VANCOUVER, June 14, 2011 /PRNewswire/ --
African Metals Corporation ("AFR") (TSXV:AFR) is pleased to
provide initial figures for resources estimated by Geosure
Exploration & Mining Solutions Pty Ltd, independent geological
consultants, for its Luisha South Stockpile in the Democratic Republic of the Congo.
The resource as estimated includes:
An Inferred 370,000 tonnes at 1.0% Cu for 3,800 tonnes of contained
copper metal and 0.5% Co for 1,700 tonnes of contained cobalt
metal. (Note: tonnage figures rounded to the nearest
1,000).
Resource modelling was also completed at various cut off grades
as presented in Table One below and includes a higher grade
Inferred resource of some 130,000 tonnes at 2% Cu and 0.4% Co for
2,700 tonnes of contained copper metal and 300 tonnes of contained
cobalt metal.
Grade Contained
Cut Off Tonnes Copper Grade Cobalt Copper Contained
(Copper %) (000's) (%) (%) (tonnes) Cobalt (tonnes)
0.25 370 1.0 0.5 3,800 1,700
0.75 240 1.4 0.5 3,400 1,100
1.50 130 2.0 0.4 2,700 500
2.00 60 2.8 0.6 1,600 300
Table 1: Resource
Modelling results based on various copper cut-off grades.
The resources stated above are acid soluble and have been
targeted by AFR to be brought into production through conventional
hydrometallurgical processes.
Licence renewal
The Company is also pleased to report the successful renewal of the
Small Scale Mining Permit for the Luisha Project until
21st March 2016. The
permit renewal will enable AFR to pursue its goal of bringing the
Luisha Project into production.
Nigel Ferguson, CEO and President
of African Metals Corp, commented:
"The Company is very pleased with this maiden resource estimate,
which is expected to continue to grow in the coming months through
an updated hard rock resource estimate based on recently completed
diamond drilling program. Management expects further increases in
the total contained metal content estimated for the Luisha South
Project. Concurrently the Company will continue surface drilling to
seek extensional mineralisation outside the current resource area."
Nigel Ferguson also commented
"Recent successful treatment of the oxide stockpile material will
allow the Company to further investigate the possibility of placing
the stockpile into production before the end of the Calendar year.
It is an exciting time in the staged development of the company and
the Luisha Project."
MINERAL RESOURCE MODEL
Magnum Drilling Sprl completed a 383 meter reverse circulation (RC)
drilling program at the Luisha South Project in October 2010. Forty two vertical holes (SPRC001
to SPRC042) were drilled at approximately 40m centers on the top of
the Stockpile, located adjacent to the Luisa South open pit. Holes
were terminated after penetrating 2m into the soil beneath the
Stockpile.
Drill samples were collected from all holes at one meter
intervals, and riffle split to produce approximately one kilogram
sub-samples for analysis. A total of 418 samples including QC
samples were dispatched to ALS Chemex Minerals Laboratory in
Johannesburg, South Africa for
sample processing and analysis. The samples were analyzed by
multi-element ICP analysis for Cu and Co content after a 4 acid
digest (method ME-ICP61)
An independent resource consultant, Geosure Exploration &
Mining Solutions Pty Ltd, visited the project between the 14th and
16th May as part of the due diligence requirements for resource
estimation for the Luisha South Stockpile. All data was made
available to the consultant in order for the resource to be
estimated.
Mineral Resource Classification
The Luisha South Mineral Resource Estimate has been prepared by Mr.
Michael Montgomery, Director of
Geosure Exploration & Mining Solutions Pty Ltd. Mr.
Montgomery has sufficient experience which is relevant to the style
of mineralization under consideration and to the activity which he
is undertaking to qualify as a Competent Person as defined the by
NI 43-101 standards. The resource is currently being reviewed by
AFR personnel and will be submitted to the TSX Venture Exchange in
order to meet their pre-filing guidelines for resource disclosures.
A NI 43-101 compliant technical report documenting the resource
estimate will be filed on SEDAR within 45 days of the date of this
news release.
