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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri Feb 11 2011 - 11:33:23 EST
Canadian company clinches gold exploration licences in Eritrea
By: <http://www.miningweekly.com/author.php?u_id=1065> Megan Wait
11th February 2011
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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