.38% Co (over 1 metre) have been reported.Elevated gold, platinum and palladium values were also recorded; 1.1g/t Au, 1g/tPt and 0.1g/t Pd. The diamond drilling programme is scheduled to commence at the end of thisquarter. Regional Airborne Geophysical Survey A total of 24,000 line kilometres of a planned 52,000 line kilometre highresolution airborne magnetic and radiometric survey (line spacing 100m at a 40melevation) was completed last quarter. The programme is scheduled to start againin February. To date the survey has located additional blocks of previouslyunidentified Roan strata host to Katangan stratiform copper mineralization andidentified several structural mineralization trap sites in the vicinity ofKibolwe and the surrounding licence areas. A target generation and evaluation exercise based on the magnetic andradiometric survey, soil geochemistry and historical data will be undertakenduring the coming quarter. Kalaa Mpinga, CEO of Mwana Africa, commented, "The potential of the Katangacopper belt has been recognised for decades, and many prospects have alreadybeen explored. Our drilling results now provide substantial support for ourbelief that the Kibolwe licence area potentially contains a major new resourcewith the potential for highly profitable production. Our major airborne surveywill furthermore enable us to prioritise existing targets as well as assist inidentifying new targets for future exploration." Charl du Plessis, Executive Vice President Exploration of Mwana, who holds a PhDand is a Member of the AusIMM, is a "Qualified Person" as defined in the AIMRules and in National Instrument 43-101 - Standards of Disclosure for MineralProjects, and the information contained in this press release is based uponinformation prepared under the supervision of Dr. du Plessis. Diagrams showing the SEMHKAT Licence and Project area, Kibolwe Project ReverseCirculation drillhole locality plan and the Airborne Geophysical Survey andPortion of the image of the magnetic survey will be available on the Mwanawebsite at www.mwanaafrica.com Enquiries: Oliver Baring, Executive Chairman Tel: 020 7654 5588Mwana Africa plc Tom Randell / Anca Spiridon Tel: 020 7653 6620Merlin Mike Jones / Ryan Gaffney Tel: 020 7050 6500Canaccord Adams Notes to Editors Mwana is the 100% beneficial owner of the 9689km2 SEMKHAT exploration licence inthe copper belt area of the Katanga Province, Democratic Republic of the Congo.Mwana's significant land holdings in this area were selected for the highpotential for discovery of base metals, and cover what is understood to beextensions to the world class mining properties on the Congo part of theLufilian Arc, home to such major copper orebodies as Tenke, Fungurume, Kov,Kamoto, and lead / zinc orebodies such as Kipushi. Competent Person and Sampling Protocols As required by the National Instrument 43-101, Mwana's designated qualifiedpersonnel required for the supervision of exploration of the projects is Charldu Plessis. Drill method utilized to generate the samples was 4.5" diameterreverse circulation, using a face sampling hammer bit. Collar positions werelocated using a differential GPS. Samples were collected into plastic bags via acyclone on 1m intervals and split through a riffle splitter. The resultant 1msample weighing 4kg was placed in a plastic bag. The 4kg sample was split againand a 2kg sample was dried and crushed in a ring mill. Duplicates, standardreference samples and blanks were inserted in the sample sequence at a rate of 1in 50. Samples were dispatched directly to ALS Chemex at Edenvale, JohannesburgSouth Africa by air freight. All samples were dried, crushed and pulverised toachieve 90% passing -75microns. The pulp was collected from the pulveriser bowlby a ceramic sample scoop, and the balance of the pulp stored for re-assay, ifrequired. Samples were assayed by four acid digest and method ME-ICP61 up to10000ppmCu; above this level samples were re-assayed by Cu-OG62, a more accurateore grade determination. Intercepts were calculated as an arithmetic average.Intervals represent down hole intercepts, although tables present the truethickness of the intercept. Lower cut off grades accepted for the interceptswere 0.5%Cu with up to 2m permissible as internal waste. Further Information For further information concerning the Kibolwe prospect, please refer to thetechnical report dated July 11, 2007 and entitled "Technical Report - AnIndependent Technical Report on Bindura Nickel Corporation, Freda Rebecca GoldMine and Semkhat (Anmercosa Exploration Congo SPRL), the Material Assets ofMwana Africa PLC" which is available on SEDAR at www.sedar.com. Disclaimer This press release may contain forward-looking statements. Words such as"anticipates", "expects", "intends", "plans", "forecasts", "projects","budgets", "believes", "seeks", "estimates", "could", "might", "should", andsimilar expressions identify forward-looking statements. Although Mwana believesthat the plans, intentions and expectations reflected in these forward-lookingstatements are reasonable, Mwana cannot be certain that these plans, intentionsor expectations will be achieved. Actual results, performance or achievementscould differ materially from those contemplated, expressed or implied by theforward-looking statements contained in this press release. These statements mayinclude comments regarding: the establishment and estimates of mineral reservesand mineral resources, production, production commencement dates, productioncosts, grade, processing capacity, potential mine life, feasibility studies,development costs, capital and operating expenditures, and exploration. Factorsthat would cause actual results or events to differ from current expectationsinclude, among other things, changes in commodity prices, changes in equitymarkets, failure to establish estimated mineral resources, political risks,changes to regulations affecting the Company's activities, delays in obtainingor failures to obtain required regulatory approvals, failure of equipment,uncertainties relating to the availability and costs of financing needed in thefuture, the uncertainties involved in interpreting drilling results and othergeological data, delays in obtaining geological results, and the other risksinvolved in the mineral exploration industry. Any forward-looking statement onlyspeaks as of the date on which it was made and, except as may be required byapplicable securities laws, Mwana disclaims any intent or obligation to updateany forward-looking statement, whether as a result of whether as a result of newinformation, future events or otherwise. Mwana believes that the assumptionsinherent in the forward-looking statements are reasonable, however,forward-looking statements are not guarantees of future performance andaccordingly undue reliance should not be put on such statements due to theinherent uncertainty therein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Asa Resources