African Queen Mines Ltd. Commences 2013 Field Exploration Program at Ugunja Gold Project in Kenya's Lakeland District
Mar 25 13
African Queen Mines Ltd. announced that it has now commenced its 2013 field exploration program at the Ugunja Gold Project in Kenya's Lakeland District. The field work underway is a continuation of the Phase 1b Exploration Program commenced last year and includes regional mapping, soil and rock sampling, trenching and ground geophysics. The Ugunja Project encompasses approximately 370 sq. km in the Busia, Siaya and Kakamega areas (aka the Lakeland District) located N of the shores of Lake Victoria in Western Kenya. It is situated approximately 100 km to the NW of the company's Odundu Project in the Rongo Gold Fields, also on the Lake Victoria greenstone belt, where core drilling was carried out in 2012.
African Queen Mines Ltd., Annual General Meeting, May 14, 2013
Mar 13 13
African Queen Mines Ltd., Annual General Meeting, May 14, 2013.
Akan Exploration Ltd and African Queen Mines Ltd. Receives Results from 2012 Core Drilling Program at Noyem-Nyanfoman Gold Project; Provides Earnings Guidance for 2012
Feb 6 13
Akan Exploration Ltd. and African Queen Mines Ltd. have received the results from the 2012 core drilling program at the Noyem-Nyanfoman Gold Project located within the Birim North District of the Eastern Region of Ghana. The project comprises an area of approximately 30 sq km at the northeast extent of the Ashanti Gold Belt and is primarily associated with palaeoplacer gold mineralization which is hosted within the basal conglomerates of the Tarkwaian Group’s Banket Formation. Initial results from the drill program are consistent with reported historic results (approximately 1.1 million oz. au) from predecessors of Newmont Mining Corporation and tend to confirm over a strike of at least 5.6 km of a relatively continuous gold-bearing reef varying in width from one to 5 m. During the core drilling program a total of 1,981.50 m of core was drilled from 26 drill holes to a maximum depth of 150 m. Of the 26 drill holes, 24 intersected the mineralized NCZ, while the other 2 holes were abandoned before intersecting the NCZ due to drilling difficulties. A total of 889 samples, including 751 core samples, 52 duplicate samples, 50 standards and 36 blanks were submitted to Scientific Services Laboratories in Cape Town, South Africa for 50g Fire-Assay gold analyses. 6 of the 26 drill holes drilled during the 2012 core drilling program were used to twin 6 (or 22%) of the 27 historic drill holes which were spaced roughly equidistantly across the 5.6 km strike length of the Northern Limb target. Considering the nuggety nature of palaeoplacer gold deposits, the comparison of the average widths and gold grades of the intersected mineralised NCZ between each pair of twinned holes showed reasonable correlations. Furthermore, the statistical comparison between the Bonsu and Joint Venture drilling datasets showed a relatively good statistical correlation, with the two drilling programs showing broad overlap of the zone of elevated gold grades. Therefore, both drilling datasets were combined for interpretative purposes. Based on lithological, width and gold-grade variations observed within the mineralized NCZ of each drill hole, the Northern Limb target was sub-divided into three broad zones; namely the Western, Central and Eastern Zones, which extend over approximately 2.5 km, 2.0 km and 1.1 km respectively. The results indicate that the Western and, in particular, the Central Zones of the Northern Limb target are the most prospective and further exploration drilling will be undertaken in the next phase to test the along-strike and down-dip potential of the mineralized NCZ which to date has not been tested below a vertical depth of 150 m. Commonly associated with palaeoplacer gold deposits are a series of narrow palaeo-channels hosting high gold values which typically form payshoots. The mineralized NCZ extends to the east of the Northern Limb target where the stratigraphy has been folded to form a large synformal structure referred to as the Hinge Zone target. The Hinge Zone target is yet to be drill tested, but is considered to be prospective due to the extensive presence of flooded artisanal workings which were previously mined by small-scale miners. The company also announced that the exploration license (License) held in trust for the both the companies operating subsidiary AQ Ghana Gold Limited covering the Noyem-Nyanfoman Gold Project within the Birim North District of the Eastern Region of Ghana has been renewed for a period of two years through December 31, 2014. The renewal was signed by the Minister of Lands and Natural Resources, Honorable Mike Allen Hammah (MP), upon recommendation of the Minerals Commission of Ghana. The area under license comprises two non-contiguous blocks aggregating approximately 30.23 sq. km, namely Noyem A (Nyanfoman) which covers 23.55 sq. km and Noyem B (Apragya) which covers 6.68 sq. km.
Based on the positive drill results, the company is able to further increase the project valuation, which will result in a higher book value per share by the end of 2012. On the other side the company is still not able to generate any cash flows out of the existing business and will not do so for the coming years but has to invest between USD 0.5 to USD 1.5 million per year to cover further exploration costs.