Determined to outline economic gold mineralization at its Koulbaga concession in southwestern Niger, Auspex Minerals (APJ-V) has launched a 2,000-metre drill program.
Over the past year, six gold anomalies were identified by airborne magnetic surveys, termite mound geochemical sampling, 2,000 metres of trenching and 11,004 metres of shallow percussion drilling.
Three of the targets (Bira Lac, Bourbene and Tassi Gorou) lie along a regional shear structure that extends for more than 20 km on the 700-sq. km concession.
Rock sampling at Bira Lac returned values of 1.5-5.5 grams gold per tonne from intermittent outcrops of silicified material along 1,500 metres of strike. The anomaly is in an area that has been worked extensively by artisanal miners. Workings extend 15-20 metres from surface and are closely associated with major structures.
The Tondeye and Labira anomalies lie along a secondary parallel structure.
Holes will be drilled to a depth of 100 metres on a 45 angle.
About half of Koulbaga is underlain by volcanic and sedimentary rocks of the Bermian greenstone sequence. The rocks host West Africa’s major gold deposits, including the Ashanti deposit in Ghana.
The Vancouver-based company recently bought out the 40% interest in Koulbaga held by Norwegian partner Proma Minerals. Auspex paid US$25,000 in cash, as well as 244,766 shares.
Auspex will issue another 244,766 shares after it spends US$1.3 million on exploration.
The government of Niger receives a 5.5% net smelter return royalty on any production in the country. It is also entitled to a 10% equity interest in the company created for production, with an option to acquire an additional 15%.
Auspex has 23.1 million shares outstanding.
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