New drilling programme in Liberia

Canadian exploration and development company Avesoro Resources has begun a 14,000m, 46 hole diamond core infill drilling programme in Liberia’s New Liberty Gold Mine, Liberia’s first and largest commercial gold mine.

The drilling program in Liberia follows a contract entered between Avesoro Resources wholly owned subsidiary Bea Mountain Mining Corporation and Zwedru Mining, a related party to the company. In excess of 50 gold occurrences and gold geochemical anomalies have been outlined to date on the Company’s ground holdings. Gold mineralisation is associated with the primary shear systems or in subordinate structures related these major breaks. The drilling programme in Liberia has a value of approximately US$1 million, which will be paid in cash, with a HQ drilling cost of between US$59 and US$69 per metre. New Liberty Mine, located within the Bea-MDA property, in Grand Cape Mount County in the north-western portion of the Republic of Liberia, is a High grade open pit Proven and Probable Mineral Reserve estimate of 7.4 million tonnes grading 3.03 g/t for 717,000 contained ounces of gold and an annual throughput capacity of 1.1 million tonnes of ore.

The company is targeting an area of the New Liberty resource model containing an inferred mineral resource of around 3.5Mt with a mean grade of 2.8g/t Au and containing 315,000oz of gold. The campaign is aimed at increasing confidence in the continuity of the ore body, as well as upgrading the classification of a proportion of the inferred material to an indicated mineral resource, thereby increasing the tonnage of mineralisation that can be converted to a Mineral Reserve and included in the economic model. The programme is expected to be completed within the first quarter of 2018.

According to Avesoro Resources CEO Serhan Umurhan, this mine has the potential to “increase the mine life and significantly add to the value of New Liberty.”

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