Continuing Field Work at African Queen's Ugunja Gold Project in Kenya's Lakeland District Generates 4 New Targets
(via Thenewswire.ca)
October 26, 2012
TSX.V: AQ
Frankfurt: QM0
Vancouver, British Columbia -- AFRICAN QUEEN MINES LTD. (the "Company") is pleased to announce that continuing field work in its Phase 1b Exploration Program at the Ugunja Gold Project has now identified four new targets. Anomalous gold was prevalent throughout the area examined. Recent sample results include a chip sample from its visible gold-bearing Rariada quartz vein which returned assay values of 30.018 g/t Au and 4.8 g/t Ag over a true width of 80 cm (Trench UTr-12-02) with a repeat of 26.070 g/t Au. The Ugunja Project encompasses approximately 370 sq. km in the Busia, Siaya and Kakamega areas (aka the Lakeland District) located N of the shores of Lake Victoria in Western Kenya. It is situated approximately 100 km to the NW of the Company's Odundu Project in the Rongo Gold Fields, also on the Lake Victoria greenstone belt, where core drilling has recently been completed (see PR dated July 11, 2012).
From a total of 99 recent samples collected from trenching on the Rariada structure, 12 samples assayed above 0.5g/t Au. Results show that both sides of the structure are marked by anomalous gold values in the host mudstone. Trenching on other structures in the area also rendered anomalous gold results including one trench sample from the Ligega area which assayed above 1 g/t Au (Table 1). Prior sample results from work at Ugunja are reported in the Company's PR dated August 2, 2012.
Property mapping and prospecting has now led to the identification of four additional prospective areas from which grab samples from surface quartz float returned results from 0.6 to 40.6 g/t gold as listed in Table 1.
Table 1. Gold Sample Highlights.
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|AREA |Au |Au |Au |SAMPLE|ROCK |TRUE |Zone|Easting|Northing|
| | | | |TYPE |TYPE |WIDTH| | | |
|--------------------------------------------------------------------------|
|? |g/t |g/t |g/t |? |? |? |? |? |? |
|--------------------------------------------------------------------------|
|Rariada |30.018|26.070|? |Chip |Quartz |80 |36N |642570 |14650 |
| | | | |over |Vein |cm | | | |
| | | | |80cm |with | | | | |
| | | | | |visible | | | | |
| | | | | |gold | | | | |
|--------------------------------------------------------------------------|
|Mudaho |26.253|40.580|35.740|Grab |Quartz |? |36N |648343 |22518 |
|--------------------------------------------------------------------------|
|Uref |12.294|12.380|? |Grab |Quartz |14 |36N |646481 |21261 |
| | | | | |Vein |cm | | | |
| | | | | |with | | | | |
| | | | | |visible | | | | |
| | | | | |gold | | | | |
|--------------------------------------------------------------------------|
|Uref |0.773 |? |? |Grab |Quartz |? |36N |646697 |21480 |
|--------------------------------------------------------------------------|
|Nyasanda|7.624 |5.960 |8.840 |Grab |Quartz |? |36N |644535 |21400 |
|--------------------------------------------------------------------------|
|Nyasanda|2.039 |? |? |Grab |Quartz |? |36N |644645 |21289 |
|--------------------------------------------------------------------------|
|Ligega |1.015 |1.560 |? |Chip |Saprolite|? |36N |639737 |21825 |
| | | | |over | | | | | |
| | | | |70cm | | | | | |
|--------------------------------------------------------------------------|
|Sirongo |0.598 |? |? |Grab |Quartz |? |? |? |? |
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Preliminary results from an Aster satellite image interpretation indicate that the Rariada structure as well as the new areas identified occur in zones of intersection of at least two regional shear zones. These intersections create a favorable environment for the deposition of gold with the potential to host commercial deposits. Result interpretation from the Phase 1b Exploration Program at the Ugunja Gold Project is leading to the identification of a number of drill targets. Mapping and prospecting continues and additional trenching is planned on several of these different locations.
The property, covering 370 sq. km of the Ndori/Siaya greenstone belt, is underlain by Kavirondian age meta-sediments and older Nyanzian meta-volcanics, and is the western extension of the Kakamega gold trend. It has been affected by large regional shear zones which created abundant tension fractures and structures allowing gold-bearing quartz veins to form. Ugunja's low-grade metasedimentary rocks, chiefly argillites, sandstones and conglomerates, overlie Nyanzian age greenstones which include banded iron formation (BIF) and dominantly metabasaltic lithologies. African Barrick Gold plc recently announced that it has entered into an agreement to acquire an interest in ground adjacent to the Company's Ugunja Project from Aviva Corporation Limited.
Work to date at Ugunja has included stream sediment and termite mound sampling, rock sampling, trenching, mapping and ground geophysics surveys. Samples collected during this phase were prepared in Kisumu, Kenya by Kenya Mineral Services Limited and shipped to Intertek-Genalysis Laboratory Services in Perth, Australia for gold analysis as well as 32 element ICP on the 99 samples described above.
Under the terms of its Earn-In and JV Agreement with Kenya Discovery Limited, the Company, through its wholly-owned operating subsidiary AQ Kenya Gold Limited, may earn up to an 85% interest in the Ugunja Project by funding prescribed optional stages from exploration through feasibility. The Company serves as manager and operator of the Project. The Project is being managed on behalf of the Company on site by Senior Exploration Geologist Ms. Marthe Archambault, (P.Geol), with general project oversight by Mr. Pete Siegfried (M.Sc., MAusIMM). Both are qualified persons under N.I. 43-101 who have reviewed and approved the contents of this press release.
According to Irwin Olian, CEO of the Company, "We are delighted that preliminary exploration of our Ugunja Project in western Kenya is continuing to generate positive results with identification of numerous highly prospective targets. We are anxious to accelerate our activities at Ugunja to identify the optimal drill targets in order to commence a core drilling program in the coming months."
About African-Queen
The Company is an exploratory resource company with diversified mineral properties in Southern, East and West Africa. It is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals. In Mozambique the Company has approximately 230 sq. km. under license for gold and metals under an agreement with another company. In Ghana it has 28.9 sq. km. under license for gold. In Kenya it has approximately 850 sq. km. under license for gold and metals, and a further 737 sq. km. of gold and other minerals licenses under agreements with two other companies. The Company's operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada and its operations in Ghana are carried out through its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada on April 30, 2008 and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
"Irwin Olian"
Irwin Olian
Chairman & CEO
For more information, contact:
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|Irwin Olian, President and CEO |Carrie Howes, Corporate |
|E-mail: |Communications |
|tigertail@africanqueenmines.com|Email: |
|Phone: (604) 899-0100 |carrie@africanqueenmines.com |
|Fax: (604) 899-0200 |Phone: Germany - +49 (0) 21141|
| |740411 |
| |U.K. - +44 (0) 870 490 5443 |
| |? ? ? ? ? ? ? Canada - +1 |
| |416 900 3634 |
| |Dubai - +971 55 997 0427 |
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
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