African Aura to drill Nkout iron ore prospect in Cameroon
TORONTO, March 9 /CNW/ - African Aura Resources Ltd. ("African Aura" or the "Company", TSX-V: AAZ) an exploration company with gold, iron ore and uranium exploration activities in Cameroon and Liberia, announces plans to undertake a reconnaissance diamond drilling programme on a 3km long section of the 10km long Nkout iron ore prospect in Southern Cameroon.
- 10km long magnetic dipole at Nkout coincides with topographic high - Drilling to test initial 3km long zone grading up to 65% Fe at surface - Up to ten reconnaissance holes planned to commence in May 2009 - In house drilling equipment and drill team to be mobilised to site >>
The Company is mobilising one of its two in-country diamond drilling rigs to the Nkout prospect to commence reconnaissance diamond drilling in May with an initial programme of up to ten holes, each drilled to 100m depth. Collars will be located approximately 250m apart along a 3km long section of the Nkout prospect where a previous programme of grab sampling at surface yielded an average grade of 54% Fe.
John Gray, President & CEO commented:
"The results from geological mapping and initial surface sampling of a 3km long section of the 10km long Nkout iron ore prospect were highly encouraging, with grades up to 65% iron and an average of 54% iron. African Aura has the flexibility and opportunity to accelerate its iron exploration programme with reconnaissance drill testing using its in-house diamond drills. The Nkout prospect is strategically located between the Mbalam iron deposit located 150km to the south east, and the site of a proposed deep water port at Kribi on the Atlantic coast, and situated close to existing infrastructure in a significant iron ore province. We look forward to updating shareholders with the results from this programme in due course"
About the Nkout iron prospect, Southern Cameroon
The Nkout iron prospect is located on the 1,000km(2) Djoum licence which is held by the Company's 100% owned subsidiary Caminex SARL. The prospect was identified by interpretation of historic airborne magnetic and remote sensing data and is defined by a 10km long discontinuous ridge, coincident with a magnetic dipole hosted by Archaean-age rocks. The Company considers that the dimensions of Nkout and surrounding hills represent a potentially economic iron deposit. Nkout is also strategically well located in the sub-region which hosts a number of significant iron deposits. Of those that are under exploration and development, the closest is the Mbalam deposit being developed by Sundance Resources Limited, located approximately 150km to the south east. As previously announced, in 2008 the Company collected 44 reconnaissance samples from a 3km by 3.75km area on the eastern section of the Nkout ridge, which returned a maximum grade of 65% iron, and an average grade of 54% iron. X-ray diffraction and optical microscopy show that the samples comprise mainly high grade haematite along with magnetite and goethite.
About African Aura
African Aura has a 'first-mover' exploration strategy, focused on the discovery of economic gold, iron and uranium deposits in sub-Saharan Africa. The Company has a Joint Venture with Severstal Resources for the exploration and development of Iron Ore in Cameroon and has established a significant portfolio of gold properties within Archaean greenstone and Proterozoic volcano-sedimentary belts, including its flagship Batouri gold project in Cameroon, where a maiden gold resource is anticipated in 2009. African Aura trades on the TSX-V under the symbol AAZ. More information can be found on line at www.african-aura.com or by email at: [email protected]
Oversight
The exploration results announced in this release have been reviewed and approved by Mark Biddulph. He holds a BSc Hons in Geology, and GIS from Rhodes University, and a GDE in Mining Engineering (Mineral Economics) from the University of Witwatersrand in South Africa. Mark is a Professional Natural Scientist under the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person under National Instrument 43-101.
Forward-Looking Statements
This press release includes certain Forward-Looking Statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralisation and reserves, exploration results and future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company has no obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason, and we expressly deny any such obligation in relation thereto. Important factors that could cause actual results to differ materially from African Aura's expectations are disclosed under the heading "Risk Factors" and elsewhere in African Aura's reports and other documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities in Canada. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration. For more information concerning the reports, or to obtain additional information on the Company, please visit our website at: www.african-aura.com and SEDAR's website at: www.sedar.com or contact the Company directly.
<< Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. >>
For further information: African Aura Resources Ltd, John Gray, Chief Executive, Tel: +44 (0) 207 239 4722, Cell: +44 (0) 779 616 7811, [email protected], www.african-aura.com
SDL Price at posting:
7.9¢ Sentiment: Hold Disclosure: Held
