• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Phase II Drilling at Madagascar's Mountain of Gold Yields Bonanza Grades: Pan African Mining Corp. Drills 5.5 Meters @ 50.81 G/T Au

Posted on: Tuesday, 7 November 2006, 00:01 CST

PAN AFRICAN MINING CORP. (TSX-V: PAF) (FRANKFURT: P2A) (the "Company") today announced initial assay results from Phase II core drilling on its Mountain of Gold Project in Madagascar. The Company's license in this region encompasses approximately 1825 sq. km. situated 125 air miles west-southwest of the capital city of Antananarivo, in the provinces of Toliary and Antananarivo. The current, ongoing drill program is a follow-up to the Phase I drilling program which yielded the initial discovery hole (DE-D-06 containing 17.2 meters grading 4.04 g/t Au) as previously reported. Subsequent to the completion of the Phase I drilling program, the Company commissioned a ground magnetic survey and soil geochemical sampling program to refine drill targets for its Phase II drilling program. The ongoing Phase II program is now yielding positive results based on this targeting. These include a 5.5 meter interval grading 50.81 g/t Au in drill hole DE-D-011 and 5.6 meters grading at 9.51 g/t Au in drill hole DE-D-016.

 Table of Selected Drilling Results ----------------------------------------              From   To   Interval   Au Drill Hole    (m)   (m)    (m)    (g/t) ---------------------------------------- DE-D-011     86.3  91.8    5.5    50.81 ---------------------------------------- (including)  88.3  90.8    2.5   106.14 ----------------------------------------              97.2  97.6    0.4     8.74 ---------------------------------------- DE-D-012     103.7 104.8   1.1     20.6 ---------------------------------------- DE-D-014     68.4  69.1    0.7     3.41 ----------------------------------------              70.8  72.0    1.2     0.95 ----------------------------------------              76.2  77.1    0.9     2.45 ---------------------------------------- DE-D-015     129.4 130.2   0.8     3.50 ---------------------------------------- DE-D-016     56.0  61.6    5.6     9.51 ---------------------------------------- (including)  59.1  60.1    1.0    47.32 ----------------------------------------              68.7  69.8    1.1     1.60 ----------------------------------------              151.8 154.8   3.0     2.55 ----------------------------------------              156.3 156.8   0.5     1.05 ---------------------------------------- DE-D-017     71.6  72.9    1.3     2.23 ----------------------------------------              83.5  84.5    1.0     7.59 ---------------------------------------- DE-D-018     54.8  55.8    1.0     2.00 ---------------------------------------- DE-D-020     99.6  100.6   1.0     3.93 ---------------------------------------- DE-D-021     106.3 106.7   0.4     1.30 ---------------------------------------- Note:  All assays are reported uncut as the data set remains too small at this time to establish meaningful statistical boundaries for cutting. Table of Reported Drill Hole Survey Data ----------------------------------------------------------------            UTM Easting Northing Azimuth             Collar Elev. Drill Hole Grid                         Inclination            No.   (m)     (m)   (true N)                 (m) ---------------------------------------------------------------- DE-D-10         574717 7827323   343        45          550 ---------------------------------------------------------------- DE-D-011   38K  574747 7827337   322       -47          546 ---------------------------------------------------------------- DE-D-012   38K  574736 7827488   152       -45          550 ---------------------------------------------------------------- DE-D-13    38K  574775 7827475   165        45          542 ---------------------------------------------------------------- DE-D-014   38K  574791 7827397   343       -45          538 ---------------------------------------------------------------- DE-D-015   38K  574735 7827490   152       -60          550 ---------------------------------------------------------------- DE-D-016   38K  574774 7827476   165       -55          542 ---------------------------------------------------------------- DE-D-017   38K  574792 7827396   343       -55          538 ---------------------------------------------------------------- DE-D-018   38K  574811 7827426   345       -60          536 ---------------------------------------------------------------- DE-D-19    38K  574804 7827351   345        45          540 ---------------------------------------------------------------- DE-D-020   38K  574747 7827337   322       -60          546 ---------------------------------------------------------------- DE-D-021   38K  574679 7827334   343       -45          555 ---------------------------------------------------------------- 

Drill intercepts reported were not resolved into true widths, but core angles for all reported intercepts are greater than 60 degrees. Drill holes DE-D-10, DE-D-13, and DE-D-19 did not encounter significant mineralization.

