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Banro Corporation

Drilling has intercepted wide zones of gold mineralization at Lugushwa, the oxide portion of which has an Indicated Mineral Resource of 17.03 million tonnes grading 1.32g/t Au containing 730,000 ounces of gold and an Inferred Resource of 8.86 million tonnes grading 1.39g/t Au containing 400,000 ounces of gold.




Senior project geologist Abakari Jumanne checks drill core
The three Lugushwa exploration permits, covering an area of 641 square kilometers, are located approximately 150 kilometres southwest of the town of Bukavu. To date, Banro has delineated an Inferred mineral resource of 2.7 million ounces of gold.

The most recent technical report with respect to the Lugushwa Property that has been filed by Banro on SEDAR is the report of Michael B. Skead (who was Vice President, Exploration at the time) dated March 30, 2007 and entitled "Third NI 43-101 Technical Report, Lugushwa Project, South Kivu Province, Democratic Republic of the Congo." A copy of this report may be accessed at www.sedar.com or by clicking on the link below.




History

Partial view of the Lugushwa field camp
Alluvial gold was first discovered at Lugushwa in the 1920s, although mining of these deposits does not appear to have begun until 1958. Limited exploration for primary gold deposits began in 1963 and led to the discovery of several deposits, including the Mapale G7, Simali, and 'Filon de Luxe,' deposits and the D18-19 and G20-21 Lugushwa deposits, plus some smaller zones. The majority of the primary gold mineralization was based on selective surface and underground development along specific mineralized quartz veins and stockworks. No significant open pit mining for primary gold mineralization has ever been conducted at Lugushwa.

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.

Mineralization

The 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.  


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