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ERONGO ENERGY LIMITED

ASX: ERN

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Erongo Energy Limited (ASX Code: ERN) is focussed on exploring the highly prospective Maniema Project, which covers 1,800 sq kms and is located in east central Democratic Republic of Congo. The Maniema Project is prospective for gold and tin, and is in the same geological setting as the Banro and Kilo-Moto gold deposits. Seven significant target areas have been identified from previous work, none of which have been previously drill tested. At Prospect 4804 mineralisation has been identified over more than 1 km, and is open to the north, south and at depth. Trench results include 30m at 6.8g/t Au and 23m at 6.2g/t Au. Diamond drilling is planned to commence in June 2011.

Maniema Gold and Tin Project, Democratic Republic Congo

On 1 December 2010 Erongo entered into an agreement (“Agreement”) with Afrimines Resources SPRL (“Afrimines”) to acquire a 70% interest in a group of nine tenements which cover 1,800 sq kms of prospective ground in the Maniema Province, east central Democratic Republic of Congo. The tenements are located in one of the world’s principal Precambrian orogenic-metallogenic provinces, which hosts Banro Corporation’s deposits within the “Twangiza – Namoya belt” immediately to the east of the Maniema Project and the world class gold deposits in the Kilo-Moto belt to the north (held by Randgold Resources and AngloGold Ashanti).

The Agreement was subject to a 3 month due diligence review. Erongo successfully completed its due diligence review in February 2011 and elected to proceed with the Agreement. Previous exploration work at the Maniema project, which included stream sediment, rock chip and soil sampling and trenching, identified seven significant target areas. Erongo completed a technical review of all historic exploration data, as well completing trenching on Prospect 4804, where results from previous trenching included 24m @ 2.8g/t Au in KBT1, 25m @ 5.5g/t Au in KBT2 and 12m @ 4.6g/t Au in KBT3. Additional trenches were completed by Erongo to the north and south of the previously identified mineralisation, with results (30m at 6.8g/t Au and 23m @ 6.2g/t Au) confirming the continuity of grade and widths of mineralisation in both directions. A significant soil anomaly (>100ppb) associated with the structure has been defined over more than 1km, and remains open to the south and to the north. A second west-east trending soil anomaly (>50ppb) has also now been identified that suggests that the main structure is intersected by a secondary cross cutting structure which continues over more than 1.2kms.

A limited drilling programme with hand held equipment was also undertaken by Erongo on Prospect 4804. The drilling programme was abandoned due to poor penetration and poor recoveries. However, the drilling intersected significant mineralization down to 6m below trench samples confirming mineralization is open at depth. The drilling also confirmed widths of mineralization of more than 40m can be expected. Erongo plans on completing further soil sampling and trenching at Prospect 4804, to be followed by a diamond drilling programme planned for June 2011. In addition to Prospect 4804, Erongo also plans on completing further exploration on the other significant target areas previously identified, including:

* PR4801 – where two significant gold in soil anomalies have been defined, one of more than 5kms and the other over 2kms.
* PR4806 – where a significant gold in soil anomaly has been defined over 5kms.
* PR4810 – where a tin anomaly originating from underlying granites and pegmatites and covering an aerial extent of more than 5kms by 2 kms has been identified.

The Company believes the project has the potential for discovery of one or more highly significant deposits. PR 4801 Soil Anomalies - Two gold in soil anomalies; >5km (N) and >2km (S); both associated with NW structure

Erongo Granites and Spitzkoppe Uranium Projects, Namibia

The Company’s mineral interests in Namibia comprise a 90% interest in the Erongo Granites and Spitzkoppe projects. The Erongo Granites project consists of two tenements (EPLs 3453 and 3454) covering approximately 312 sq kms located to the south and north of the Erongo Complex in mid central Namibia. The Spitzkoppe project consists of two tenements (EPLs 3477 and 3523) covering approximately 380 sq kms located approximately 25 kms to the west of the Erongo Granites Project. Activities in relation to these projects have been limited due to delays experienced in licence renewals.

In January 2011 the Company entered into an agreement to dispose of its interests in the Erongo Granites and Spitzkoppe Projects in Namibia for US$625,000. Completion of the sale agreement is subject to various conditions.

Mine For

uranium, gold

Location of operation(s)

Namibia, Democratic Republic Congo

Address

30 Ledger Road
BALCATTA, WA, AUSTRALIA

Phone

(08) 9240 8801

Email

Website


Last Updated

11/04/2011

 

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.