Drilling has intercepted wide zones of gold mineralization at Lugushwa, which has an Inferred Mineral Resource of 2.7 million ounces.
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.
Third NI 43-101 Technical Report, Lugushwa Project, South Kivu Province, Democratic Republic of the Congo (3.6 mb)
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.
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.
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.