25th Mar 2011 07:00
AFRICAN BARRICK GOLD 25 March 2011 African Barrick Gold plc (the "Company" or "ABG") Drilling Continues to Extend Higher Grades at the Nyanzaga Project
Following the positive results communicated during Q4 2010 at the Nyanzaga Project, ABG is pleased to announce further successful intersections on the Tusker resource area, confirming continuity of the broad higher-grade gold mineralization.
Additionally, infill drilling continues to show good continuity of gold mineralization throughout the Tusker deposit with further wide zones encountered on several sections.
These higher grade zones in a bulk mining project can add considerable value toproject economics and increase the potential for Tusker to add to our futuregrowth profile.Step-out drilling testing the down-dip extensions of previously reported broadhigher grade mineralization occurring over at least 200m strike length on thesouth end of the Tusker resource area has delivered further positiveintersections. Results include hole NYZRCDD0234 which intersected a high gradezone of 29m at 6.04g/t Au, within a broader envelope of 60m at 3.58 g/t Au from510m (down-hole), and hole NYZRCDD0235 which intersected 61m @ 6.24 g/t Au from594 metres (down-hole), including 1m @ 146g/t Au & 2m @ 50.9g/t Au. As a resultof the step-out drilling so far completed, the known mineralized zone at Tuskerhas been expanded by 200m to the north, 120m to the south and down-dip by anaverage of 200m over a strike length of 240m.The infill drilling programme has also continued to confirm the continuity ofgold mineralization identified by the earlier broader spaced drilling whilstidentifying several zones with a higher grade profile than previously seen.Notable recent infill intersections include:NYZRCDD0146 - 367m @ 1.49g/t Au from 98 metres, including 70m @ 3.40g/t Au
NYZRCDD0149 - 148m @ 1.20g/t Au from 177 metres, 37m @ 1.50g/t Au from 462m and 78m @ 2.44g/t Au from 509 metres, including 48m @ 3.20g/t Au
NYZRCDD0160 - 64m @ 2.59 g/t Au from 447 metres, including 26m @ 4.20g/t Au & 1m @ 64.3g/t Au
NYZRC0244 = 32m @ 2.95g/t Au from 136 metres, including 11m @ 6.72g/t Au
Tusker Gold Limited declared an inferred resource of approximately 4.2 millionounces for the Nyanzaga Project in June 2009 and the aim of ABG's ongoing drillprogrammes is to confirm the economically mineable resource and to expand theglobal resource through delineating strike and down-dip extensions to theTusker and Kilimani mineralized systems, with assays to date showing continuedpositive results. In late July 2010, ABG commenced an intensive programme of reverse circulationand diamond core drilling at the Nyanzaga Project focusing on step-out andinfill drilling on the Tusker and Kilimani prospect areas, as well as testinggeophysical and geochemical targets across the Nyanzaga Project area forlarge-scale gold deposits and additional satellite opportunities within 15kilometres of the Tusker resource area. The drill programme was expanded in2011, with more than 50,000m planned during this year, to continue resourcedefinition drilling and to also test extensions to high grade zones interceptedduring the 2010 programme. Drilling on the Tusker resource area since ABGacquired 100% control of the property has seen 78 reverse circulation anddiamond core holes completed (Figure 1).
Figure 1 - Tusker Prospect drill hole location plan with historic drilling, completed 2010 and 2011 holes, and planned drill holes. Location of cross sections 2320mN and 2480mN are shown as Figures 2 and 3.
[For picture see www.africanbarrickgold.com]
Drilling to date on the Tusker depth extensions has validated the geologicalinterpretation and has continued to justify the deeper drilling, especially onthe southern and central parts of the resource area, where further extensionsto the wide, higher grade zones have been intercepted in recent drilling atdepths greater than 500m vertically below surface (Figures 2). These deeper,higher grade intercepts at Tusker indicate the potential for the delineation oflarge bulk mineable ore blocks at >6g/t gold over several hundreds of metresboth along strike and down-dip. The wide higher grade blocks couldsignificantly impact on open pit mining scenarios or may be amenable tounderground mining.
For picture see www.africanbarrickgold.com
Figure 2 - Tusker Section 2320mN - hole NYZRCDD0234 indicating potential for higher grade zones at depth; shallow RC holes to test near surface mineralization up dip of NYZRCDD0164.
We are also encouraged by infill drilling throughout the Tusker resource area (Figure 3), which continues to confirm the width, grade and tenor of the historical broader-spaced drilling, and we are continuing this programme throughout 2011 in conjunction with the extension drilling.
The current programs are progressing well with six drill rigs (two reverse circulation and four diamond core rigs) currently on the Nyanzaga Project.
