Banro hunts for gold in Zaire

Toronto-based Banro Resource (BANR-C) is exploring its Namoya gold property in the Maniema province of eastern Zaire.

CME Consulting is managing the program, which consists of an airborne geophysical survey, surface geochemical sampling and geological mapping.

Banro anticipates drilling will begin by spring.

Five zones of gold-bearing quartz-vein stockwork have been found along a 3-km strike length, and are believed to be of hydrothermal origin. Proven gold reserves at Namoya have been calculated at 650,000 tonnes grading 7.07 grams per tonne.

In Zaire, Banro controls 10 mining permits and 47 mining concessions encompassing 10,271 sq. km through a newly formed company known as Sakima.

Banro holds a 93% interest in Sakima, with the government of Zaire holding the remainder. The company’s assets and liabilities were transferred from the privately held Zairian firm Sominki, which was dissolved.