African Queen hires company to drill Noyem-Nyanfom African Queen hires company to drill Noyem-Nyanfoman
African Queen Mines Ltd (C:AQ)
Shares Issued 59,072,693
Last Close 1/18/2012
.16
Thursday January 19 2012 - News Release
Mr. Irwin Olian reports
AFRICAN QUEEN SECURES DRILLER FOR NOYEM-NYANFOMAN PROJECT ON GHANA'S ASHANTI BELT; FEBRUARY START DATE SET
African Queen Mines Ltd. has now executed a formal agreement with E-Drilling Ghana Ltd. and E Global Drilling Corp., affiliated with Energold Drilling Corp., to undertake a core drilling program at its Noyem-Nyanfoman project on Ghana's Ashanti belt. Mobilization is to be commenced prior to the end of January, with drilling slated to start in mid-February. An initial 2000-metre program is contemplated, with further meterage to be added by the company on a result-contingent basis. The drill program will be managed by the company's senior technical team and by employees of consulting firm Remote Exploration Services of Cape Town, South Africa.
The initial holes are planned to range generally from 100 metres to 200 metres in depth, with a view toward:
- Testing and confirming the gold mineralization previously discovered and announced by predecessors of Newmont Mining Corp. on the Noyem A reef on the eastern portion of the concession, where a historic inferred-gold resource of approximately 1.1 million ounces gold (5.2 million tonnes grading 6.67 grams per tonne gold) was established down to a depth of 550 metres within reefs of the Tarkwaian conglomerates, through exploration that included a prior core drilling program during 1996 and 1997, by Bonsai Gold Holdings (see news release dated Oct. 19, 2009).
- Testing new targets elsewhere on the licence area developed through the company's own exploration programs over the past 24 months.
According to Irwin Olian, chief executive officer of the company: "After many months of exploratory work and protracted negotiations with the local community and small-scale miners, we are delighted to be able to move forward now with drilling at the Noyem-Nyanfoman project. We view this as a unique opportunity to build value for our shareholders and joint venture partner, Akan Exploration, as well as the local community. Our hope is that our drilling and exploration efforts will lead to development of a successful commercial mining operation that will contribute significantly to the economic growth of the region, as well as the well-being and prosperity of the local community and Nyanfoman people."
The Noyem-Nyanfoman gold project
The licence currently covers an area of approximately 28.9 square kilometres located within the Birim North district of Ghana's eastern region, approximately 130 kilometres northwest of Accra.
It is at the northeastern end of Ghana's well-known, gold-producing Ashanti belt, near Newmont's Akyem deposit which is presently under development for production with a stated resource in excess of eight million ounces gold. In addition to its close proximity to Accra which facilitates access, the project is bisected in a northeast-southwest direction by a tarred road. It has long been host to large numbers of artisanal miners.
The Akan agreement
The company's rights to the project are subject to an earn-in and joint venture agreement with Marshall Islands' private company Akan Exploration Ltd., under which the company may earn up to a 75-per-cent interest in the Noyem Gold project by financing prescribed stages from exploration through feasibility. Akan has the right to participate at its election pro rata after the company has reached 60-per-cent ownership interest. The company is designated as manager and operator of the project.
© 2012 Canjex Publishing Ltd.