Luiri Gold Limited
Welcome to Luiri Gold, developing a gold focused resource company to create shareholder value through the acquisition, exploration and development of gold and copper-gold opportunities in Africa.
HIGHLIGHTS
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- Completed A$8m underwritten funding in Australia and dual listed on the ASX in November 2009.
- Focus on expanding resource base at the Luiri Hill Gold Project where there is currently 656,000ozs gold inferred plus 144,000ozs gold indicated.*
- Started feasibility work on current resource base and possible expanded resource with PFS to be completed early 2010.
- Drilling programme started with focus on resource expansion at targets identified within a 10km radius of Matala and Dunrobin and infill at Matala and Dunrobin.
- Soil geochemical sampling over the Matala Dome mineralized structure has identified several new potential targets in similar geological settings to both the Matala and Dunrobin deposits.
- Assessment of other gold opportunities.
* The mineral resource ounces are contained in 7.1 million tonnes at 2.9 Au g/t for the inferred category and 2.2 million tonnes at 2.1 Au g/t for the indicated category.
INTRODUCTION
Luiri Gold Limited (“Luiri Gold”) was listed on the TSX Venture exchange after the RTO of Stirling Exploration Ltd in June 2006. Luiri Gold holds 100% of LG Holdings (“LGH”); a Mauritian based resource company, which in turn holds 100% of Luiri Gold Mines Limited (“Luiri”) which holds various exploration licenses and a mining license in Zambia.
LUIRI GOLD MINES LIMITED (ZAMBIA)
Luiri Gold Mines Limited was incorporated under the laws of Zambia in 2003 and is a gold and copper-gold exploration company that holds the Zambian Prospecting and Mining licenses which cover approximately 2,400km2 in south-central Zambia. Luiri is a 100% owned subsidiary of LG Holdings, a Mauritian based company...
LUIRI HILL PROJECT
The Luiri Hill Project is situated approximately 120 kilometres west-northwest of the Zambian capital of Lusaka in Zambia’s Central Province. Access to the Project area is by a newly-upgraded bitumen road from Lusaka. The area has significant potential for gold occurrences both related to the Matala Dome mineralized structure where the Matala and Dunrobin deposits are being drilled, and the surrounding Katangan rocks where there is potential for iron oxide copper-gold (“IOCG”) style mineralization...
HISTORY
Mining in the Mumbwa region was initially started in 1927 and continued through until 1941. Mining focused on an iron-oxide gossan at Dunrobin, which was developed initially by shallow open cut methods, and then by underground mining on a quartz vein, to a depth of 75m below the surface.
The total production recorded from this period of operation was 32,000 ounces at an average grade of approximately 10 g/t Au. Mining at Matala began in 1928, with a reported grade from initial mining of 49.5 ounces of gold per tonne ore from underground operations. The orebody has a known strike length of over 1 kilometre, and has only been tested to 200 metres below surface.
INDEPENDENT TECHNICAL REVIEW
Snowden Consultants, an internationally recognized geological and mining consultancy has prepared a Technical Report according to the requirements of the NI43-101. The following is extracted from the Snowden summary of the projects:
“The Luiri Hill project appears to have both short-term and longer term gold exploration potential. In the short-term, there is strong potential to expand the resources at Dunrobin, Matala and possibly Chosa. Part of Luiri Gold’s strategy is to attempt to define large, relatively low grade deposits that justify establishing a full mining operation. RSG Global is working with Luiri Gold to develop its gold exploration strategy for the project area. The strategy to explore for iron ore and copper mineralization over the greater project area is currently being examined by Luiri Gold.
Snowden is of the opinion that the Luiri Hill project area has been acquired on the basis of sound technical merit. The proposed gold exploration strategies and programs which Luiri Gold intends to implement, with the assistance of RSG Global, are considered by Snowden to be appropriate given the current status of the project. The proposed budget is considered appropriate and adequate to meet the statutory expenditure commitments for the project tenements.
Carefully planned exploration programs designed to undertake preliminary evaluation of the Nambala iron prospect and the copper prospects appear to be justified.”
DISCLAIMER
Information in this document includes historical and forward-looking statements.
The forward-looking statements involve risks and uncertainties particularly with respect to reserves and resources. Forward looking statements represent management's current estimates and these may change significantly as new information comes to hand.
The information contained in this document has been obtained from its own records and from other sources believed to be reliable; however no representation or warranty is made as to its accuracy or completeness.