Geosure have classified the Mineral Resource into the Inferred
category.
Bulk Density Measurements
ALS Chemex Laboratory in Johannesburg,
South Africa as well as undertaking all analytical work for
the RC drill samples also provided all bulk density data based on
work completed on a suite of 332 samples taken from RC drill chips.
A bulk density of 2.84 g/cm3 was utilized for the
resource model, representing a simple average of these ALS density
results.
Mineralisation Modelling
Geosure Pty Ltd of Brisbane,
Australia was contracted to undertake the resource
estimations. The Luisha South deposit was modelled using Surpac
6.1.1 software. A digital terrain model was supplied to Geosure for
topography. Domains as such were not generated for the stockpile,
given the heterogeneous nature of a stockpile. Geostatistical
analysis on the sample populations showed no apparent mixed
populations and there are no outliers of significance. A 3
dimensional block model was constructed using Surpac Mining
Software. The block model was constructed with a parent cell size
of 25mN by 25mE and 5mRL. These cells were further sub-blocked to
6.25mN by 6.25mE and 1.25mRL. All relevant attributes were coded
into the block model. The block model was validated in detail using
Surpac. The following validation checks were performed:
- DTM and block model volume comparisons.
- Visual validation of block model attributes in plan, section
and 3 dimensions.
- Individual block audits.
No errors were detected as part of the validation process and as
a result the block model is considered robust. Grade estimation was
performed using inverse distance methodologies in Surpac mining
software. Grade estimates were constrained to within the stockpile
DTM. Grade estimation parameters were derived from several trials
and included comparing block estimates to mean composite drill
grade. The comparison of the composite mean grade and the average
block model grades showed a good reproduction. Estimation data was
recorded for each estimation pass and recorded as part of the block
model. Geological domains were considered as hard boundaries.
Geosure have classified the Mineral Resource into the Inferred
category.
Nigel Ferguson, AusIMM, President
and CEO of the Company and a qualified person under National
Instrument 43-101, has verified data disclosed in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN METALS CORPORATION
"Nigel Ferguson"
Nigel Ferguson
President & CEO
NEITHER THE 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 NEW RELEASE.
This News Release contains
forward-looking statements. Forward-looking statements are
statements which relate to future events. These statements
are only predictions and involve known and unknown risks,
uncertainties and other factors that may cause our or our
industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. While these
forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment
regarding the direction of our industry, actual results will almost
always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested
herein. Except as required by applicable law, the Company does not
intend to update any of the forward-looking statements to conform
these statements to actual results.
About African Metals Corporation.
African Metals Corporation [TSXV "AFR"] is a Canadian listed
company focused on the discovery and development of Copper and
Cobalt deposits in the highly mineralized Katanga Copper Belt
of the world renowned Africa Copper Belt in the Democratic Republic of Congo ("DRC").
AFR purchased all the assets of Chevalier Resources Inc. in
March 2010 including a 57% interest
in the Luisha South Project contained within licence PEPM 4881,
Katanga Provence, Democratic Republic of the Congo ("DRC")
through subsidiaries incorporated in the DRC. In July AFR
negotiated a further 18% interest in the project with the option to
increase the equity interest to 90% based on results. The project
is located 75 kilometres northwest of Lubumbashi, the capital of
Katanga Province and consists of
approximately 16.2km².
The Luisha South Project includes a small historical open pit
mine and associated stockpile and is underlain by Roan Group
sediments which host major Cu-Co deposits in the DRC. The Luishia
South orebody was explored between 1923 and 1928 and an oxide
deposit with an estimated pre-production tonnage of approximately
350,000 tonnes at 8.6% Cu was delineated. The Luisha Project also
covers some three kilometres of the Roan Group strike length which
is favorable for Cu-Co mineralization. AFR is currently conducting
metallurgical tests on stockpile Reverse Circulation drill samples
to determine characteristics and gravity separation qualities, with
the aim of commencing production of an oxide concentrate by the end
of Q3 2011.
For further information:
Jag Sandhu, Corporate Development
+1 604-306-1950