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Prior to takeover by Avocet, Wega Mining ASA was active in Guinea from 2005, through its local Guinean subsidiaries and principally through the advancement of the Koulékoun gold project which now has a 666,500 ounce gold 43-101 compliant Mineral Resource. A new discovery at the nearby Kodieran licence has yielded initial drill results which include: 43 metres at 3.23 g/t gold, 20 metres at 6.43 g/t gold and 60 metres at 2.01 g/t gold over a strike length of 300 metres of a 3.5 kilometre gold-in-soil anomaly.
Additional exploration licences and applications in Guinea are strategically located in the Mandiana and Siguiri Préfectures in the northeast of the country (see the map on right).
Many gold exploration companies have been attracted to Guinea over the past 10 years because of Guinea’s potential to host large gold deposits including Toronto listed Crew Gold and AngloGold Ashanti Limited - one of the world's largest gold producers.
Guinea is proving to be another exciting new destination in West Africa for gold companies, and Avocet has a number of high quality gold exploration projects in the northeast of the country. These include the 986 km2 Tri-K Block that hosts the Koulékoun and Kodiéran gold prospects, the 142 km2 Balandougou permit and the 130 km2 Kankan permit. Avocet owns 95% of the Koulékoun permit and 100% of all the other permits.
The Tri-K Block consists of eight permits, where soil sampling and geochemical surveying will be undertaken in Q2-Q3 of 2010. Drilling is planned to commence in Q4 2010.
Only two of twelve main gold anomalies in the six sampled permits have been drilled to date. Infill drilling over a small area at Koulékoun led to the estimation of Indicated Mineral Resources of 12.69 Mt @ 1.55 g/t Au and Inferred Mineral Resources of 0.72 Mt at 1.49 g/t Au (667,000 ounces gold in total above a 0.5 g/t Au cut off), while scout drilling at Kodiéran returned 20 metres at 6.43 g/t Au from 35 metres depth and 60 metres at 2.01 g/t Au from 72 metres. Mineralisation is hosted by metallurgically-clean feldspar porphyry intrusions at both prospects. The remaining ten geochemical gold anomalies are untested. Work in the second quarter will focus on mapping and pitting of these untested anomalies with a view to defining targets for a scout drilling programme in the second half of the year.
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 |
|
|
|
|
| Mineral
Resources |
|
| Measured |
|
| Indicated |
|
| Measured
+ Indicated |
|
| Inferred |
|
| Resources
subtotal |
|
|
| |
|
| __ |
|
| 12,690,000__ |
|
| 12,690,000__ |
|
| 720,000__ |
|
| 13,410,000 |
|
|
| |
|
| |
|
1.55 |
|
1.55 |
|
1.48 |
|
1.55 |
|
|
| |
|
| |
|
| 632,000__ |
|
| 632,000__ |
|
| 34,500__ |
|
| 666,500 |
|
|
|
| |
|
| |
|
| 12,055,500__ |
|
| 12,055,500__ |
|
| 684,000__ |
|
| 12,739,500 |
|
|
| |
|
| |
|
1.55 |
|
1.55 |
|
1.48 |
|
1.55 |
|
|
| |
|
| |
|
| 600,400__ |
|
| 600,400__ |
|
| 32,775__ |
|
| 633,175 |
|
|
|
The above Ore Reserves and Mineral Resources are reported in compliance with Canadian Instrument 43-101.
Balandougou consists of a 7 kilometre zone of artisanal mining that is up to 200 metres wide. RAB and aircore drilling by Ashanti in 1997 returned intersections of up to 17 metres at 17.3 g/t Au and 6 metres at 16.0 g/t Au. Mapping and sampling will continue during 2010, ahead of a scout drilling programme planned for Q4 2010.
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