Pan African Resources PLC
(“Pan
African” or the “Company”)
Manica Project:
Resource Upgrade and Drilling Results
Pan African Resources PLC
(AIM: PAF, AltX: PAN), the African based gold mining and exploration company is
pleased to announce an increased resource at the Manica gold project in
Mozambique and report an increase in grades resulting from the ongoing
exploration drilling programme.
Highlights:
- Increase in the Manica resource of 18% to 1.550Moz contained gold
compared to the previously reported 1.311Moz.
- Confirmation of higher gold grades at the Fair Bride prospect
- Further 15,600m exploration drilling planned at Manica for
completion by Q4 2007
The total Manica resource
was upgraded from 1,311Moz at 2.89g/t to 1.550Moz at 2.96g/t. The
resource at the Fair Bride prospect has been increased by 20% to 1.245Moz as
part of the ongoing pre-feasibility study that is planned for completion in Q1
2008. The revised resource statement for the Manica project is as follows:
|
MANICA EXPLORATION PROJECT -
MEASURED MINERAL RESOURCE
|
|
|
|
|
|
|
|
|
Prospect
|
Category
|
Tonnes
|
Grade
(g/t)
|
Gold
(kg)
|
Gold
(oz)
|
|
Fair Bride
|
Measured
|
3,120,000
|
2.98
|
9,300
|
299,200
|
|
|
|
3,120,000
|
2.98
|
9,300
|
299,200
|
|
|
|
|
|
|
|
|
MANICA EXPLORATION PROJECT -
INDICATED MINERAL RESOURCE
|
|
Prospect
|
Category
|
Tonnes
|
Grade
(g/t)
|
Gold
(kg)
|
Gold
(oz)
|
|
Fair Bride
|
Indicated
|
2,110,000
|
2.47
|
5,200
|
167,900
|
|
Guy Fawkes
|
Indicated
|
2,150,000
|
2.44
|
5,200
|
168,300
|
|
|
|
4,260,000
|
2.46
|
10,400
|
335,800
|
|
|
|
|
|
|
|
|
MANICA EXPLORATION PROJECT -
INFERRED MINERAL RESOURCE
|
|
Prospect
|
Category
|
Tonnes
|
Grade
(g/t)
|
Gold
(kg)
|
Gold
(oz)
|
|
Fair Bride
|
Inferred
|
7,500,000
|
3.23
|
24,200
|
778,300
|
|
Guy Fawkes
|
Inferred
|
600,000
|
2.80
|
1,700
|
56,000
|
|
Dot's Luck
|
Inferred
|
500,000
|
3.35
|
1,500
|
49,600
|
|
Boa Esperanca
|
Inferred
|
300,000
|
2.96
|
1,000
|
31,200
|
|
|
|
8,900,000
|
3.20
|
28,400
|
915,100
|
|
|
|
|
|
|
|
|
MANICA EXPLORATION PROJECT - TOTAL
MINERAL RESOURCE
|
|
All Prospects
|
|
16,280,000
|
2.96
|
48,100
|
1,550,100
|
The infill exploration
drilling programme at Fair Bride is advancing well and to date 4476m have been
drilled, representing 37 boreholes, which continue to outline additional
resource volumes at depth and along strike. To date assay results from 15
of the 37 boreholes drilled have been received, and are tabulated at the end of
this release.
