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MANA 21Shares AG

1.7456
0.0051 (0.29%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
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
  0.0051 0.29% 1.7456 1.8977 1.8164 1.9217 1.7267 1.7649 4,510 16:35:02

New Prospecting Licence

06/06/2003 10:10am

UK Regulatory


RNS Number:0065M
Mano River Resources Inc
06 June 2003


                           Mano River Resources Inc.

                                  NEWS RELEASE

6 June 2003

No: 2003/8

TSX-Venture Exchange  (Trading Symbol: MNO)

London Stock Exchange - AIM (Trading Symbol: MANA)



      MANO ACQUIRES NORTH PAMPANA LICENSE HOSTING HIGH GRADE GOLD DEPOSIT,
                                  SIERRA LEONE

Mano River Resources Inc. ("Mano River") is pleased to announce the acquisition
of the 'North Pampana' Exclusive Prospecting License (EPL), which hosts the high
grade Yirisen gold deposit and strategically adjoins Mano River's 'South
Pampana' EPL in central Sierra Leone.

Summary

   *Mano acquires North Pampana EPL, host to the high grade Archaean Yirisen
    gold deposit

   *Independent Consultants confirm significant hard rock gold potential of
    EPL

   *Yirisen strike length of over 1km, as defined by artisanal gold mining,
    remains open

   *Further significant gold anomalies detected by extensive 1980's UNDP
    funded programme

   *Strategic northward extension of Mano River's prospective 'South Pampana'
    EPL

North Pampana EPL

The North Pampana EPL is located 150km east of Freetown and covers 57km2 at the
southern end of the Sula Mountains greenstone gold belt (see www.manoriver.com/
mano/projects/gold_sl_pampana.shtml). The EPL represents a northward extension
of Mano River's existing South Pampana EPL, which targets crustal scale gold
mineralised shear zones. The North Pampana and South Pampana EPLs are separated
by stretches of the Pampana River which, together with its tributaries,
comprised one of Sierra Leone's principal and richest alluvial 'gold rush'
mining districts.

The North Pampana EPL contains the well known Yirisen gold deposit near the town
of Kalmoro and several further gold anomalies as defined by a 1980's United
Nations Development Programme (UNDP) funded geochemical programme. Mano will be
integrating the extensive results of the UNDP programme in to the Company's
Geographical Information System, which includes satellite imagery and structural
analysis of the Pampana district, with the aim of generating further gold
targets and extensions to the known gold mineralized trend.

In February 2003, Mano River reported grab sample gold results of up to 4.5
grams per tonne (g/t) gold taken from quartz veins within talc schists in the
South Pampana EPL, from a phase-1 reconnaissance survey 3km east of the town of
Massamank, 10km southwest of Yirisen and in a area of active artisanal gold
workings (see www.manoriver.com/mano/investor/nr/nr0305_17feb.pdf). Satellite
imagery and UNDP mapping indicates the mineralization encountered in the South
Pampana EPL lies within the same lithostructural unit as the Yirisen deposit.

Yirisen gold deposit

Field observations, made by Mano River's independent consultants ACA Howe
International Limited during a recent site visit to the North Pampana EPL,
confirm the significant hard rock gold potential of the Yirisen gold deposit and
the high prospectivity for similar such deposits to occur along the Yirisen -
Massamank trend that runs through the North Pampana and South Pampana EPLs. Mano
River will now design and implement a significant work programme to advance the
gold targets within the Pampana EPLs, subject to the necessary financing.

The Yirisen deposit has many hallmarks of a potentially significant gold
deposit. Certain parallels in terms of the style and extent of shear zone hosted
mineralization can already be drawn with Mano River's KGL gold deposit (located
approximately 350km south east) in western Liberia, where a gold resource of
610,000 ounces (indicated and inferred) at an average 4.8 g/t has been defined
which remains open along strike and at depth.

Mineralization was first noted at Yirisen by the Geological Survey of Sierra
Leone in 1958. Seven north easterly trending sub-vertical lodes of quartz
veining, averaging 150m in length were identified and returned gold values of
between 5.5 and 48 g/t over widths of between 0.7 and 6.4 metres. The host rocks
are predominantly talc schists with extensive pervasive sulphide mineralization
in wall rocks adjacent to the main zone.

Artisanal miners are currently working the Yirisen gold deposit by open pit to
depths of up to 15 metres. In one exceptional instance a narrow (one metre wide)
shaft has been sunk to an estimated depth of over 75 metres, with 10-15 metres
horizontal galleries driven out from the shaft. The shaft is locally referred to
as the 'UN pit', due to the considerable co-operation required between the
artisanal miners during its construction. Artisanal gold workings immediately to
the south of Yirisen, locally termed 'show field', combined with artisanal
workings to the north of Yirisen, currently define a strike length of over 1km
to the known mineralization, which remains open in both directions.

In addition, a sub-parallel set of gold-bearing quartz veins has been located
approximately 250 metres to the west of the main mineralization trend which,
based on current artisanal hard rock workings and historic trenches, has an
estimated minimum strike length of 600m.

Updated summary of Mano River's gold portfolio in Sierra Leone

The North Pampana licence acquisition completes Mano River's portfolio of gold
targets in Sierra Leone, comprising:

 i. *Mano is in Joint Venture (JV) with Golden Prospect Plc (AIM:GOL) over two
    contiguous exploration licences in the Sonfon area, within the northern end
    of the Sula Mountains greenstone gold belt. The JV has defined a 3km long
    gold in soil anomaly, below which trenching has revealed a gold-bearing
    stockwork vein system with a best trench intersection of 7.3m@7.4g/t (see
    www.manoriver.com/mano/projects/gold_sl_sonfon.shtml).

ii. *The two strategically located Nimini Central and Nimini South EPLs within
    the Nimini Hills greenstone gold belt (see www.manoriver.com/mano/projects/
    gold_sl_nimini.shtml) which host parts of known lode gold deposits shared
    with two EPLs held by AfCan Mining (TSX-V:AFK), namely Nimini East and
    Nimini West and over which AfCan recently announced the signature of a Heads
    of Agreement for a Joint Venture with Ashanti Goldfields

iii. *The North and South Pampana EPLs containing the Yirisen gold deposit
    within the Yirisen-Massamank mineralised trend, 30km north of the Baomahun
    gold deposit where a JV was recently announced between Mr Ronald Winston and
    Caldera Resources (TSX:CDR)


Mano's CEO, Dr Tom Elder comments: "Through a pioneering and geologically-driven
exploration strategy, Mano River currently holds an exceptional portfolio of
gold exploration licences in Sierra Leone totalling 344km2 across some of the
most prospective terrain within all three of the country's major greenstone gold
belts and within which hard rock gold deposits are already being delineated".

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

    Gary Middleton        Britton Financial PR          UK +44 (0) 20 7251 2544


 The TSX 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
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