African Minerals upon investigation have provided proof that other minerals are available for mining and they will work on them with transparency so that the country will benefit immensely.
They entered into an option agreement in December 2008 with Pinnacle Group Assets (SL) Limited, a privately-held company registered in Sierra Leone, which holds the rights to certain coal and other mineral exploration licenses in Sierra Leone.
The Company has commenced early stage coal exploration activities on these licenses, which cover a 150km strike length north and south of Pepel Port. The purpose of the exploration drilling is to identify potential large sources of coal for power generation for the Company’s iron ore projects in Sierra Leone, for export to international markets and for distribution generally to the national grid of Sierra Leone.
They will focus their funding and resources on their flagship Tonkolili iron ore project, the Marampa iron ore project (in conjunction with Cape Lambert Iron Ore Limited) and the Ports and Railway infrastructure project. Because of this, they have scaled back activities at the diamond, base metals and uranium exploration projects and continue to pursue value adding strategic alliances with third parties.
Other projects that they are considering are the Nickel project at the Gori Hills. The prospect is a 20km2 target where a nickel-cobalt anomaly was identified by reconnaissance stream sediment sampling. Initial surface trench results from this anomaly returned an average grade of 0.73% nickel and 0.061% cobalt over an interval of 56m between depths of 1m and 3.2m. Another precious mineral – Uranium is the Lovetta uranium anomaly, located in eastern Sierra Leone near the Liberian border, comprises an area of 160 km2. In the immediate project area, seven anomalies of over 10 ppm uranium and over 450 counts per minute uranium have been identified by a programme of soil and scintillometer sampling over a 4km strike length. A trenching programme has delineated up to a 150m strike length and widths of 66m of anomalous uranium and thorium and is open in both directions.
Obviously Gold is being mined all over the country, African Minerals Laminaia gold project has been defined by a 14km by 1.5km north-south gold trend. Within this broad trend three discrete anomalies have been identified over 100 ppb gold (peak grade of 680 ppb gold) with an overall strike length of approximately 2km. Rock chip samples of quartz float returned an average grade of 117 g/t gold.
The precious stone of diamond is also in their plans for the future. The results of follow-up kimberlite exploration sampling activities along with aeromagnetic survey data have been used to refine potential drilling targets. 13 high priority aeromagnetic targets, with coincident positive kimberlite grains, and 10 high priority drainage targets have been defined to form the basis of future kimberlite drilling programmes.
During the period the Company completed a sale of diamonds recovered from the Konama alluvial bulk sampling programme realising gross sales proceeds of approximately US$0.5 million. Meanwhile, African Minerals and London Mining have settled their disputes over the Marampa Area and they have settled each other’s claims over the Marampa area and they have agreed on the boundaries of their respective areas.According to the statement, the government of Sierra Leone has stated that it will incorporate the agreed boundaries in a revised exploration License for African Mining and a revised Mining Lease for London Mining.
Also in addition, London Mining and the government have amicably resolved their long running dispute in respect of the Marampa area.
The GoSL has fully endorsed the arrangements between African Mining and London Mining and is delighted that both companies are now in a position to move forward in the development of Marampa which will have significant benefits both to the local area and to Sierra Leone as a whole.