The following composite
intersections are highlighted; widths reported are as intersected in hole (the
results of these boreholes have not been included in the current resource
statement and a new resource will be declared once all the planned boreholes
have been drilled):
9m @
4,07g/t (drillhole AND08, from 51m – 60m)
2m
@7,95g/t (drillhole AND09, from 0m - 2m)
24m @
5,81g/t (drillhole AND15, from 9m – 33m)
7m @
1,96g/t (drillhole AND36, from 88m – 95m)
18m @
4,53g/t (drillhole AND37, from 72m – 90m)
15.32m @3,74g/t
(drillhole ANDD10, from 114.43m – 129.75m)
15.51m @
4,81g/t (drillhole ANDD11, from 60.85m – 76.36m)
4.03m
@3,35g/t (drillhole ANDD14, from 107.37m – 111.40m)
7.16m @
2,30g/t (drillhole ANDD18, from 53m – 60.16m)
15.62m @
1,74g/t (drillhole ANDD18, from 77.41m – 93.03m)
4.23m @
21,10g/t (drillhole ANDD25, from 188.27m – 192.5m)
5.47m @
2,70g/t (drillhole ANDD26, from 173.60m – 179.07m)
26.04m
@5,01g/t (drillhole MDD002, from 82.76m – 108.8m)
The Company is planning a
further 6600m of drilling at the Fair Bride prospect, as well as an additional
9000m of Reverse Circulation (“RC”) drilling at the Guy Fawkes
prospect. This drilling programme is due for completion in Q4 2007 and it
is hoped that it will result in 90% of the total resource stated at the Fair
Bride prospect being in the Measured and Indicated categories.
The Guy Fawkes prospect
has emerged from ongoing exploration work as a potentially significant target,
which could add considerably to the Manica resource.
Jan Nelson, CEO of Pan
African, commented: “The latest results from the drilling programme have
not only confirmed the Company’s expectation that the grade at the Fair
Bride prospect is higher than previously anticipated, but has also outlined
additional resources at depth and along strike, at Fair Bride, as well as at
the Guy Fawkes and Dot’s Luck prospects. As a result of the
identification of these additional resources, the completion of the
pre-feasibility study will now be delayed until Q1 2008 to accommodate all of
the new information. The Company is looking forward to reporting on the
ongoing results during the course of the year.”
Nelson commented further
on the other Pan African projects throughout Africa: “The 8100m Rotary
Air Blast (“RAB”) drilling programme at the Bogoin prospect in Central African Republic
(“CAR”) is advancing well and as soon as results become available
the Company will report them. Exploration activity in Ghana on the Akrokerri prospect, as well as the
exploration programme in the areas surrounding Barberton Mines in South Africa
will commence in Q4 2007.”
Laboratory Results of Composite