This will continue to enable us to focus additional resources on targeting further resource extensions at depth within the main Tusker zone. A key element of this will be to scope out the upside potential of higher grade zones at depth given that the system remains open at depths below 400m vertical.
For picture see www.africanbarrickgold.com
Figure 3 - Tusker Section 2480mN (160m north of section 2320mN in Figure 2) - Infill drilling to date has confirmed consistent broad mineralized zones at depth with additional higher grade zones at depth below 450m vertical.
We aim to provide further updates during the year as the programme progresses.
TABLE 1 - TUSKER DRILL HOLE INTERCEPTS
Significant RC/DDH Drill Intersections Nyanzaga Project - Tusker - Updated at March 2011 Hole Co-ordinates Depth Gold Mineralization > 0.40 g/t Pre collar Core Total From To Length Grade Grid East Grid North RL Azi Dip (m) (m) (m) (m) (m) (m) (g/t) NYZRCDD0138 7555 2600 1264 270 -60 100.0 172.00 294.00 0 90 90 1.05 incl: 0 64 64 1.56 125 131 6 0.75 142 165 23 0.51 176 252 76 0.91 NYZRCDD0139 (*) 7606 2600 1254 270 -63 74.0 293.00 750.50 60 85 25 2.62 93 129 36 0.93 incl: 114 128 14 1.45 169 287 118 0.77 298 321 23 0.82 333 358 25 1.08 472 484 12 0.68 494 495 1 1.34 566 567 1 3.23 578 598 20 0.73 605 613 8 0.70 631 635 4 1.67 NYZRCDD0140 (!) 7662 2520 1258 270 -59 159.6 183.85 343.45 107 110 3 1.59 130 343.45 213.45 0.85 incl: 267 314 47 1.01
NYZRCDD0141 7600 2640 1252 270 -60 138.0 161.85
299.85 115 117 2 2.08 136 163 27 1.01 251 271 20 1.11
NYZRCDD0142 7475 2560 1275 90 -58 115.0 34.05
149.05 6 103 97 1.65 incl: 9 46 37 2.63 123 143 20 1.09
NYZRCDD0143 (!) 7428 2560 1271 90 -60 111.0 79.45
190.45 106 107 1 1.26 114.8 119 4.2 1.18 149 151 2 0.80
NYZRCDD0144 7644 2640 1248 270 -60 104.0 256.15
360.15 121 126 5 4.46 145 146 1 2.88 177 178 1 6.81 195 196 1 1.35 208 217 9 1.01 225 226 1 1.12 241 244.7 3.70 0.59 264 271 7 1.68 286 355 69 0.83 incl: 287 308 21 1.41
NYZRCDD0145 (!) 7701 2560 1243 270 -60 178.0 398.10
576.10 140 343 203 1.52 incl: 141 175 34 5.34 376 432.75 56.75 1.41 473 576.1 103.10 1.44 incl: 545 558 13 3.61 Hole Co-ordinates Depth Gold Mineralization > 0.40 g/t Pre collar Core Total From To Length Grade Grid East Grid North RL Azi Dip (m) (m) (m) (m) (m) (m) (g/t) NYZRCDD0146 (*) 7648 2480 1269 270 -62 150.0 226.95 525.50 98 465 367 1.49 incl: 277 297 20 2.68 incl: 385 435 70 3.40 476 478 2 1.89 490 492 2 1.20 NYZRCDD0147 (!) 7724 2480 1247 270 -62 150.0 396.15 546.15 203 204 1 1.07 210 211 1 1.34 216 262 46 2.24 incl: 216 229 13 5.84 incl: 220 221 1 49.6 269 392 123 0.84 incl: 297 345 48 1.08 403 446 43 1.44 483 546.15 63.15 2.31 incl: 487 501 14 4.02 NYZRCDD0148 (!) 7771 2440 1243 270 -59 150.0 480.00
530.00 244 406.6 162.60 0.78 incl: 251 399 148 1.05 412 458 46 2.70 472 482 10 0.76 495 496 1 1.56 502 530 28 7.02 incl: 510 517 7 27.2 and incl: 516 517 1 145 NYZRCDD0149 7790 2400 1239 270 -60 150.0 230.55 609.60 277 425 148 1.20 incl: 334 415 81 1.57 and incl: 384 385 1 21.8 462 499 37 1.50 509 587 78 2.44 incl: 538 586 48 3.20 and incl: 539 540 1 47.6 NYZRCDD0150 7771 2680 1234 270 -65 202.0 349.85 551.85 NSR
NYZRCDD0151 (!) 7276 2520 1256 90 -60 202.0 197.85
