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aureus mining inc (AUE) Snapshot

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03/12/14 - 35.00 GBp
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75.2M
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366.7M
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aureus mining inc (AUE) Details

Aureus Mining Inc., through its subsidiaries, explores and develops gold deposits in Liberia and Cameroon. It principally owns a 100% interest in the New Liberty Gold project covering an area of 457 square kilometers located in Liberia. Aureus Mining Inc. was incorporated in 2011 and is headquartered in Toronto, Canada.

200 Employees
Last Reported Date: 03/6/14
Founded in 2011

aureus mining inc (AUE) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $437.2K
Chief Financial Officer
Total Annual Compensation: $302.7K
Compensation as of Fiscal Year 2013.

aureus mining inc (AUE) Key Developments

Aureus Mining Inc. Announces Metallurgical Optimisation Testwork Results from Ndablama Gold Project

Aureus Mining Inc. announced metallurgical optimisation testwork results from its Ndablama Gold project, located within the Northern Block of the company's 100% owned Bea Mountain Mining licence in Liberia, and situated 40 km north-east of Aureus' New Liberty Gold project. The results follow the announcement on 1 December 2014 of an updated Indicated resource of 386,000 oz at 1.6 g/t gold and Inferred resource of 515,000 oz at 1.7 g/t gold. These results confirm and expand upon previous testwork results published on 10 December 2013. The tests were performed by ALS laboratories in Perth (ALS), Australia, under the supervision of DRA Mineral Projects (Pty) Ltd. They were conducted on bulk composite samples from Ndablama drill cores to test the metallurgical response of the oxide and high grade (HG), medium grade (MG) and low grade (LG) sulphide material composites to standard gravity and cyanide leach treatment routes. The BBWi value is identical to the average outlined for New Liberty. Work completed: Subsequent to the initial test work programme, further optimization test work was conducted at ALS Laboratories in Perth, Australia. At the request of the Company, the test work was scoped and managed by DRA with the aim of confirming the initial test work results and to determine optimum design parameters. Representative samples of oxide and sulphide material were selected by the Company geologists and dispatched to ALS. A total of 694 kg of material was received by ALS and composited for comminution work at JKTech, gravity work at ConSep and gravity /cyanidation work at ALS. For the ALS work, bulk composites of the sulphide material were constructed to characterise typical low, medium and high grade material with head grades of 1.40 g/t, 1.83 g/t and 2.70 g/t of gold for the respective composites. A representative oxidised bulk composite was also constructed with a head grade of 0.82 g/t gold. Testworks outcomes: Results are presented for testwork on composite samples made up from 47 diamond drill holes (630 metres) from all phases of the drilling programme completed at Ndablama. Evaluation of CIL recovery as a function of grind size: Grind optimisation testwork was conducted on the HG composite and indicated that the optimum grind is P80 of 75mm with a residue grade of 0.14 g/t Au and an associated total extraction of 95.3%. This grind size returned the optimum combination of high extraction with low associated reagent consumption. Evaluation of gold recovery to flotation concentrate: Flotation testwork was performed on the composite samples with gold recoveries in excess of 90% into the flotation concentrate. Evaluation of gold recovery by gravity separation: Testwork was conducted on the LG, MG and HG composites returning maximum total gravity recoverable gold (GRG) values of 68.0%, 71.7% and 66.1% respectively; Gravity separation tests on the oxide composite were performed at ALS Laboratories and yielded non-discounted recoveries ranging from 41% - 43% for gravity recoverable gold (GRG). Evaluation of preg-robbing: The testwork showed that gold extraction was similar for tests conducted with carbon present compared to leach tests conducted with no carbon present; Based on the similarity in overall extraction it can be inferred that there is no evidence of preg-robbing. Evaluation of the effect of pre-oxygenation with shear: No significant benefit was observed in terms of total extraction, cyanide consumption or lime consumption when pre-oxygenation was included in the test. The total extraction shown in Table 3 with pre-oxygenation is very similar to the total extraction realised without pre-oxygenation. Optimization of cyanide consumption: Cyanide optimisation tests were conducted on the MG composite at the target grind of P80 of 75mm with results showing that there was an optimum cyanide consumption of 0.43 kg/t with a leach residue of 0.13 g/t Au. Evaluation of gold recovery from leaching of the oxide feed material: Tests conducted on the OX composite at the target grind of P80 of 75mm resulted in leach residues of 0.03 g/t Au, yielding total gold extractions ranging from 96.3% - 97%. Cyanide consumptions varied between 0.25 kg/t and 0.75 kg/t. Flowsheet validation: Once the optimum processing parameters of grind size, cyanide consumption and pre-oxygenation with shear had been identified, a series of tests was conducted to validate these parameters; The purpose of this work was to test the consistency of the results with the proposed flowsheet on the sulphide composites; Leach residue values were all within an acceptable range of 0.08 - 0.15 g/t Au. These returned total extractions ranging from 91.0% to 95.8%; Cyanide consumptions ranged between 0.26 and 0.40 kg/t; Lime consumptions varied from 0.73 to 1.51 kg/t.

Aureus Mining Inc. Presents at GMP Jamboree Conference, Feb-07-2015 11:00 AM

Aureus Mining Inc. Presents at GMP Jamboree Conference, Feb-07-2015 11:00 AM. Venue: Arabella Resort & Spa, Hermanus, South Africa.

