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BUREY GOLD LTD

ASX: BYR

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Description

Burey Gold Limited (ASX: BYR) is an Australian-based explorer with substantial resources, numerous drill targets and a large land holding in the highly prospective West African country, Guinea.

In addition to the Company’s flagship Mansounia Project, our focus has expanded to include the Kerouane Gold-Uranium Project, located south and east of the Mansounia Project in central east Guinea. It comprises the Balatindi, Dion-Koulai and Sabiri Mira licences. A third project was secured in October 2010 - the Kossanke Gold Project which is situated to the north and east of the Mansounia Project. Burey is currently carrying out an extensive drilling program on its projects.

Kerouane Project (polymetallic, uranium, gold)

The Kerouane Project is considered to be highly prospective for polymetallic mineralisation with IOCGU (iron oxide, copper gold, uranium), unconformity uranium and sedimentary exhalative styles of mineralisation. The theory is supported by:

* The presence of composite volcanics capping the local margin of the Birimian basin suite
* Deep basin diagenetic and metamorphic fluids which have been tapped and directed up-dip via an expansive array of lystric faults
* Added convective drive to mineralising fluid, caused by successive phases of volcanism and plutonism followed by a very late emplacement of mantle sourced mafic plumes
* Continued fluid focus and pumping along the Diani Fault in association with its cyclic reactivation history

All of the above points have provided an integrated source, a driving mechanism, a conduit and focus for upwelling of the mineralised fluid along the northern projection of the Diani Fault where deposition has taken place. Burey has two licences, Balatindi and Dion-Koulai, and one licence awaiting approval which need to be further tested to define economic mineralisation.

Mansounia Gold Project

Mansounia is a large-tonnage, low-grade gold target with a near-surface sheet-like saprock resource. There is potential for additional low grade gold resources within the licence area within three separate targets and for higher grade resources at Mansounia within narrower, steeply dipping, feeder structures below the current level of drill tested resources.

Results from 1,758 metres of core drilling, 22,980 metres of reverse circulation drilling and 2,977 metres of rotary air blast drilling on the property have been used by independent geological consultants, Runge Limited, to model the gold mineralisation and generate a JORC compliant resource estimate. Depending on the gold cut-off grade used, the resource is estimated to contain from 222,100 ounces of gold to more than 1 million ounces.

Burey is set to complete a drilling program at its Balatindi licence at the end of January 2011 and then plans to relocate a drill crew to the Mansounia Project to drill-test The Magnificent prospect before follow-up drilling of the south and southwest extensions of the Mansounia deposit.

Kossanke Project (gold)

The Kossanke licence is one of the three licences (two secured) Burey’s Guinea subsidiary company has obtained to form its Kerouane Project, located to the north east of Kankan. Burey entered an agreement in September 2010 with a Guinea vendor to secure up to an 80% interest in the Kossanke licence which Burey considers highly prospective for lode gold mineralisation.

The Kossanke licence is located north of the gold-rush centre of Kodieran. Burey recognises the Kossanke licence to be traversed by a highly favorable regional array of structures expressed about appropriately oriented and significantly contrasting terrain boundaries. The implicit prospectivity of the Kossanke licence is further bolstered by having a long history of district wide artisinal gold production and is further assured by the encouraging results evident in an historic wide spaced set of soil sample data and the significant results to a first pass set of follow-up RC drill sample gold assays. Burey will initiate its exploration within the Kossanke licence by undertaking check and infill soil sampling and mapping to locate the better expressed auriferous zones and thereafter, in consideration of historic drilling, ascertain the tonnage potential and tenor of the property.

Mine For

gold, uranium

Location of operation(s)

Guinea

Address

30 Ledgar Road
BALCATTA, WA, AUSTRALIA

Phone

(08) 9240 2836

Email

Website


Last Updated

21/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.

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