Gold Exploration in West Africa

[FL]

NEW Sierra Leone: Golden Prospect PLC (GOL on London AIM)

See: http://www.goldenprospectplc.com/

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Company Profile

Golden Prospect plc is a diversified investor in the natural resources sector, with additional significant gold, diamond and platinum exploration properties in Africa.

Listed on the London Stock Exchange AIM Market since 1999. Ticker - GOL

The company is recognised as representing a unique investment opportunity in the London markets to gain diversified exposure to the gold and other junior resources sectors.

It has built an impressive portfolio of strategic investments mostly in small to medium resources companies with a commodity range of gold, nickel, oil, gas, zinc, diamonds, copper and platinum.

Golden Prospect plc announced recently that it has agreed to purchase a 25% interest in Interactive Resources Information Limited, which owns Minesite.com and has a 30% free carried interest in Oil Barrel.com. These websites are widely considered to be London’s two leading news websites for the resources sector.
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Exploration Properties – Sierra Leone Lake Sonfon Gold

Lake Sonfon lies within the Archean Greenstone Belt of the Sula Mountains, in the Northern Province, an established and extensive gold province. Golden Prospect’s exclusive prospecting licence covers the northern end of the greenstone belt with basement granites in the northwest corner of the licence area. Mano River Resources Inc. holds the contiguous exclusive prospecting licence situated on the eastern and southern boundaries of the licence.

A 3 kilometre wide belt of ultrabasic rocks strikes northeast-southwest across the centre of the licence. This belt is separated from the basement granites to the northwest by a 0.5 to 2 kilometre wide belt of amphibole and hornblende schists. The ultrabasic rocks, at their northern end, have been intruded by a later granite, which interfingers into the ultrabasics for some 2 to 3 kilometres parallel to their strike. A Heads of Agreement to jointly explore the two licences, which cover 256 square kilometres, wassigned in May 2002 on a 50/50 basis, with Mano River as operator. Golden Prospect and Mano Riverentered into a Heads of Agreement, in late 2003, with Golden Star Resources Limited, as operator ofthe gold exploration activities over the combined 256 square kilometre area.

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Previous work by both partners on their respective licences includes regional geochemistry, trenching and outcrop and soil sampling. Initial exploration programmes on the Golden Prospect licence focussed on the alluvial gold potential of the lease. The presence of significant quantities of alluvial gold were confirmed by an independent assessment in 1994 by Gavin Bowyer, Principal Geologist, IMC Mackay & Schnellmann. A second independent sampling and appraisal programme, carried out by Gavin Bowyer in 1997, showed that “Golden Prospect has confirmed that the rich grades of alluvial gold reported in 1994 from its Lake Sonfon licence were an indication of primary gold mineralisation in the area. Golden Prospect has identified two targets with quartz from which samples have returned significant gold grades, up to 2.5 g/t over 0.55 metres at Kantenki and 10.3 g/t over 3 metres at Yisangba. Both these targets lie within extensive prospective areas. The Kantenki target lies within the 5 km by 3 km contact zone of interfingered later granite intruded into earlier ultrabasic and amphibolitic rocks. The Yisanga target lies in the Bongone block, within which exploration in the 1960’s identified disseminated sulphides over a width of 86 m and a strike length of 2 km. The Lake Sonfon licence area can therefore be expected to contain further similar primary gold mineralisation to that already found and the size of the prospective areas for such mineralisation is extensive. The extent of the prospective areas within the licence area and of the structures, such as granite dykes and zones of disseminated sulphide within these prospective areas, indicate the potential for the discovery of gold deposits of significant size”. Recent activities on the joint venture area have shown the following significant results:
• 3 km long by 0.3 km wide gold anomaly discovered, with peak value of 1,100ppb
• High grade gold-bearing stockwork vein system beneath anomaly, with trench intersect of 7.3 m @ 7.4 g/t.
• Potential bulk tonnage gold deposit identified for drill testing.
• Highly encouraging gold grades from grab samples confirm historical work, which includes a previous grab sample of 77 oz/t.

Further details can be seen in the Golden Prospect News Release of 20 February 2003.