Business
Exploration Update
Exploration Update.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n RNS Number : 7445A African Mining & Exploration PLC 07 February 2011 \n \n\n \n \n \nAfrican Mining and Exploration plc ('AME' or the 'Company')\n \nExploration Update\nAfrican Mining & Exploration plc (\"AME\"), the AIM listed mining company with exploration licences in Mali, West Africa, is pleased to provide shareholders with an exploration update on the Company's Karan exploration licence (\"the Licence\").\nHighlights\n· Drill targets generated following completion of 472 line km of ground magnetic geophysics\n \n· Evidence of a structural corridor covering an area of 100km2 \n \n· Evidence of radiometric potassium enriched anomalies often indicative of gold mineralisation in this part of Mali\n \n· A revision of the pending drill programme from 3,500m combined reverse circulation and diamond drilling to an estimate of 12,400m of RC (reverse circulation) drilling \n \n· Signing of a new Confidentiality Agreement with Newmont to review joint exploration data on the Karan Licence\n\n \n\nNew targets\nThe recently completed 472 line km ground magnetic survey has achieved the following:\n- confirmation of a north - south major shear structure that extends the length of the Licence;\n- evidence of a number of structures within the corridor which may be the focus of gold mineralisation; and \n- thick lateritic horizons are now believed to mask/cover further shear hosted hard rock gold mineralisation targets along an 8km long feature.\n\nStructural corridor\nAll known structures and mineralisation, to date, appear to be confined within a significant structural corridor that extends the full length of the Licence over an area of approximately 100km2. This represents a larger target area than previously anticipated by AME. The Company has now planned a series of inclined RC holes which will focus initially on four priority targets all located within the corridor, Fintakourouni, Mana, Koukouroula and Kouroudjin. Depending on positive assay results from the Phase 1 drill programme, further infill drilling will be required to create bulk tonnage and grade models and to drill...