Banro (BAA-T, BAA-X) has found two new gold zones at its Namoya project in the Democratic Republic of the Congo (DRC) further proving up the potential of the soon-to-be producing Twangiza-Namoya gold belt.
The new zones are in the southwest and northwest of the Namoya Summit prospect and thus far have a strike lengths of 250 metres at the southwest zone and 200 metres at the northwest zone.
Trench sampling results from the southwest were highlighted by 4 metres grading 2.73 grams gold, 10 metres grading 8.24 grams gold and 3 metres grading 5.29 grams gold.
Channel sampling results from the southwest included 17 metres grading 6.9 grams gold, 9 metres grading 5.69 grams gold and 8 metres at 4.21 grams gold.
Over in the northwest section, trench sampling returned highlights of 5 metres grading 3.11 grams gold 12 metres grading 5.12 grams and 6 metres grading 8.93 grams gold.
Banro says it wants to delineate near-surface resources that are within economic hauling distances of any future mine at Namoya. It is currently working on a feasibility study on the project.
The company says gold mineralization in the new zones is associated with quartz veins and stockworks that trend northwest and southeast and dip shallowly to the northeast. The mineralization has a width of over 10 metres in places.
An auger drill program is underway at both the southwest and northwest portions of Namoya Summit. It is looking to test bedrock and the strike continuity of the mineralized zones.
Assays from auger holes in the northwest returned highlights of 3 metres grading 7.42 grams gold and 2.4 metres grading 4.84 grams gold. A diamond drilling program is scheduled to get going in he third quarter.
The most recent resource estimate for Namoya was done back in March of 2009 and it put 4.6 million tonnes grading 2.5 grams gold into the measured category, 12.7 million tonnes grading 1.8 grams gold into the indicated category and 8.4 million tonnes grading 1.5 grams gold into the inferred category.
But with the new zones the company believes those numbers will go up, making Namoya a likely candidate to become its next development project.
Banro is currently pushing ahead on phase one development of the Twangiza project which lies north of Namoya. Twangiza is expected to go into production in 2011.
In Toronto on June 24 Banro shares were down 4% or 8¢ to $2.02 on 192,000 shares traded.
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