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Monday, November 14, 2005

Zambia Finds Gold

Snowden Consultants an Australian based firm has just confirmed a gold find in Zambia. It’s not a greenfield deposit because it was found near the old Dunrobin Gold Mine. Its reserve estimate is 281,000 ounces of gold. The gold deposit is located at Mumbwa a town 200 kilometres west of Zambia’s capital city, Lusaka.

Luiri Gold (LG) is a Zambian registered company that discovered the gold. LG managing director Mike Sperinck said the exploration drilling has indicated a resource of 2.9 million tonnes of ore grading 3.0 grammes per tonne.

However, nearby is the Matala deposit that is more exciting! The grade is higher at 10.0 grammes per tonne and covers an area one kilometer long. It extends beyond 180 metres below surface. The more exciting news is that the soil analysis shows an anomaly that extends over 10 kilometres!

LG is also interested in a robust Nambala iron deposit. To tie it in neatly LG has signed a confidentiality agreement with a joint venture partner to exploit the Nambala Iron deposit. The hematite (iron ore) mineralization is estimated at 200 million tonnes grading 57 percent iron. Nambala is Zambia’s largest iron deposit.

But then Mumbwa is exciting for another reason. It is the gateway to Zambia’s sprawling game reserve, the Kafue National Park. It is Zambia’s largest park and the second largest national park in the world. It’s about the size of Wales in Britain and twice the size of Yellowstone National Park in the USA. Wow, it’s colossal!


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