Intersections Stated
|
BHID
|
Depth
from
|
depth
to
|
Length
|
Gold
grade (g/t)
|
|
And08
|
51.00
|
54.00
|
3.00
|
0.49
|
|
And08
|
54.00
|
57.00
|
3.00
|
0.46
|
|
And08
|
57.00
|
58.00
|
1.00
|
3.48
|
|
And08
|
58.00
|
59.00
|
1.00
|
12.99
|
|
And08
|
59.00
|
60.00
|
1.00
|
17.33
|
|
And09
|
-
|
1.00
|
1.00
|
8.27
|
|
And09
|
1.00
|
2.00
|
1.00
|
7.64
|
|
And15
|
9.00
|
12.00
|
3.00
|
4.37
|
|
And15
|
12.00
|
15.00
|
3.00
|
1.35
|
|
And15
|
15.00
|
16.00
|
1.00
|
1.50
|
|
And15
|
16.00
|
17.00
|
1.00
|
1.06
|
|
And15
|
17.00
|
18.00
|
1.00
|
0.33
|
|
And15
|
18.00
|
21.00
|
3.00
|
8.25
|
|
And15
|
21.00
|
22.00
|
1.00
|
0.02
|
|
And15
|
22.00
|
23.00
|
1.00
|
0.07
|
|
And15
|
23.00
|
24.00
|
1.00
|
3.61
|
|
And15
|
24.00
|
25.00
|
1.00
|
3.34
|
|
And15
|
25.00
|
26.00
|
1.00
|
32.46
|
|
And15
|
26.00
|
27.00
|
1.00
|
27.46
|
|
And15
|
27.00
|
28.00
|
1.00
|
10.82
|
|
And15
|
28.00
|
29.00
|
1.00
|
3.23
|
|
And15
|
29.00
|
30.00
|
1.00
|
1.74
|
|
And15
|
30.00
|
33.00
|
3.00
|
3.93
|
|
And36
|
88.00
|
89.00
|
1.00
|
0.38
|
|
And36
|
89.00
|
90.00
|
1.00
|
5.38
|
|
And36
|
90.00
|
91.00
|
1.00
|
1.13
|
|
And36
|
91.00
|
92.00
|
1.00
|
3.10
|
|
And36
|
92.00
|
93.00
|
1.00
|
1.12
|
|
And36
|
93.00
|
94.00
|
1.00
|
1.53
|
|
And36
|
94.00
|
95.00
|
1.00
|
1.10
|
|
And37
|
72.00
|
75.00
|
3.00
|
0.82
|
|
And37
|
75.00
|
76.00
|
1.00
|
0.28
|
|
And37
|
76.00
|
77.00
|
1.00
|
3.60
|
|
And37
|
77.00
|
78.00
|
1.00
|
13.58
|
|
And37
|
78.00
|
79.00
|
1.00
|
20.07
|
|
And37
|
79.00
|
80.00
|
1.00
|
1.86
|
|
And37
|
80.00
|
81.00
|
1.00
|
9.84
|
|
And37
|
81.00
|
82.00
|
1.00
|
7.66
|
|
And37
|
82.00
|
83.00
|
1.00
|
19.22
|
|
And37
|
83.00
|
84.00
|
1.00
|
0.13
|
|
And37
|
84.00
|
87.00
|
3.00
|
0.72
|
|
And37
|
87.00
|
90.00
|
3.00
|
0.26
|
|
Andd010
|
114.43
|
115.44
|
1.01
|
10.60
|
|
Andd010
|
115.44
|
116.44
|
1.00
|
8.94
|
|
Andd010
|
116.44
|
117.44
|
1.00
|
2.88
|
|
Andd010
|
117.44
|
118.05
|
0.61
|
1.89
|
|
Andd010
|
118.05
|
119.05
|
1.00
|
4.78
|
|
Andd010
|
119.05
|
120.02
|
0.97
|
7.14
|
|
Andd010
|
120.02
|
121.02
|
1.00
|
4.04
|
|
Andd010
|
121.02
|
122.02
|
1.00
|
0.07
|
|
Andd010
|
122.02
|
123.02
|
1.00
|
0.04
|
|
Andd010
|
123.02
|
124.03
|
1.01
|
0.98
|
|
Andd010
|
124.03
|
125.03
|
1.00
|
2.99
|
|
Andd010
|
125.03
|
126.03
|
1.00
|
0.44
|
|
Andd010
|
126.03
|
127.03
|
1.00
|
1.08
|
|
Andd010
|
127.03
|
127.75
|
0.72
|
0.75
|
|
Andd010
|
127.75
|
128.75
|
1.00
|
4.93
|
|
Andd010
|
128.75
|
129.75
|
1.00
|
6.73
|
|
Andd011
|
60.85
|
61.85
|
1.00
|
0.20
|
|
Andd011
|
61.85
|
62.85
|
1.00
|
0.24
|
|
Andd011
|
62.85
|
63.75
|
0.90
|
0.40
|
|
Andd011
|
63.75
|
64.75
|
1.00
|
0.84
|
|
Andd011
|
64.75
