Wednesday, September 05, 2012 2:21:40 PM
Echo Bay Ghana drilled 7 diamond holes along the length of the of the ore body into the old workings and got 2 promising results: 49g/t over 2m and 19.7g/t over 2.1m. These indicated that there are very rich shoots within the broad shear zones.
In 1996, Ashanti Goldfields (AGC) took over IGR and concentrated on operating the Main Bibiani open pit. However, AGBL, a subsidiary of AGC was brought on board to delineate any economic mineralization within the Bibiani North License area. AGBL carried out sampling of the old mine waste dump estimated to be 30,000t and located just north of the old shaft in 1997 and reported grades between 4g/t and 5g/t. Using these figures, the waste dump would be estimated to contain 9,600 ounces of gold.
Tailings of the old mine were deposited in a wide shallow valley lying to the east of the ore trend. This valley drains north-easterly into the semi perennial Pamunu River. Soil sampling indicated that substantial amounts of tailings might have been washed into the Pamunu River but it is estimated that about 60,000t at 5g/t can be retrieved. Using these figures, the tailings would be estimated to contain 2,894 ounces of gold.
These findings encouraged AGBL to pursue a 23 hole drilling program in 1998. The holes were pre-collared by 50-65 meters of RC drilling and were completed by 15-30 meters diamond drilling (NQ). The holes were aimed at the interface of transition to sulphides, but a few deeper holes were drilled as well. Results include 19.2g/t over 1.2meters next to a stope which invariably is a skin of a mined out stope. Another intersection was 12.1g/t over 4.3 meters.
The Bibiani North ore body strikes virtually north-south. Over a distance of approximately 600m is marked by artisanal workings into the near surface sub rock which consist of up to 10m thick quartz veins in carbonaceous and graphitic schists or phyllites. The ore body dips between 50-55 deg to the East in the northern sector. The southern sector dips between 70- 90 deg East. CAG drilled 3,000m of RC (17 holes) in the vicinity in 2007 and estimated about 300,000 oz oxide gold resources for the Ekom Eya concession. Eight of the holes, each about 180m long, probed the Ekom Eya property
The above comment in no way constitutes a recommendation to buy or sell any securities. Any investment decisions should be undertaken only after conducting extensive due diligence.
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