 |
| |
Third Quarter 2008
Eritrea
During the quarter ended March 31, 2008, the Company continued regional exploration work on its exploration licenses in Western Eritrea. Prospecting and target development work including geological mapping, geochemical sampling, and geophysical surveys continued through the quarter. Results obtained as of the end of the quarter have defined several compelling drill targets comprising coincident favorable geology and indications of mineralization, geochemistry, and geophysics. A drill program began in early April, 2008 and is expected to be completed by the end of June, 2008.
The regional exploration program has successfully identified the most prospective parts of the Company's exploration licenses and consequently has allowed the Company to reduce the area under license. Sanu currently holds 1,330 square kilometers under license in western Eritrea which is down from 2,465 square kilometers at 31 December, 2007.
Burkina Faso The Company holds seven exploration licenses totaling 1,463 sq. km in Burkina Faso covering significant greenstone gold targets that are geologically similar to those hosting the major gold deposits in neighboring Ghana and Mali. Outcropping quartz veins with visible gold and artisanal workings are present on several properties. Drilling was completed by January 2008 on the Nyieme project. During the current quarter early stage geochemical sampling and mapping was completed on several of the other licenses. Upon the completion of the above program, the Company will consider all options for extracting maximum value from its portfolio of early stage gold properties.
Morocco
During the quarter the company continued to evaluate base metal opportunities for acquisition in Morocco. Work during the quarter evaluated lead-zinc sulfide prospects in the Rif geologic province of northern Morocco. Sanu has been granted two licenses (16 sq km each), and has pending applications for five additional licenses. The exploration program planned for the coming quarter will define extensions of known prospects by soil sampling, rock chip sampling and geologic mapping.
Congo-Brazzaville
During the quarter ended December 31, 2007, Sanu acquired a Prospecting License over 3595 sq. km in the Republic of the Congo (Congo-Brazzaville). The license lies on strike with the Mindouli-Mfouati Cu- Pb-Zn mining district and contains several prospects with outcropping mineralization. Mineralization in the Mindouli-M'fouati district mineralization consists of a cluster of high grade copper-zinc-lead bodies hosted in carbonate rocks. The project area has reasonable infrastructure near Brazzaville-Pointe Noire railway.
During the current quarter, field crews completed a regional soil sampling program comprising approximately 3,000 samples. Sanu has submitted an application for an exclusive Exploration License and if granted, the Company will continue to develop targets for drilling later in 2008.
Niger
During the quarter ended December 31, 2007, the Company acquired two gold exploration permits, Sakoira 1 (488.8 sq. km) and Sakoira 2 (484.0 sq. km), from the Government of the Republic of Niger. The projects are accessible by paved road and located less than two hours from the capital city of Niamey.
During the current quarter, field crews completed a program of mapping, soil and regolith geochemistry of which the results are pending.
Africa Evaluations
During the quarter ended March 31, 2008, the Company continued to evaluate projects in several other African countries including Sudan and Burundi focusing on under-explored regions with world class potential where the experience and knowledge of the Company's geological team provides a competitive advantage.
| |