|
65.75
|
1.00
|
0.11
|
|
Andd011
|
65.75
|
66.75
|
1.00
|
0.40
|
|
Andd011
|
66.75
|
67.75
|
1.00
|
0.20
|
|
Andd011
|
67.75
|
68.60
|
0.85
|
0.83
|
|
Andd011
|
68.60
|
69.75
|
1.15
|
14.80
|
|
Andd011
|
69.75
|
70.75
|
1.00
|
16.30
|
|
Andd011
|
70.75
|
71.75
|
1.00
|
4.94
|
|
Andd011
|
71.75
|
72.75
|
1.00
|
5.57
|
|
Andd011
|
72.75
|
73.75
|
1.00
|
15.50
|
|
Andd011
|
73.75
|
74.75
|
1.00
|
6.13
|
|
Andd011
|
74.75
|
75.75
|
1.00
|
4.61
|
|
Andd011
|
75.75
|
76.36
|
0.61
|
2.38
|
|
Andd014
|
107.37
|
108.37
|
1.00
|
3.20
|
|
Andd014
|
108.37
|
109.37
|
1.00
|
1.25
|
|
Andd014
|
109.37
|
110.40
|
1.03
|
7.39
|
|
Andd014
|
110.40
|
111.40
|
1.00
|
1.42
|
|
Andd018
|
53.00
|
54.00
|
1.00
|
2.01
|
|
Andd018
|
54.00
|
55.00
|
1.00
|
0.00
|
|
Andd018
|
55.00
|
55.50
|
0.50
|
5.37
|
|
Andd018
|
55.50
|
56.45
|
0.95
|
4.64
|
|
Andd018
|
56.45
|
57.48
|
1.03
|
0.73
|
|
Andd018
|
57.48
|
58.48
|
1.00
|
0.26
|
|
Andd018
|
58.48
|
59.31
|
0.83
|
5.15
|
|
Andd018
|
59.31
|
60.16
|
0.85
|
2.44
|
|
Andd018
|
77.41
|
78.28
|
0.87
|
3.60
|
|
Andd018
|
78.28
|
79.30
|
1.02
|
0.69
|
|
Andd018
|
79.30
|
79.80
|
0.50
|
0.31
|
|
Andd018
|
79.80
|
80.90
|
1.10
|
0.23
|
|
Andd018
|
80.90
|
81.96
|
1.06
|
3.56
|
|
Andd018
|
81.96
|
83.02
|
1.06
|
1.78
|
|
Andd018
|
83.02
|
83.86
|
0.84
|
0.65
|
|
Andd018
|
83.86
|
84.62
|
0.76
|
0.43
|
|
Andd018
|
84.62
|
85.60
|
0.98
|
9.91
|
|
Andd018
|
85.60
|
86.63
|
1.03
|
0.63
|
|
Andd018
|
86.63
|
87.60
|
0.97
|
0.22
|
|
Andd018
|
87.60
|
88.60
|
1.00
|
1.36
|
|
Andd018
|
88.60
|
89.65
|
1.05
|
0.22
|
|
Andd018
|
89.65
|
90.63
|
0.98
|
0.09
|
|
Andd018
|
90.63
|
91.25
|
0.62
|
0.63
|
|
Andd018
|
91.25
|
92.44
|
1.19
|
2.60
|
|
Andd018
|
92.44
|
93.03
|
0.59
|
1.08
|
|
Andd025
|
188.27
|
189.50
|
1.23
|
5.62
|
|
Andd025
|
189.50
|
190.50
|
1.00
|
1.66
|
|
Andd025
|
190.50
|
191.50
|
1.00
|
40.10
|
|
Andd025
|
191.50
|
192.50
|
1.00
|
40.60
|
|
Andd026
|
173.60
|
174.60
|
1.00
|
0.50
|
|
Andd026
|
174.60
|
175.30
|
0.70
|
0.04
|
|
Andd026
|
175.30
|
175.75
|
0.45
|
2.77
|
|
Andd026
|
175.75
|
176.75
|
1.00
|
3.88
|
|
Andd026
|
176.75
|
177.75
|
1.00
|
0.57
|
|
Andd026
|
177.75
|
178.55
|
0.80
|
0.84
|
|
Andd026
|
178.55
|
179.07
|
0.52
|
15.10
|
|
MDD002
|
82.76
|
83.76
|
1.00
|
2.89
|
|
MDD002
|
83.76
|
84.76
|
1.00
|
2.92
|
|
MDD002
|
84.76
|
85.76
|
1.00
|
0.09
|
|
MDD002
|
85.76
|
86.85
|
1.09
|
12.90
|
|
MDD002
|
86.85
|
87.90
|
1.05
|
0.06
|
|
MDD002
|
87.90
|
88.75
|
0.85
|
0.05
|
|
MDD002
|
88.75
|
89.43
|
0.68
|
0.38
|
|
MDD002
|
89.43
|
90.40
|
0.97
|
0.14
|
|
MDD002
|
90.40
|
91.23
|
0.83
|
0.00
|
|
MDD002
|
91.23
|
92.07
|
0.84
|
0.00
|
|
MDD002
|
92.07
|
92.90
|
0.83
|
