Alexander Nubia International (TSXV:AAN)
Market cap: $4 million
Cash estimate: $0.4 million
Ownership: 50 percent
Project status: Exploration
- Alexander Nubia announced additional results from near surface oxide gold 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.
- The near surface mineralization at Hamama West is similar to other volcanogenic massive sulphide (VMS) deposits in the Nubian Shield that host a primary sulphide zone overlain by a near surface oxide gold deposit. As seen in Nevsun's (TSX:NSU) Bisha mine in Eritrea, the near surface oxide deposit is capable of producing significant cash flow while pre-stripping and developing the infrastructure to mine the sulphide ore body at depth.
- Drilling in the near surface oxide zone returned 19 metres grading 1.46 g/t Au and 157 g/t Ag starting at 12 metres depth and 12.0 metres of 2.05 g/t Au and 168 g/t Ag. The oxide mineralization is primarily in the Western Zone, where oxidation goes down to approximately 35 metres and near surface supergene zones occur in the upper portions of the deposit. This enrichment may be a combination of supergene and physical concentration both due to weathering the oxide gold cap occurs as stacked mineralized sheets over a 400 metre strike length. Bottle roll tests in the oxide indicate 92.2% gold and 62.4 silver recoveries. As the mineralization occurs along a ridge, the deposit has the potential to have a low strip ratio.
- Drilling to date in the primary sulphide zone has intersected gold-silver enriched zinc exhalite but has only detected limited higher-grade copper mineralization in trenches, as compared to other Nubian VMS deposits such as Bihsa and Asmara.
Historical (2500 BC) gold-copper production
Current holes: 19 meters at 2.46 g/t gold, 157 g/t silver and 12 meters at 2.05 g/t gold, 168 g/t silver