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LUIRI GOLD LTD - ASX: LGM
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Description
Luiri Gold is a developing gold focused resource company to create shareholder value through the acquisition, exploration and development of gold and copper-gold opportunities in Africa.
LUIRI HILL GOLD PROJECT
The Luiri Hill Project area has shown significant gold potential both of the structurally controlled mineralization (Matala style) within the basement rocks of the Matala Dome and a combination of structural and chemically controlled mineralization (Dunrobin style) adjacent to the Matala Dome within the surrounding carbonates of the surrounding Katangan rocks. In addition, the project area is adjacent to ground held by BHP Billiton in Joint Venture with AIM Resources, an ASX listed company. This consortium has been actively exploring an iron oxide gold-copper (“IOCG”) mineral target.
In December 2007, the company completed a 9,244m diamond drilling programme at the Dunrobin and Matala deposits. An updated resource estimate was undertaken in April 2008 using these results. The new estimates show a significant increase in gold ounces with the total inferred mineral resource increasing from 378,000 ounces to 656,000 ounces (+74%) and the total indicated mineral resource increasing from 117,000 ounces to 144,000 ounces (+23%). These mineral resource ounces are contained in 7.1 million tonnes at 2.9 Au g/t for the inferred category and 2.2 million tonnes at 2.1 Au g/t for the indicated category.
Matala Mineral Prospect Resources
Inferred: Cutoff 1.0g/t, 5 064 000 tonnes, grade 2.9g/t, content 466Kozs
Inferred (HG): Cutoff 5.0 g/t, 491 000 tonnes, grade 8.3g/t, content 131Kozs
Dunrobin Mineral Prospect Resources
Indicated: Cutoff 0.5g/t, 2 235 000 tonnes, grade 2.0g/t, Content 144Kozs
Inferred: Cutoff 0.5g/t, 1 511 000 tonnes, grade 1.2g/t, content 59Kozs
NAMBALA IRON PROJECT
In addition to the substantial gold resources on the properties controlled by Luiri, the properties also host the large, prominently outcropping hematitic Nambala iron deposit. A review on behalf of Luiri by Coffey Mining indicate that on part of the mineralized body there exists the ‘mineral potential’ of between 100 and 300 million tonnes of iron at grades of 55-60% Fe. Interpretation of the regional geology indicates that the iron contained in this deposit could be significantly larger than this figure. Luiri is currently researching a range of options of how best to maximize the potential of this deposit for the benefit of our stakeholders.
Mine For
gold, iron ore, copper
Location of operation(s)
Zambia
Address
Se 2, 5 Ord St
WEST PERTH, WA, Australia
Phone
(61 8) 6313 5155
Website
Last Updated
1/3/2011
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.