Aureus Mining Inc. Provides NI 43-101 Resource Update for the Ndablama Gold Project

Aureus Mining Inc. announced a NI 43-101 resource update for the Ndablama gold project following the completion of a Phase 4 drilling program. Ndablama is located within the Northern Block of the Company's 100% owned, Bea Mountain Mining licence in Liberia, and is situated 40 km north-east of Aureus' New Liberty Gold project. The Ndablama resource estimate was prepared by AMC Consultants (UK) Limited ('AMC') in accordance with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Project", of the Canadian Securities Administrators. The Ndablama gold target is located within the Northern block of the Company's 457 km, 100% owned, Bea Mountain Mining licence in Liberia, and is situated approximately 40 km north-east of Aureus' New Liberty Gold project. A total of 115 diamond drill holes covering 21,333 m, 39 reverse circulation ("RC") infill holes totaling 5,827 m and 63 trenches for 3,967 m have been completed at the Ndablama gold target and span 1.7 km of a northerly striking mineralised system. The resource estimation work in this release has been calculated based on drill holes covering a strike length of 1,000 m (150 drill holes and 26,689 m) of the mineralised system. It comprises effectively the Central, South East and an area of the North zone of the deposit while the mineralisation remains open along strike and down dip. The mineralisation is located within a sheared package of intercalated ultramafic and mafic rocks which are enveloped by a gneissic sequence and overly a granite batholith. The mineralisation has a shallow westerly dip of 30deg or less and strikes to the North. It has been drilled to a maximal vertical depth of 240 m below surface and remains open down dip. The mineralisation remains open along strike to the north. At Ndablama North, the holes located to the north of the resource area have all intersected mineralisation which continues further north along the remaining 1.2 km of the pressure shadow zone. Further drilling is required at the Ndablama North folded area where trench results intersected 14 m at 1.1 g/t and 7 m at 1.8 g/t. Towards the south, the southernmost holes (NDD112 and NDD113) both intersect mineralisation which has been traced further South through trenching over a distance of 400 m to the Leopard Rock target. Additional drilling is to be undertaken along this corridor. The Ndablama resource and wire frame modeling is based on 150 diamond holes (26,689 m). For the purposes of resource estimation at Ndablama, two identified mineralised zones, named Central and South East respectively, were constrained within wireframed mineralised shells, defined using a nominal 0.1 g/t Au threshold. Intersections of gold mineralisation of variable thicknesses and grades have been used within the broad enveloping host. The wireframe of this host is typically 60 m in width and tapers to the south. Statistical analyses, variography and grade estimation were undertaken using one metre samples (compositing not required) within the mineralised zones. Grade estimation was completed using Localised Multiple Indicator Kriging ("LMIK"), using estimation panels of 20 m x 20 m x 10 m, and selective mining unit dimensions of 5 m x 5 m x 5 m. Search volumes were aligned with the orientation of the encompassing mineralised shells. Gold assays for the Central Zone were capped to 90 g/t Au. No capping was applied to the South East Zone estimate. However, the influences of very high grades were constrained by application of the median gold value for high indicator bin. Ndablama is situated within a pressure shadow zone which forms part of a 13 kilometre gold corridor The Ndablama gold project is part of a 13 km mineralised corridor, of which five kilometres is represented by a shallow shear pressure shadow zone and the remaining eight kilometres forms part of a steeper shear system, referred as to the Yambesei SZ. The Ndablama gold project locates within the five kilometre pressure shadow zone which is characterised by a mineralised structural zone which dips shallowly to the west and occurs close to the altered and sheared geological contact between metavolcanic rocks (ultramafic and mafic units) and the Ndablama granitoid. The pressure shadow zone extends from Ndablama North to Leopard Rock South and covers a distance of five kilometres. It is associated with extensive bedrock and alluvial artisanal gold mining. To date only 40% of this pressure shadow zone has been drill tested. DRA Mineral Projects conducted preliminary Metallurgical testwork on the Ndablama orebody during 2013. The testwork was conducted at ALS Laboratories in Perth (ALS), and limited to assessing the amenability of the ore to cyanidation. These tests returned overall gold recoveries ranging between 92% and 94%, from head grades of 0.91 g/t and 2.21 g/t respectively. Further detailed testwork is currently being conducted by ALS on additional representative samples of the Ndablama orebody, including crushing and grind optimisation testwork, comminution testwork, gravity testwork, cyanide optimisation and variability testwork. Results for this ongoing test programme are expected before year end. The Company has now commenced work on assessing the options for the exploitation of the Ndablama deposit. Options include mining as either a stand-alone project as part of a larger regional mining district, or as a satellite deposit to the Company's New Liberty Gold Mine. Drill core is split on site and RC samples are split at the rig with a 3 tier splitter. Samples are despatched under custody to the SGS Laboratory in Monrovia and Tarkwa (Ghana). All samples collected by Aureus are analysed using aqua regia digestion and fire assay analysis with an atomic absorption finish. Assay quality control protocols include the submission of commercial certified reference standards, blanks, field duplicates, pulp duplicates and umpire control samples. Standards are inserted into the sample stream at a frequency of 1 in 10. All other quality control samples are submitted at a frequency of 1 in 20. Assay quality control samples are reviewed on a monthly basis. Aureus also submits samples for screened fire assay analysis.

 

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