399.85 280 294 14 2.37 incl: 284 285 1 19.65 311 399.85 88.85 1.96 incl: 356 366 10 4.20 NYZRCDD0152 (!) 7276 2520 1256 90 -60 202.0 208.75 410.75 277 318 41 1.26 338 354 16 0.64 360 410.75 50.75 1.23 NYZRCDD0154 7537 2680 1315 270 -67 151.0 116.72 267.72 158 164 6 1.03 168 224 56 1.20 NYZRCDD0155 (+) 7355 2560 1263 130.0 NYZRCDD0156 7771 2320 1250 270 -60 169.0 349.35 518.35 245 343 98 1.08 incl: 274 343 69 1.26 376 497 121 3.64 incl: 378 400 22 2.26 and Incl: 432 483 51 6.44 and incl: 441 456 15 14.60 Hole Co-ordinates Depth Gold Mineralization > 0.40 g/t Pre collar Core Total From To Length Grade Grid East Grid North RL Azi Dip (m) (m) (m) (m) (m) (m) (g/t) NYZRCDD0157 7755 2360 1251 270 -55 187.0 256.8 443.80 236 238 2 1.58 244 259 15 0.74 266 267 1 1.57 276 323 47 1.52 335 391 56 1.72 incl: 368 385 17 3.58 NYZRCDD0158 7775 2640 1235 270 -60 175.0 518.86 693.86 290 291 1 1.45 355 392 37 1.92 402 427 25 0.69 432 482 50 0.61 501 533 32 2.70 incl: 525 532 7 9.37 542 544 2 3.28 651 693.86 42.86 1.75 incl: 670 683 13 3.21 NYZRCDD0159 7784 2200 1251 270 -60 199.0 357.4 556.40 304 306 2 1.28 317 343 26 2.35 incl: 331 333 2 16.4 489 549 60 0.89 NYZRCDD0160 7796 2280 1244 271 -61 182.3 370.3 552.60 290 333 43 1.24 341 342 1 1.73 361 395.65 34.65 0.57 412 417 5 3.54 435 436 1 14.75 447 511 64 2.59 incl: 459 485 26 4.20 and incl: 459 460 1 64.30 NYZRCDD0161 7732 2240 1267 270 -60 198.0 217.3
415.30 313 378 65 2.13 incl: 348 372 25 3.57 413 414 1 2.58
NYZRCDD0162 7825 2160 1242 270 -60 184.0 400.25
584.25 543 544 1 1.43 560 579 19 0.75
NYZRCDD0163 7840 2480 1236 270 -61 184.0 574
750.00 503 507 4 0.86 532 540 8 0.53 556 636 80 1.05 655 735 80 1.22 incl. 704 734 30 2.13
NYZRCDD0164 (+) 7582 2320 1321 270 -57 200.0
200.00 130 200 70 1.68 incl: 135 160 25 2.56 NYZRCDD0165 312.50 240 312 72 1.03
NYZRCDD0166 (+) 7555 2240 1342 270 -60 153.0
153.00 122 147 25 7.32 incl: 124 139 15 11.3
NYZRCDD0167 (!) 7821 2600 1229 270 -61
841.50 772 841.5 70 1.35 incl: 784 785 1 26.6
NYZRCDD0168 (+) 7544 2280 1343 270 -60 168.0
168.00 123 130 7 0.69 140 168 28 1.27
NYZRCDD0169 7619 2240 1313 270 -60
270.50 242 249 7 6.05 incl: 248 249 1 34.1
NYZRC0170 7564 2640 1257 270 -60
0.00 0 2 2.00 1.14
NYZRC0171 (+) 7450 2640 1257 270 -60 40.0 40.00 NSR NYZRC0172 (!) 7525 2560 1275 90 -60 100.0
100.00 0 100 100 (!) 1.26
incl: 33 67 34 1.54 incl: 80 100 20 1.93 Hole Co-ordinates Depth Gold Mineralization > 0.40 g/t Pre collar Core Total From To Length Grade Grid East Grid North RL Azi Dip (m) (m) (m) (m) (m) (m) (g/t) NYZRC0173 7417 2680 1257 90 -64 100 NSR NYZRC0174 7327 2680 1257 90 -64 170 97 99 2 1.58 NYZRCDD0199 7666 2120 1297 270 -60 169.0 236.50 405.5 284 293 9 1.20 323 325 2 2.99 339 372 33 1.09 382 385 3 1.22 NYZRCDD0203 (*) 7850 2320 1232 272 -59 210.0 551.70 761.7 372 373 1 2.35 382 385 3 3.06 747 752 5 1.60 NYZRCDD0210 7711 2120 1278 270 -60 180.0 248.60 428.6 303 304 1 9.00 308 309 1 1.45 331 399 68 1.15 incl. 356 397 41 1.58 NYZRC0215 7640 1966 1280 270 -60 174 49 54 5 0.56 59 66 7 0.51 NYZRC0221 (*) 7766 1966 1245 270 -60 220 Assays pending NYZRC0225 (*) 67655 1800 1229 270 -60 204 Assays pending NYZRC0226 7655 1880 1252 270 -60 204 166 172 6 0.78 NYZRC0229 7720 2002 1263 270 -60 156 NSR NYZRC0233 7576 1808 1250 270 -60 120 NSR NYZRCDD0234 (!) 7772 2244 1260 270 -60 204.0 383.30 587.3 288 320 32 1.37 398 406 8 0.85 462 497 35 0.56 510 570 60 3.58 incl: 541 570 29 6.04 and incl: 553 554 1 26.4 and incl: 568 569 1 52.3 580 587 7 0.71 NYZRCDD0235 7831 2400 1233 270 -60 204.3 584.7 789 513 522 9 0.58 559 577 18 0.98 594 655 61 6.24 incl. 612 613 1 146 incl. 625 627 2 50.9 NYZRC0236 (*) 7466 2160 1369 270 -60 204 20 23 3 1.1 NYZRC0244 7428 2242 1358 90 -60 172 136 168 32 2.95 incl. 147 158 11 6.72 NYZRCDD0274 7175 2440 1252 270 -60 200.3 220.60 420.9 203 231 28 0.82 276 402 126 1.08 incl. 319 384 65 1.38 c Composite sample * Assays not received
! Mineralization at base of hole + Hole incomplete
w Wet Sample ? Data subject to verification NSR - no significant results
