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Name | Symbol | Market | Type |
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21Shares AG | EU:MANA | Euronext | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.0051 | 0.29% | 1.7456 | 1.8977 | 1.8164 | 1.9217 | 1.7267 | 1.7649 | 4,510 | 16:35:02 |
RNS Number:5824H Mano River Resources Inc 17 February 2003 MANO RIVER RESOURCES INC NEWS RELEASE 17th February 2003 No: 2003/05 TSX Venture Exchange (TSX-V) Trading Symbol: MNO London Stock Exchange (AIM) Trading Symbol: MANA MANO REPORTS HIGH GRADE GOLD ANOMALY & SIGNIFICANT GOLD-BEARING VEINS WITHIN 7KM STRUCTURAL TREND FROM SONFON GOLD JOINT VENTURE PROJECT WITH GOLDEN PROSPECT PLC, SIERRA LEONE And Reports on Mano's Other Gold Assets * 3km long by 0.3km wide gold anomaly discovered, with peak value of 1,100ppb * High grade gold-bearing stockwork vein system beneath anomaly, with trench intersect of 7.3m@7.4g/t * Potential bulk tonnage gold deposit identified for drill testing * Highly encouraging gold grades from grab samples confirm historical work including a previous grab sample of 77oz/t * 840,000 ounces combined KGL and Weaju Liberia gold resource economics enhanced using $350/oz Mano River Resources Inc, the AIM and TSX-V traded gold and diamond exploration company, is pleased to report highly encouraging results from its gold exploration programme. The Sonfon gold district contains Sierra Leone's richest and most prolific historic gold fields, across the country's pre-eminent Sula Mountains greenstone gold belt. See map www.manoriver.com/properties/ sl_lakesonfon.html. Phase-1 Geochemical Survey Results A 3 kilometre (km) long northwest trending gold-in-soil anomaly identified by a 25ppb contour, has been defined by a geochemical soil sampling programme and termed the Yanfarina-Dalakuru-Sende (YDS) gold zone. The programme included 879 samples, covering an area of approximately 50km2, which were assayed by SGS Laboratories in Ghana. The YDS zone is coincident with an area of extensive alluvial and laterite artisanal gold workings and is within a prominent tectonically defined structure, approximately 9km long by 5km wide. Trenching within the anomalous zone has identified a series of high grade gold-bearing narrow veins (stockwork) that could represent a highly significant bulk tonnage gold target. On the subject of the phase-one results Mano's CEO, Dr Tom Elder comments: "Mano is very pleased to report these highly encouraging results. Mano's benchmark for gold exploration is high grade deposits grading above 4g/t with greater than one million ounces and open pit mining potential. Such deposits typically require large structures in which to form, carry significant surface geochemical signatures and are proximal to extensive primary or secondary artisanal gold workings. The results from the phase-1 programme indicate that the YDS gold zone target passes all these key criteria. Mano has therefore identified a very significant drill target as well as a regional gold system with excellent further exploration potential". Results from a previous regional soil geochemical programme conducted by Mano identified certain gold anomalies assaying up to 3,227ppb (3.2 g/t) coincident with and up to 5km north and 4km south of the YDS zone. While more detailed interpretation is underway, further assay results representing the remaining two thirds of the regional survey are anticipated in March 2003. A grab sample taken from a previous reconnaissance survey from a sulphide rich shear zone in the newly defined YDS zone returned a highly encouraging 2,388 g/t (77 oz/t) gold including, 2.2% Pb, 0.43% Zn, 0.04% Ag, 0.11% Ni, 0.05% As. The results from this phase-1 survey have confirmed the presence of gold in association with a major linear structural trend of axial planar shearing associated with folding, which has been identified from satellite image interpretation. Significant base metal values associated with metavolcanincs and elevated copper values in the Yanfarina area have been reported and together with sulphide mineralisation reported previously, the potential for economic volcanic-associated base metal mineralization in the area is also highlighted. Positive Trench Sampling Results from YDS Zone, Sonfon A series of recent trenches taken as part of the phase-1 programme, targeting primary vein gold mineralization on the