New Liberty drilling programme commences

by Ina King (Potgieter)

Four diamond drill rigs have been mobilised to dual-listed Avesoro Resources’ wholly owned New Liberty mine where a 14 000 m diamond core drilling campaign has commenced.

Based at its New Liberty mine in Liberia, the campaign is targeting an area of the company’s resource model containing an inferred mineral resource of 3.5-million tons with a mean grade of 2.8 g/t gold and containing 315 000 oz of gold.

The infill drilling programme is aimed at increasing confidence in the continuity of the orebody and upgrading the classification of a proportion of the inferred material to an indicated mineral resource, and thereby increasing the tonnage of mineralisation that can be converted to a mineral reserve and including it in the economic model, as required by National Instrument 43-101.

It has been reported that this inferred material was located within and below the current pit design and was within the open pit reporting limits. However, due to its resource classification it was currently treated as waste in the mineral resource, as announced on 11 October.

The drilling programme contract has been entered into between the company’s wholly owned subsidiary Bea Mountain Mining Corporation and Zwedru Mining, a related party to the company. The drilling contract has a value of $1-million, with a drilling cost of between $59/m and $69/m.

Serhan Umurhan, Chief Executive Officer of Avesoro Resources, said: "I am pleased to announce the start of this infill drilling programme at New Liberty. We expect drilling operations to be completed during Q1 2018 and I look forward to updating shareholders on the progress of this campaign which we believe has the potential to increase the mine life and significantly add to the value of New Liberty".

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