15 April 2014 African Barrick Gold plc (the "Company" or "ABG") West Kenya Exploration Continues to Provide Positive Results ABG is pleased to announce further positive results from our grass roots exploration programmes in Kenya where we are currently undertaking successful exploration drilling and surface Induced Polarisation ("IP") geophysical surveys. Assay results from a further 327 reconnaissance Aircore drill holes testing existing gold-in-soil anomalies along the Liranda Corridor on the south side of the Kakamega Dome have been returned underlining the prospectivity of the tenements, with results including: * KDAC0312: 3m @ 15.2 g/t Au from 41m and 9m @ 1.71 g/t Au from 62m * KDAC0361: 39.5m @ 0.81 g/t Au from 9m, including 6m @ 2.26 g/t Au * KDAC0376: 9m @ 2.57 g/t Au from 57m The Aircore results to date are very encouraging given the current line spacing of the Aircore traverses varies between 400 metres and 800 metres and the average depth of drilling to date is a relatively shallow 40-50 metres. Infill traverses will be undertaken as part of phase two of the programme before targets will be ranked for testing by more advanced reverse circulation and diamond drilling. In addition to the Aircore programme, we continue to undertake extensive soil sampling of the licence area with a further 3,323 samples collected in Q1 2014 with over 50 gold-in-soil anomalies now delineated for follow-up work (Figure 1). In tandem with this, we have commenced gradient IP and Resistivity across selected gold-in-soil anomalies. These surveys aim to target mineralisation associated with sulphides and/or resistive lithologies, structures or alteration. Seven anomalies have been covered by IP surveys to date for approximately 88 line kilometres, with four targets showing distinct resistivity and/or chargeability zones coincident with the gold-in-soil anomalies and should be considered as priority targets for future drilling programmes. Commenting on the results, Brad Gordon CEO of African Barrick Gold, said: "We are greatly encouraged by the continued early success of our grassroots programme in Kenya. This represents round 60% of our greenfields exploration budget in 2014 and is designed to delineate priority targets ahead of a future investment decision subject to the evolution of the draft Mining Act. This early success is a result of applying our extensive knowledge base from operating in Tanzania for over a decade to a new jurisdiction and we continue to look to further diversify our exploration portfolio outside of our current operating areas." See www.africanbarrickgold.com for picture in the Kenya JV Project with the location of the areas in which ground IP grids are planned across specific gold-in-soil anomalies. Map overlain on RTP magnetic image. Aircore Drilling: In late 2013, Aircore drilling commenced targeting soil anomalies across the Kakamega Dome gold camp and to date 741 holes have now been drilled for a total of 28,061 metres. In January 2014, we announced initial results from 192 Aircore holes, including notable results from 10 holes that returned assays > 0.5g/t Au including 6m @ 30.9 g/t Au, 3m @ 3.35 g/t Au, 3.5m @ 4.20 g/t Au and 10m @ 1.75 g/t Au. Since the January 2014 announcement, we have continued the Aircore drilling programme across the Kakamega Dome gold camp, as well as continuing regional mapping and soil sampling programmes. Aircore drilling to date has been focused on the Liranda Corridor, a major west-northwest to east-southeast trending structural zone, continuous over 20km in the West Kenya Project, along the south side of the interpreted Kakamega Dome. In addition to the Liranda Corridor, several northeast-southwest trending structural zones cross cutting the Liranda corridor and highlighted by gold-in-soil anomalism have also been targeted by Aircore drilling traverses. We have now received and compiled results for a further 327 Aircore holes and we are continuing to intersect gold anomalism in the Aircore drilling, with a further 116 holes to date returning anomalous results (>0.1g/t Au). In total, we have now intersected zones of >0.50g/t Au in 51 Aircore holes out of 519 holes assayed to date with highlighted intersections from the recent results including (refer also to Figure 2 below): * KDAC0312: 3m @ 15.2 g/t Au from 41m & 9m @ 1.71 g/t Au from 62m * KDAC0349: 6m @ 1.11 g/t Au from 63m * KDAC0361: 39.5m @ 0.81 g/t Au from 9m, incl. 6m @ 2.26 g/t Au * KDAC0366: 20.5m @ 0.93 g/t Au from 24m, incl. 6m @ 2.58 g/t Au * KDAC0369: 17m @ 0.62 g/t Au from 27m * KDAC0376: 9m @ 2.57 g/t Au from 57m * KDAC0408: 4m @ 3.18 g/t Au from 108m, incl. 1m @ 10.5 g/t Au * KDAC0501: 6m @ 1.68 g/t Au from 6m, incl. 3m @ 3.12 g/t Au See www.africanbarrickgold.com for picture Figure 2: Selected significant Aircore intercepts along the Liranda Corridor on the southern side of the Kakamega Dome (New results in yellow boxes, and previously released results in white boxes). Grades shown are the best composite intersections per hole in grams per tonne of gold. These encouraging Aircore results confirm the presence of significant gold mineralisation in weathered bedrock throughout the Liranda Corridor. The drilling programme will continue through into H2 2014 with a further 200 Aircore drill holes for 10,000 metres planned. The systematic and comprehensive programmes represent a spend of approximately US$4 million in 2014 and will enable the ranking of the five to ten priority targets for future advanced reverse circulation and diamond drilling programmes. ENQUIRIES For further information contact: African Barrick Gold plc +44 20 7129 7150 Andrew Wray, Chief Financial Officer Giles Blackham, Investor Relations Manager Bell Pottinger +44 207 861 3800 Daniel Thöle About ABG ABG is Tanzania's largest gold producer and one of the largest gold producers in Africa. We have three producing mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. We have a high-quality asset base, solid growth opportunities and a clear strategy of optimising, expanding and growing our business. Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives. ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG and have a secondary listing on the Dar es Salaam Stock Exchange. Historically and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation, our majority shareholder. Disclaimer and forward-looking statements 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 imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements and information regarding plans, objectives and expectations with respect to future production, exploration programmes, operations and projects, costs, products, services and the operational review, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expects," "anticipates," "believes," "intends," "estimates" "will" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of ABG, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements. Although ABG's management believes that the expectations reflected in such forward-looking statements are reasonable, ABG cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements in this announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in ABG's expectations or to reflect events or circumstances after the date of this announcement. END -0- Apr/15/2014 06:09 GMT
AFRICAN BARRICK GOLD PLC: West Kenya Exploration Update
Press spacebar to pause and continue. Press esc to stop.