side of the Yanfarina River north of Dalakuru, returned the following highly encouraging results. Phase-1 YDS Zone Trench Samples Trench Length (m) Grade (g/t) DT-1 3.5 3.6 DT-2 0.9 1.6 DT-3* 1.9 24.9 DT-4 6.0 0.5 DT-5 2.0 0.2 DT-6 7.3 7.4 DT-7 5.9 3.6 *including 0.45 108 Field geologists report that the mineralised quartz tourmaline veins trend north westerly and range between 0.1 metres (m) and 1m wide. The vein stockwork has been traced continuously over a distance of at least 75m with artisans having masked its continuation through their mining activities. It is considered likely that the veins exposed in Trench DT-4 along strike are part of the same system suggesting a minimum length of 150m. Positive Grab Sample Results from Yisangba Prospect, Sonfon Grab samples from a 3m wide highly silicified outcrop 5km northeast of the YDS gold zone, range from 1 to 12.6 g/t for an average of 6.3 g/t. A previous channel sample taken by IMC Mackay & Schnellman (IMC) assayed 3m@10.3 g/t. IMC reported the area to be "highly prospective for primary gold targets". Phase-1 Yisangba Grab Samples Sample No. Gold g/t 50901 5.6 50902 2.9 50903 1.0 50904 12.6 50905 9.1 The Yisangba target is located within the 'Bongone block', where previous drilling of a geochemical anomaly in the 1960's reportedly intersected an 85m wide zone of sulphide mineralization (2-3% sulphides). Two geophysical anomalies (zone A and B) were also reportedly identified at that time, with zone A coincident with the geochemical anomaly at a depth of between 45m to 60m continuing for over 2,000m to the north. Two further prospects have previously been identified at Kumantakuyie and Kantenki with trench samples returning grades of up to 17 g/t gold. The targets lie 2km apart, along a shear zone where gold is mined artisanally from laterites considered to be in-situ above primary mineralization. Highlights of Sonfon Prospect Previous work includes regional geochemistry, which has identified gold occurrences related to major shear structures in areas with extensive artisanal gold workings. The presence of gold in the Sonfon area has historical reference, with the name of the local river 'Sende', translating to "gold bearing water". Active artisanal alluvial and laterite gold workings are found extensively across the Sonfon district. The prospect has reportedly been described in 1997 by a major international gold producer as Sierra Leone's 'most outstanding gold prospect' and by independent consultants IMC as hosting the 'potential for the discovery of gold deposits of significant size'. POSITIVE GRAB SAMPLES FROM PAMPANA LICENSE, CENTRAL SIERRA LEONE Elsewhere Mano is encouraged by positive grab sample results received from an initial gold reconnaissance programme conducted on Mano's Pampana gold license also on the Sula Mountains greenstone gold belt. These results will be followed up by way of a more detailed systematic sampling programme. Pampana Grab Samples Sample No. Gold g/t PS1 2.70 PS2 0.02 PS3 4.55 PS4 0.06 PS5 0.92 Pampana hosts the Mayimbo gold mining village where ore grading a reported 5g/t is mined from stockwork veins (measuring up to 50cm wide) and the weathered material on top of the main lithologies. NIMINI PHASE-2 GOLD EXPLORATION PROGRAMME PLANNED, SIERRA LEONE Mano's 54km2 Nimini EPL lies over a zone of major shearing and folding coincident with gold mineralization, first discovered in the area in the 1930's. Artisanal alluvial gold mining has continued to the present day in the area, especially in streams draining the scarp around Levuma, immediately west of Njaiama, and in drainage of the Komahun area. A major shear runs parallel to the eastern boundary of the permit, which contains an extensive 4km x 0.5km gold and base metal geochemical anomaly previously identified by an EU stream sediment sampling programme. Soil sampling has detected two further anomalous gold zones of 1km@1g/t & 2km@0.5 g/t. The western part of the permit contains part of the Komahun primary gold deposit (drill intersect of 4.9m@7.8 g/t and trench of 1.98m@70g/t) and its north-easterly extension. LEADERSHIP IN WEST AFRICAN GOLD PROVINCE Mano is the pioneer and leader in the exploration for and discovery of potential multi-million ounce gold deposits within the highly prospective Archaean greenstone gold terrains of Sierra Leone and western Liberia. Mano believes that this under explored