Drill Tracker Weekly: Alexander Nubia Finds New Gold Zone At Hamama VMS Project


Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Alexander Nubia International (TSXV:AAN)

Price: $0.185

Market cap: $7 million

Working capital: $0.4 million

Project: Hamama

Country: Egypt

Ownership: 50 percent

Resources: N/A

Project status: Exploration

alexander nubia Alexander Nubia announced results from near surface oxide gold drilling and deep step-out drilling on the Hamama West target on its Hamama Volcanogenic Massive Sulphide (VMS) project in Egypt. The project is located in the relatively underexplored northern extent of the Proterozoic age Nubian Shield that hosts a number of gold-rich VMS projects. The Company holds the right to explore the project over a period of five years (as well as two - 2 year extensions), subject to a 50/50 net revenue sharing agreement with the Egyptian government after completion of Cumulative Cost Recovery. Highlights from the current infill drilling include 88.4 metres grading 1.11 g/t Au and 118 g/t Ag starting at a depth of 69 metres. The interval includes an 11.00 metre interval of semi massive sulphide at a depth of 139 metres grading 3.66 g/t Au, 917 g/t Ag and 0.48% Zn. It should be noted that the high silver values in the massive sulphides accounts for almost 100% of the reported silver grade in the wider interval. The interval is reported as part of a wider intersection reporting 157 metres at 0.72 g/t Au and 100 g/t Ag from surface. It should be noted that the wider interval uses the unconventional method of using a wider internal dilution of 3 metres rather than their typical 2 metres to calculate the mineralize section. Drilling in the near surface oxide zone returned 39 metres grading 0.49 g/t Au and 18 g/t Ag starting at 4 metres depth. The oxide mineralization is primarily in the Western Zone where oxidation goes down to approximately 35 metres. The Company previously released trenching results from the Western Zone including 78 metres grading 2.82 g/t Au and 130.5 g/t Ag as well as 62 metres of 3.32 g/t Au and 39.8 g/t Ag. This style of near surface enriched gold/silver mineralization is common in other VMS deposits in the Nubian shield including Nevsun's (TSX:NSU) Bisha Mine and Sunridge's (TSXV:SGC) Asmara deposit.

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Development history and key intervals: Historical (2500 BC!) gold-copper production

Current holes: 88.4 metres @ 1.11 g/t Au, 118 g/t Ag including; 11 metres @ 3.66 g/t Au, 118 g/t Ag

Oxide drilling: 39 metres @ 0.49 g/t Au, 18 g/t Ag