Based on the field work and drilling completed to date by the Company along with empirical evidence from historic and current artisanal work, the existence of a broad Northeast/Southwest shear-couple with coincident East/West dilation between the shear boundaries is emerging as the structural model which hosts the gold mineralization. Drilling so far has been localized principally on the Eastern end of the dilational zone. With the structural model coming into focus, subsequent Phase II drilling will test the zones of flexure at both sides of the shear-couple where the tensional features wrap into the shear boundaries, and test the center of the dilational zone where there is potential to produce even more robust results.

Drilling is being done utilizing an in-house drill crew with the Company's recently purchased new Atlas Copco Christensen CS14 skid mounted wireline drill. All holes are continuously cored utilizing HQ equipment through the weathered zone (approximately 10-15m) then reducing to NQ below the weathered zone. The strategy of self-performing core drilling with Company owned equipment has proved to be very advantageous for the Company as experienced drilling costs are well under current contract rates and performance both in terms of core recovery and meterage drilled are well within industry standards.

Core is logged and saw-split at the Company's camp located near the project site. Sample intervals range from 0.40 meters to 1.5 meters. Blanks and duplicates are inserted every 25 samples. The retained core splits are securely stored at the camp, and the other splits are shipped to the Company's sample preparation facility in Antananarivo for preparation. Splits of pulverized samples are shipped to ALS Chemex Vancouver, Canada facility, an ISO accredited laboratory. Samples are subjected to fire assay for Au and 34 element ICP analysis. Sample rejects are stored at the Company's project site for future reference, required due diligence and engineering audits. Master pulps are retained at the Company's laboratory in Antananarivo.

Field operations, as well as core logging and sampling are performed by our highly qualified team of geologists managed by Canadian Danae A. Voormeij, Senior Field Geologist. Total program oversight is provided by Gregory B. Sparks, P. Eng., a Director of the Company and a qualified person under NI 43-101. Sample preparation and assistance in establishing laboratory protocols and sample handling and assaying quality control are supervised by Ardito Martohardjono, Vice-President of Laboratory Services and a Director of the Company.

According to Irwin Olian, CEO of the Company, "We are very encouraged by the high-grade intersections encountered in early holes of our Phase II drilling program at the Mountain of Gold. Our structural model is evolving and certainly suggests the potential for further productive results as we move toward the center of the dilation zone at Dabolava East. In addition, we remain excited about the potential for the seven other zones targeted for drilling along trend."

About Pan African

The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 2,500 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for gold, uranium, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com

 ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP. "Gregory B. Sparks" Gregory B. Sparks Director For more information, contact: Irwin Olian, President and CEO E-mail: tigertail@panafrican.com Phone: (604) 899-0100 Fax: (604) 899-0200 Carrie Howes, Corporate Communications - London Email: carrie@panafrican.com Phone: +44-7780-602-788 Tom Kinakin, Corporate Communications - Vancouver Email: tom@panafrican.com Phone: (604) 899-0100 Fax: (604) 899-0200 Marlies Studer, Corporate Communications - Europe Email: marlies@panafrican.com Phone: +41-44-215-2803 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.

Distributed by Filing Services Canada and retransmitted by Market Wire

 For more information, contact:  Irwin Olian President and CEO E-mail: Contact via http://www.marketwire.com/mw/emailprcntct?id=9070D4E6C40F82AB Phone: (604) 899-0100 Fax: (604) 899-0200  Carrie Howes Corporate Communications - London Email: Contact via http://www.marketwire.com/mw/emailprcntct?id=64F2FFEB19E85CF9 Phone: +44-7780-602-788  Tom Kinakin Corporate Communications - Vancouver Email: Contact via http://www.marketwire.com/mw/emailprcntct?id=B0EA811F4F30E93C Phone: (604) 899-0100 Fax: (604) 899-0200  Marlies Studer Corporate Communications - Europe Email: Contact via http://www.marketwire.com/mw/emailprcntct?id=309D852621480CA5 Phone: +41-44-215-2803  

SOURCE: Pan African Mining Corp.

Source: MARKET WIRE

More News in this Category