Archaean terrain has the potential to develop into a world class gold province, possibly similar in scale and productivity to the Lake Victoria greenstone goldfields in Tanzania. Liberian Gold Projects Overview: * 840,000 oz drilled geological resource defined to date, open in all directions at +/-5g/t * Discovery cost of +/-$5 per resource ounce to date * 25,000 oz per annum (pa) production from open pits envisaged for 2005 with objective of rising to >100,000 oz pa within 4 years * Long term objective of 300,000 oz pa using a central processing plant * Barely 5% of recognised major mineralised shear structures within licence tested to date, already yielding close to one million ounces, plus several early stage gold projects * Modern new mining code in Liberia and new 25 year 1,000 km2 Mineral Development Agreement (MDA) awarded to Mano * Project offices and local office, staff & accommodation in place, including camp equipped for the planned KGL start-up mine Mano performed the first serious exploration for gold in Liberia using modern technology, and obtained licences that contained Archaean greenstone belts with the most interesting geological structures and widespread artisanal gold workings, without the usual constraints of the limited availability of prime ground characteristic of more mature exploration terrains. Two flagship projects discovered to date at KGL and Weaju, display clear potential for increased resources in both strike and depth extensions. Given that these projects and several new prospects lie within a central trucking distance (25km) of each other and may possess the same good (>90%) free milling metallurgy, Mano have the option of developing several deposits simultaneously using a centrally placed treatment facility (see www.manoriver.com/properties/liberia_bea.html). Liberian Gold Project Economics Enhanced Mano's high grade Liberian deposits are potentially very strong cash generators, having been financially robust in a $275/oz gold price environment. Mano has remodelled the working project economics for a start-up 25,000 ounce pa mine at KGL, using the current gold level of $350/oz. The project model returns an IRR of 52% an NPV of $8m (@12%) over a ten year mine life, with payback in under two years from a modest capital expenditure of approximately US$7m. The concept from the outset is to base the project on a modular plant, capable of substantial expansion as further reserves are defined. Being at surface, the deposits will be developed as high-grade open pit mines to around 70m depth, however, Archaean deposits are often mined underground to depths in excess of 1,000 metres, adding further blue sky potential. Secure Mining Title The Mineral Development Agreement (MDA) is a key element of the new progressive Liberian Mining Law and Regulations introduced during 2000 and 2001, granting the holder inter alia, the following basic rights: * A three year exploration period, renewable for a further two years for a reduced area * Automatic and exclusive right to mine, by declaring one or more production areas * Mining rights valid for 25 years, renewable for a further 25 years A full year of peace in Sierra Leone is quickly contributing to a vigorous economy, while elections in Liberia to be held in October this year are widely expected to constitute an essential achievement for growth and stability in the sub-region. Based on the quality and quantity of gold properties assembled in Mano's portfolio to date the Company is extremely well placed to benefit from its position as pioneer in what may soon become recognised as major world class gold province. On behalf of the Board of Mano River Resources Inc. Tom Elder President and CEO For further information on Mano River Resources and its exploration programme, you are invited to visit the Company's website at www.manoriver.com or contact one of the following: Tom Elder President and CEO UK +44 (0) 1235 810 740 Guy Pas Co-Chairman Switzerland +41 22 758 2151 Anthony Rhatigan Co-Chairman Mobile +44 (0) 7785 297 348 Raz Hussein Controller Canada +1 (604) 689 1700 Hugo de Salis St Brides Media & Finance UK +44 (0) 20 7242 4477 The Toronto Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release This information is provided by RNS The company news service from the London Stock Exchange END DRLBSGDDBXBGGXR
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