Perth, Dec 11, 2007 AEST (ABN Newswire) - Additional exploration ground near existing gold and copper mines has been granted to African focused Australian explorer, Shield Mining Limited (ASX: SHX), as the Company continues to builds its exposure to the mineral potential of Mauritania.
The two new licences, for gold and base metals exploration in Mauritania, take Shield Mining's total landholding under licence in the country to approximately 15,000 square kilometres - making it now one of the most dominant licence holders in the West African country.
The granted exploration licence No: 447 B2 of 1,460 km2 is located on strike of the Tasiast Gold Mine, owned and operated by Redback Mining. The geology of this area is a complexly folded BIF/ultramafic intrusive sequence, similar to the horizon and host rock of Tasiast, 50kms to the north . The previous owner, Normandy La-Source, delineated substantial gold-in-soil geochemical anomalies on the property.
The second granted exploration licence, No: 448 B2 of 749 km2, is located near the Guelb Moghrein Copper Mine and was held by SNIM (the Government-owned iron ore company).
Sample data compiled by the British Geological Survey from unknown sources shows values up to 6.5 grams per tonne gold from trench sampling of a sequence of metavolcanics, pelites and quartzites. This is also a BIF target along a well defined stratigraphic horizon.
"These are among the most prospective of the licences granted to date and adds further strategic value to our already exciting land position in Mauritania," Shield Mining's Chief Executive Officer, Mr David Netherway, said today.
"As the new licences take to nine the number secured by the Company, we have now achieved a quantum in the size of our geographic footprint, and commodity spread, that is best able to host serious exploration momentum within our Mauritanian holdings."
Shield will commence work on the new licence areas in the New Year, with a program of mapping and soil sampling.
The permits details are as follows:
- Exploration Licence No.447 B2 was granted to Shield Mining Mauritania S.A. for Group 2 minerals, effective 5th December 2007 (Council of Ministers Decree No. 2007-200). The licence expires in 3 years, renewable twice for 3 years each time. Shield Mining Mauritania S.A. is a fully owned subsidiary company of Shield Mining Limited.
- Exploration Licence No.448 B2 was granted to Shield Mining Mauritania S.A. for Group 2 minerals, effective 5th December 2007 (Council of Ministers Decree No. 2007-204). The licence expires in 3 years, renewable twice for 3 years each time. Shield Mining Mauritania S.A. is a fully owned subsidiary company of Shield Mining Limited.
All these releases and a plan of the permits can be seen on the Company website at:
http://www.shieldmining.com
Contact
David Netherway
CEO / Managing Director
Shield Mining Limited
Email: dgnetherway@shieldmining.com
Web: www.shieldmining.com
Tel.: +61 8 9 322 8393
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