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 | | Drilling has intercepted wide zones of gold mineralization at Lugushwa, which has an Inferred Mineral Resource of 2.7 million ounces.
History
Between 1958 and 1996, at least 457,000 ounces of gold were produced from alluvial sources, with a further 10,000 ounces of gold being produced from primary sources. MineralizationThe geological setting of the main mineralized trend at Lugushwa consists of meta-pelites, meta-siltstones,quartzite and dioritic sills. Mineralized quartz veins and stockworks occur as a network of interlocking conjugate sets with trends oriented from NE-SW and E-W to ESE-WNW with steep dips towards the SW and NW, and moderate dips towards the north respectively. Mineralization also occurs in the host rock between the quartz veins associated with disseminated sulphides. Drilling in 2007 provided a clearer understanding of the mineralized controls, and it is now considered that the gold mineralization at Lugushwa is related to a series of stacked shoots which are found along the axes of shallowly plunging, northeast trending folds. Banro's independent geological consultant, SRK, undertook a site visit during December 2004 to the Lugushwa project area and completed an updated Mineral Resource estimate for the property, using a 1.0 g/t cut-off grade, which is set out in the table below.
2007 Exploration Program, Maps and Photographs 2006 Exploration Program, Maps and Photographs 2005 Exploration Program, Maps and Photographs
2008 - 2009 Exploration & Development ProgramsExploration in 2009 has focused on extending the Lugushwa grid and has included an intensive soil, rock and stream sampling program which has successfully identified new targets for follow-up drilling. This work complements the analysis of the comprehensive airborne magnetic and radiometric surveys and LiDAR survey in 2007, which has also helped to identify several new targets for follow-up work. Metallurgical testwork is also being undertaken to optimize recoveries of oxide, transitional and sulphide ore types. Recent press releases with respect to the Lugushwa exploration program were issued on: 2005 Exploration Program
Exploration began in Lugushwa in January 2005 and was focused primarily on the two kilometre-long, northeast trending G20/G21, D18/D19 and Mapale G7 prospect trend, where the Company is evaluating artisanal workings in oxidized, quartz veins and stockworks in quartz sericitic schists, as well as historical trenching and adits. During the course of the year, the Company completed 173 kilometres of gridding and 3,699 metres of trenching. A total of 3,871 soil samples, 4,294 trench samples and 834 rock samples were submitted for assaying. In addition, several targets were identified for the 2006 drilling program, which began in February of this year. Trench results from the 2005 program are highly encouraging. Results received from the G20 prospect at Lugushwa included 70.5 metres averaging 4.90 g/t Au and 93 metres at 2.24 g/t Au. On the D18 prospect, results included 12 metres averaging 1.75 g/t Au and 29 metres at 1.30 g/t Au as well as 10 metres averaging 6.30 g/t Au and 16 metres at 1.93 g/t Au. In addition, a total of 447 metres of trenching was carried out in Carriere A with the collection of 464 channel samples for analysis. Trench results received from the Carriere A prospect at Lugushwa include 25.6 metres averaging 2.81 g/t Au, 16 metres at 2.45 g/t Au and 12 metres grading 2.05 g/t Au. Meanwhile, the first trench at the newly discovered Kimbangu prospect intersected 39 metres averaging 8.67 g/t Au, including 25 metres at 11.76 g/t Au. Soil geochemical results received during the year confirmed the known prospects and highlighted a prominent 2,000 metres long anomaly (>100ppb) from the Carriere A to the south of G20/21 prospects. This soil anomaly then turns northwards for a further 1,200 metres to the G20/21 and D18/19 prospects and then trends northeast for a further 1,300 metres to include the new Kimbangu prospect. The Carriere A and Kimbangu prospects represent new grassroots discoveries and are not associated with any previous mining activity. This mineralized trend identified from the soil geochemistry and trenching, which totaled 4,500 metres by year-end, remains open to the southwest. Photos
Maps
2006 Exploration ProgramProgress Achieved in 2006 Banro conducted 8,332 metres of drilling in 2006, with 54 core hills completed during the year. The single core rig at Lugushwa continued to intersect wide zones of near surface gold mineralization on the G20, G21 and D18 prospects, where the goal is to test and confirm the historical data on the existing deposit. Meanwhile, the ongoing soil and trenching programs further extended the Lugushwa mineralized trend to over 5,000 metres and demonstrated that it remains open to the northeast and southwest. A major challenge of the 2006 program was to determine the complex geological controls for the gold mineralization on the property. The Company now believes that it has a good working model of the geology, which will help it to focus future drilling. The last hole of the 2006 drill program confirmed this geological model with significant widths intersected at the G20 prospect. Based on the results of the 2006 exploration program, it is believed that the geological setting of the main mineralized trend at Lugushwa consists of chloritic meta-pelites and quartzite intercalations with mineralized quartz veins and stockworks occurring as a network of interlocking conjugate sets with trends oriented from NE-SW and E-W to ESE-WNW with steep dips towards the SW and NW, and moderate dips towards the north respectively. It is now considered that the gold mineralization at Lugushwa is related to a series of stacked shoots which are found along the axes of shallowly plunging, northeast trending folds. PhotosSeptember 2006
May 2006
MapsMay 2006
2007 Exploration ProgramBanro undertook a balanced program of drilling, trenching and soil, adit and alluvial sampling over 2007, supplemented with LIDAR, aeromagnetic and radiometric surveys of the entire project to generate new regional targets. Drilling during the year focused on the G20/21 and D18/19 prospects at Lugushwa. Eleven core holes totaling 2,493.06 metres were drilled prior to May 2007, with the goal of testing and confirming the existing deposit. Drilling continued to intersect wide zones of gold mineralization from surface. Meanwhile, ongoing exploration has continued to assess the full extent of the main mineralized trend at Lugushwa. Soil sampling has now extended the trend to 4,600 metres from Kimbangu in the northeast to the new prospect of Mpongo in the southwest. A regional stream sediment sampling program is underway to test the extension of mineralization to the northeast, where historical data indicates potential for finding further prospects. At the southern end of the Lugushwa property, plans are to extend the soil geochemical grid to the boundary of the concession. Since commencing exploration activities at Lugushwa in 2005, the Company has completed 298 kilometres of gridding, over 4,400 metres of trenching, taken 6,859 soil samples and completed over 10,800 metres of diamond drilling. Photos
MapsAugust 2007
February 2007
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