Intrafrican Resources Limited (“Intrafrican”), has invested in Intra Minerals Limited (“IML“), a company registered in Mauritius. Intrafrican currently owns 15% of IML which is the 95% owner of the Minas Do Lurio Gold Project in Mozambique.
The Minas Do Lurio Gold Project comprises a 168.56 km2 prospecting license (8416L) in the historically underexplored Lurio Belt. Recent exploration activities including trenching and sampling have been completed at Savane, a prospective area within the prospecting license. Positive results indicative of a potentially substantial gold discovery, with subsequent survey work identifying new gold-bearing areas as well as a potential alluvial 'sink' amenable to an early stage dredging program.
Licencing guided by high yielding artisanal gold workings
The licence is strategically located along the Lúrio River (Nampula Province) and is situated only 120 km north from the international port of Nacala, and 62 km south of the regional hub Pemba. Access is straightforward by new tarmac roads (150 km) and dirt/ gravel roads (60 km).
Streams and River Banks Showing Significant Alluvial Finds
The Minas Do Lurio mineral exploration license covers approx. 170 km2 (25 km x 7 km translating into c.17,000 hectares) of land along 35km of the Lúrio River. Prospecting and exploration work to date have discovered both bedrock and alluvial gold sources in rock quartz veins in various different locations. The most prominent occurrences are Savanne Main, Savanne Middle and Chapala
Yellow Pin: Confirmed bedrock gold occurrences (quartz veins in granulites and granulite gneisses)
Red pin: Confirmed alluvial gold occurrences and artisanal operations.
It is considered a highly prospective concession for further gold discoveries as currently more than 70% remains unexplored with indicative quartz veining widely distributed.
IRL and IML have retained experienced gold geologists Mr Benedikt Steiner and Mr Kim Stanton-Cook as its independent experts to advise on the development of the Gold Project, and Mr Yuri Chambal as the exploration geologist on site.
Mr Kim Stanton-Cook, an exploration/development geologist with 45 years’ experience in mineral exploration industry has reviewed work done to date and has advised that the Project has merit and should move into the drilling stage which gives solid reason why the area should be considered as highly prospective.
Mr Benedikt Steiner (CGeol EurGeol) retained by IML to advise on the project has completed a non-JORC technical report summarising and evaluating the exploration activities on the project and has reviewed the three composite samples from the Savanne deposit analysed by SGS South Africa.
Mr Steiner comments that the project represents a significant first-mover opportunity into a previously unrecognised gold mineralisation trend along the Neoproterozoic Lúrio Belt. Prospecting and early stage exploration campaigns during 2017-2020 have confirmed a shallow exploration target at the Savane locality. Multiple alluvial and eluvial occurrences of free and refractory gold, as well as structurally-controlled bedrock mineralisation are hosted in quartz veins and occur in deformed granulites and granulitic gneisses. The stacked, 2-7 cm wide quartz veins are generally shallowly (10-20°) dipping and predominantly occur along open East-West trending structural corridors, defined by the intersection of regional shear and thrust faults.
Summary
High Conviction, De-Risked Gold Investment Opportunity in Mozambique
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Significant first mover opportunity in Mozambique into a previously unrecognised gold mineralisation trend along the Neoproterozoic Lúrio Belt |
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Prospecting and exploration activities have confirmed the presence of significant gold occurrences in at least 6 alluvial and hard rock target areas, with additional targets defined by airborne geophysics and artisanal activity |
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Shallowly dipping quartz-gold veins represent a possible low cost, low stripping ratio, open pit mining target in addition to prospective early stage alluvial operations |
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Existing mobile mineral processing plant and equipment support the sampling, crushing and screening of gold bearing materials for early exploration results |
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Solid project fundamentals, including geology, grades, infrastructure and committed management team support a consequent progression of the project through the mining development curve |
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Development and Production of Gold “dore” from Minas do Lurio, Mozambique, and other mining projects conforming to ESG requirements and low production costs |
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Set up Refining plant in Mauritius to process gold “dore” from Minas do Lurio and other ESG compliant and licensed producers into refined gold |
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Use existing and expanded storage facilities for legitimately sourced gold bullion in Mauritius |
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Complete feasibility study for development of a Mint in Mauritius to buy and mint refined gold into tradeable ingots and currency |
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International trading in certified traceable gold, storage and potential backing of Mauritius cryptocurrency |
Click here for the MDL Progress Report October 2020
Trenching and Sampling at Savane