0.31
|
|
MDD002
|
92.90
|
93.70
|
0.80
|
0.00
|
|
MDD002
|
93.70
|
94.50
|
0.80
|
0.00
|
|
MDD002
|
94.50
|
95.50
|
1.00
|
0.35
|
|
MDD002
|
95.50
|
96.50
|
1.00
|
0.28
|
|
MDD002
|
96.50
|
97.50
|
1.00
|
0.23
|
|
MDD002
|
97.50
|
98.50
|
1.00
|
0.38
|
|
MDD002
|
98.50
|
99.40
|
0.90
|
1.43
|
|
MDD002
|
99.40
|
100.14
|
0.74
|
23.10
|
|
MDD002
|
100.14
|
100.81
|
0.67
|
18.60
|
|
MDD002
|
100.81
|
101.80
|
0.99
|
17.90
|
|
MDD002
|
101.80
|
102.80
|
1.00
|
19.30
|
|
MDD002
|
102.80
|
103.85
|
1.05
|
6.49
|
|
MDD002
|
103.85
|
104.65
|
0.80
|
2.47
|
|
MDD002
|
104.65
|
105.59
|
0.94
|
8.47
|
|
MDD002
|
105.59
|
106.33
|
0.74
|
0.39
|
|
MDD002
|
106.33
|
106.95
|
0.62
|
0.96
|
|
MDD002
|
106.95
|
107.80
|
0.85
|
25.80
|
|
MDD002
|
107.80
|
108.80
|
1.00
|
1.07
|
�
ExplorMine Consultants (Pty) Ltd
act as Pan African’s Competent Person for the Manica project and
independently signed off on the resource upgrade. ExplorMine is a South African
based Resource and Geological Consultancy – the principal directors and
geologists of the company are Graham Gavine and Garth Mitchell, who are SACNASP
accredited.
�
Geologix MRC (Pty) Ltd is a South
African Resources and Geological Consultancy – Deon van den Heever is
SACNASP accredited and was responsible for the resource estimate.
�
Martin Bevelander, Group
Consulting Geologist for Pan African Resources, is SACNASP accredited and was
responsible for validating the borehole intersections.
�
The resource statement is SAMREC
compliant and has been verified by both geological consultancy firms.
�
SACNASP – South African
Council for Natural Scientific Professions
�
SAMREC – South African
Mineral Resource Code (similar JORC)
For further information
on Pan African PLC, please visit the website at www.panafricanresources.com
Enquiries:
|
Pan African Resources
Jan Nelson, CEO
+27 (0) 11 777 7840
Colin Bird,
Chairman
+44 (0) 207 584 2155
Nicole Stoyell
Public Relations
+27 (0) 11 777 7840
|
Ambrian Partners Limited
Richard Brown
+44 (0) 20 7776 6417
Richard Greenfield
+44 (0) 20 7776 6418
|
Macquarie First South Corporate Finance (Pty) Limited
Amanda Markman
+27 (0) 11 343 2307
Don� Hattingh
+27 (0) 11 343 2308
|
Parkgreen Communications
Justine Howarth
+44 (0) 207 493 3713
|
Bex Sanders-Hewett
Parkgreen Communications
Pegasus
House
37-43 Sackville Street
London
W1S 3EH
Tel: +44
(0) 20 7851 7480
Fax: +44
(0) 20 7494 9085
Mob: +44
(0) 7961 075844
This
email and any files transmitted within it are confidential and intended solely
for the use of the individual or entity to whom they are addressed. If
you have received this email in error please contact the sender on 020 7851 7480