Banro (BAA-T, BAA-X) continues to add to its significant gold resource in the eastern hills of the Democratic Republic of the Congo (DRC).
On Apr. 17 it announced its latest drill results, highlights of which include 17.76 metres grading 5.26 grams gold per tonne, 19.27 metres grading 3.71 grams gold, and 28.64 metres grading 2.61 grams gold per tonne, and 7.6 metres grading 13.88 grams gold per tonne.
The results are from its Namoya project, located on the Twangiza-Namoya gold belt.
In Toronto on April 17, Banro’s shares were up a marginal 2 to $12.12 on roughly 18,000 shares.
In all, 11 core holes were drilled as part of a 7,000 metre-drilling program at Namoya. Drilling was done over strike lengths of 180 metres at Namoya Summit with holes spaced at 40 metre sections.
In its press release the company says core holes averaged 119 metres in depth with a maximum of 153.56 metres down the hole. The company estimates that the true widths of the mineralized zones are approximately 81% of the intersected widths in the holes.
The drill program was undertaken in an effort to upgrade its inferred resource — which currently stands at 7.8 million tonnes with an average grading of 2.61 grams gold for 657,000 oz. — into the measured and indicated categories and to delineate additional resources.
“Our first phase of the Namoya exploration program is nearing completion, with remaining holes to be drilled at Kakula, Mwendamboko and other prospects,” says Banro’s president and chief executive Peter Cowley in the release. “We then intend to commence the second phase of the program to delineate additional resources, as well as undertake the necessary metallurgical test work required for a scoping study.”
The Toronto-based company is developing four wholly owned gold projects along the 210 km Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Since July of 2005 its shares have climbed over 300%.