Feb 23 2011
Angus Mining Namibia Inc. (TSX VENTURE:ANA) has provided an update of its current exploration program, operations, and corporate activities.
The Company commenced the first phase of its diamond drill program at the Ondundu gold project in west central Namibia in September of 2010. This drill program is designed to delineate a large, low-grade bulk mineable gold resource in the main mineralized zone (the "OMZ" Zone). OMZ has a strike length of approximately 3.5 km, with an average width of 400 meters and is being drilled to an average depth of 240 meters. The Company is also generating targets at a second zone (the "OD6" zone) to the north, which is contiguous to OMZ, and has demonstrated gold and copper mineralization occurrences.
To date, the Company has completed 32 diamond drill holes for a total of 8,604 meters. There are 5 operating diamond drill rigs and 1 operating reverse circulation rig on site. A total of CAD $2.8 million has been expended on project exploration to date.
The Company has experienced unavoidable delays in receiving assay results due to two factors; first, a shortage of qualified assay capacity resulting from a sharp increase in mining activity in South and West Africa over the past several quarters, and second, a labour dispute and strike at its contracted geochemical analysis and assay company, located in Johannesburg, South Africa. These two factors have resulted in the Company receiving only 3 diamond drill hole results to date. While this has proven frustrating, the drill program continues to move forward on schedule, and the Company is actively working towards improving assay turn around times.
A highlight came from hole 007 which returned 0.23 g/t over 232 meters and included 0.74 g/t over 24 meters. Additionally there are over 3,000 channel samples compiled from trenches which included: 0.92 g/t over 170 meters, 0.84 g/t over 201 meters, 0.45 over 226 meters, 1.49 g/t over 44 meters, 2.22 g/t over 21 meters and 1.21 g/t over 24 meters.
Angus Mining President Fraser Buchan commented; "We are very pleased with the progress being made at the Ondundu project, particularly in terms of executing on our phase 1 drill program. While we continue to face challenges in receiving assay's, we have 29 completed diamond drill core prepped and available for assay, and look forward to providing a steady flow of results to the marketplace over the coming months while we work towards defining a significant gold resource at Ondundu."
2011 Ondundu Drilling Program and Assaying
To complete the current phase of the exploration program at OMZ, the Company plans to drill a total of 65 diamond drill holes for a total of 20,000 meters. The Company expects to have phase one of the exploration program completed by May, 2011, after which the Company will focus on generating a preliminary resource calculation, and an updated 43-101 technical report.
The Company plans to initiate a diamond drill program at OD6 in the second half of 2011, with an initial target of 2,000 meters.
The Company expects to expand its current workforce of 29 full-time employees in both Canada and Namibia, including 8 professional Geologists, as drilling expands to the OD6 zone in H2 2011.
To date the Company has sent a total of 2,428 one meter samples to the Johannesburg laboratory. The Company has an additional 6,176 meters of core available for assay, and is actively exploring alternative options for obtaining assays both in South Africa and Namibia. It expects to be able to report on these results in Q2 2011.
The Company currently has sufficient cash to complete the first phase of the drill program. The Company also has over 28M share purchase warrants outstanding, which strike at $0.35 until September 24th, 2011, after which they strike at $0.50 until expiry.
Source: Angus Mining Namibia Inc.