Vancouver – Initial drilling by Currie Rose Resources (CUI-V) and Aussie-listed partner Sub-Sahara Resources on the Mabale Hills project in northwest Tanzania has cut significant gold mineralization.
Reverse circulation (RC) drilling on the Mwamazengo prospect returned wide gold mineralized intercepts in an area of historic mining. RC drill results include:
- MBNR-001 An intercept of 32 metres (from 4 metres depth) cut 3.7 grams gold per tonne, including 7 metres of 6.3 grams gold;
- MBNR-004 A 14-metre intersection (from 54 metres) graded 3.2 grams gold.
The four initial RC holes, totaling 450 metres, were spaced at 90-metre centres along strike successfully testing colonial workings at Mwamazengo. An additional 19 rotary air blast (RAB) holes, totaling 935 metres, tested for parallel zones of mineralization as well as strike extensions. The RAB holes encountered mineralization both north and south along strike, which remains open.
The 178-sq.-km project covers a portion of the Mabale greenstone belt within the Lake Victoria Goldfields region. Gold mineralization at Mwamazengo occurs along a banded iron formation-tuff contact and is associated with a northeast series of quartz veins.
The joint venture partners are now drilling the Jubilee Reef gold project located about 40 km southwest of Mabale Hills.
The company is earning up to a 70% interest in the Jubilee Reef, Mabale Hills and Nyamirembi projects from Sub-Sahara Resources for 4 million shares (issued), staged exploration expenditures totaling US$1.17 million over three years and completion of a bankable feasibility study on one of the projects.
Currie Rose shares gained about 10% on the news to trade at the 40 per share level, near the upper end of its 52-week range of 6-48.
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