The intercepts reported are the down-hole length of the drill hole (reversecirculation or drill core) intersection. Estimated true width is 60-100% ofdown-hole interval. Intervals were calculated a 0.40 g/t Au cut-off. Less than10% of internal intercepts were accepted below the cut off grades and nocapping was used in the calculations. Partial sample preparation by ALS ChemexLaboratories in Mwanza Tanzania and sample analysis by ALS Chemex laboratoriesin Vancouver for Au determination by 50g Fire Assay with AAS finish. Partialsample preparation and analysis for Au determination by 50g Fire Assay with AASfinish by SGS Laboratories in Mwanza Tanzania. Rigorous QA/QC consisting ofduplicates, repeats, standards and blanks. Collar positions have all beenlocated using DGPS, and are reported in a truncated grid. Down-hole surveysshown are design for all holes. Hole numbers in the table that are in bold texthave newly reported intercepts in this report.
ENQUIRIES
For further information contact:
African Barrick Gold plc
Andrew Wray, Head of Corp. Devt. & IR +44 (0)207 129 7155
Finsbury +44 (0)20 7251 3801 Andrew MitchellCharles Chichester
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of ABG in any jurisdiction.
This announcement includes "forward-looking statements" that express or implyexpectations of future events or results. Forward-looking statements arestatements that are not historical facts. These statements include, withoutlimitation, financial projections and estimates and their underlyingassumptions, statements regarding plans, objectives and expectations withrespect to future production, operations, costs, products and services, andstatements regarding future performance. Forward-looking statements aregenerally identified by the words "plans," "expect," "anticipates," "believes,""intends," "estimates" and other similar expressions.All forward-looking statements involve a number of risks, uncertainties andother factors, many of which are beyond the control of ABG, which could causeactual results and developments to differ materially from those expressed in,or implied by, the forward-looking statements. Factors that could cause orcontribute to differences between the actual results, performance andachievements of ABG include, but are not limited to, political, economic andbusiness conditions, industry trends, competition, fluctuations in the spot andforward price of gold or certain other commodity prices, changes in regulation,currency fluctuations (including the US dollar, South African rand andTanzanian shilling exchange rates), ABG's ability to successfully integratefuture acquisitions, ABG's ability to recover its reserves or develop newreserves, including its ability to convert its resources into reserves and itsmineral potential into resources or reserves, and to timely and successfullyprocess its mineral reserves, risk of trespass, theft and vandalism, changes inits business strategy as well as risks and hazards associated with the businessof mineral exploration, development, mining and production. Although ABG'smanagement believes that the expectations reflected in such forward-lookingstatements are reasonable, ABG cannot give assurances that such statements willprove to be correct. Accordingly, investors should not place reliance onforward looking statements in this announcement. Any forward-looking statementsin this announcement only reflect information available at the time ofpreparation. Subject to the requirements of the Disclosure and TransparencyRules and the Listing Rules or applicable law, ABG explicitly disclaims anyobligation or undertaking publicly to release the result of any revisions toany forward-looking statements in this announcement that may occur due to anychange in ABG's expectations or to reflect events or circumstances after thedate of this announcement. Nothing in this announcement should be construed asa profit forecast or estimate.
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