The company is preparing the 43-101 resource statement jointly with Manafa International.
Cores 3M268, 3M338, 3M567 in the South West basin of the Atlantis II analyzed as part of the a due diligence study on cores originally sampled in the late 1970’s have yielded consistent levels of gold mineralization over the sampling intervals, and are open at depth.
Core 3M268, with a total penetration of 12.68m, intersects significant gold mineralization within the upper amorphous silicate zone (SAM) through to the Central Oxidic (CO) zone of the upper unit, averaging 1.825g/t DSF (Dry Salt Free) over 8m.
Core 3M338, which penetrates the upper 7.87m of Unit A averages 1.71g/t gold (DSF) over the penetrated interval, whilst core 3M567, with a total depth of 10.41m, recovered 6.41m of the lower horizons of the Upper Unit (Unit A), with an average gold value of 1.64g/t gold (DSF).
The gold values are significantly higher than previously inferred from floatation analyses (0.5g/t Au DSF) by Preussag for the historical resource estimate on the deposit.
The presence of elevated gold values within the South West Basin of the Atlantis II Deeps, together with other geochemical and mineralogical data indicates the close proximity of an (palaeo) exhalative vent in the South West basin, where high grade mineralization within the sedimentary pile may be present.
