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From: B-Haile (eritrea.lave@comhem.se)
Date: Thu Feb 10 2011 - 18:04:13 EST
Canadian company clinches gold exploration licences in Eritrea
By: Megan Wait
11th February 2011
TEXT SIZE ASX-listed Chalice Gold Mines' wholly owned subsidiary, Keren Mining, has signed agreements with the Eritrean Ministry of Energy and Mines for two new exploration licences covering an area totalling 830 km2.
The new licences for Mogoraib North and Hurum add significantly to the com-pany's exploration tenure in two highly prospective geological terrains. Further, the company says that intensive exploration programmes are planned for the first 12 months of tenure, with an initial budget exceeding $1-million.
The 555 km2 Mogoraib North licence lies about 10 km north of the Bisha polymetallic volcanic-hosted massive sulphide deposit owned by Nevsun Resources.
The volcano sedimentary rocks hosting the Bisha deposit extend northwards beneath the Mogoraib North area; however recent alluvial cover masks a large amount of the basement geology.
Chalice is planning to carry out an initial exploration programme involving acquisition and interpretation of further satellite imagery, geological mapping, geo-chemical sampling and an airborne electromagnetic survey using the versatile time-domain electromagnetic system.
Further, the 275 km2 Hurum licence lies adjacent to and south-west of the company's Zara South licence. The property straddles the Elababu shear zone, a significant regional structure that controls much of the known gold mineralisation in northern Eritrea, including the company's flagship Koka Gold deposit, which holds an indicated resource of five-million tons of gold, grading 5,3 g/t.
Chalice chairperson Tim Goyder comments that the granting of the new tenements, and the successful conversion of Zara North and South to exploration licences, have provided the company with licences totalling about 1 445 km2 in a region that has a demonstrated potential to host substantial high-grade gold and base metal deposits. "We look forward to imple-menting intensive exploration programmes on these prop-erties," he concludes.
Edited by: Martin Zhuwakinyu
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