PROJECT HIGHLIGHTS :
• Project occurs within regional domain of mineralised trends measured over hundreds of kilometres.
• Widespread gold mineralisation identified across project, historic gold production at multiple sites.
• Deformed, mineralised corridor >30km along trend identified on the Project.
• Extensive exploration program, employing modern methods, conducted to highest standards.
• More than 12,000 samples collected for analysis – largest geochemical compilation in the region.
• Romeit Occurrence identified as initial focus of program because of extensive gold mineralisation.
• Currently >8,500 metres of reverse circulation and diamond drilling at Romeit to test subsurface.
• Numerous other sites of gold mineralisation yet to be examined in detail.
• Great potential for exploration success in regionally extensive domain.
PROJECT Details :
Cairo, February 20, 2024 – AFAQ Mining Inc (“AFAQ” or the “Company”) today announced results of the continuing, comprehensive exploration program on the Company’s West Elbah Project (the “Project”). The project is in southeastern Egypt approximately 90km southwest of the Red Sea coastal town of Shalateen. The very prospective gold mineralisation at the Romeit occurrence is currently the focus of effort on the project, but multiple other sites of gold mineralisation have been identified from the extensive work program conducted by the Company since 2019. It is the first comprehensive evaluation within the Project area incorporating an integrated approach to mineral exploration and employing modern methods.
“The 500 km2 area of the Company’s West Elbah Project is underlain by deformed, altered and gold mineralised rock associated with mineralised structures that are measured over hundreds of kilometres, and host numerous past-producing gold deposits and occurrences across southeastern Egypt” said Mr. Mostafa Elbahr, AFAQ’s Chairman. “Gold mineralisation occurs widely on our Project and has been exploited since pharaonic times; it continues to attract production activity to this day. Our exploration program has now encompassed large parts of the Project area and has identified numerous occurrences displaying alteration, deformation, and gold mineralisation, and has repeatedly observed visible gold in bedrock and as grains in alluvial sediments- all speak to the great exploration potential.” The project hosts the historic gold occurrences at Romeit, Hamida, and Masho Shinai, but at least seven other areas have been identified as having attributes conducive to gold emplacement. These prospective areas occur along a north-south corridor of deformed, altered, and mineralised terrain along more than 30km of trend on the Property. The focus of the Company’s activities presently is the Romeit occurrence where a domain of substantial historical gold production dates to Pharaonic times. The AFAQ work program is successfully defining a subsurface gold mineralisation through reverse circulation and diamond drilling that combined now amounts to some 8,500m of completed drilling. Elsewhere the Hamida occurrence presents very extensive domains of alteration and deformation measured over kilometres of strike length – it presents an immense exploration target to be developed. At the Masho Shinai occurrence, in the southern part of the Project some 30 km from Romeit, more sites of historic production occur, and the Company’s work program has identified strong anomalous gold mineralisation. Other sites of potential gold mineralisation have yet to be investigated in any detail. The gold endowment of the West Elbah Project is widespread in geologically favourable environments known to host gold deposits elsewhere in the region, in places demonstrates significant grade and continuity, and past production has occurred from several sites – these attributes speak to the exceptional exploration and development potential.
The work program conducted by AFAQ has been comprehensive and far ranging with the purpose of determining the extent and intensity of mineralisation and the potential for the presence of domains of economic interest. Work so far has included:
- Completion of a remote sensing interpretation study.
- Detailed geological mapping, with coincident geochemical sampling of the entire Romeit occurrence.
- Ongoing detailed geological mapping and sampling of the Hamida occurrence.
- Reconnaissance bedrock sampling of the Masho Shinai occurrence.
- Trenching at the Romeit occurrence resulting in 3670m of trenches being excavated, mapped, and sampled.
- Modelling of mineralised domain at Romeit occurrence to provide guidance regarding potential size and grade of the gold mineralised domain.
- Reverse Circulation drilling.
- Diamond drilling.
The Project consists of an exploration licence of approximately 510 km2 area. It is well located with ready access gained by four-wheel drive vehicles along a 35 km upgraded desert road from the paved coastal road that connects the project area with the larger population centres of Shalateen, Marsa Alam, Quseir, and Hurghada to the north.
All geochemical analyses are conducted by ALS Laboratories, an internationally accredited analytical laboratory. Initial sample preparation is conducted at the ALS Marsa Alam, Egypt, preparation laboratory and analytical results produced by the ALS laboratory at Rosaia Montana in Romania. An internal Company Quality Control, Quality Assurance (“QAQC”) program has been in place from commencement of work on the project with four QAQC samples (blanks, duplicates, and two reference standards) added periodically to the sampling stream.
Paul Jones, Professional Geologist, acts as AFAQ’s Qualified Person under National Instrument 43-101. Mr Jones has reviewed and approved the technical contents of this news release.
About AFAQ Mining Inc.
AFAQ Mining is a Cairo-based, private mineral development company focussed on the West Elbah Project in southeastern Egypt where it is conducting a comprehensive exploration program. The project is at an exploration phase with the mineralisation at the Romeit occurrence currently being evaluated in detail to determine the extent of the gold bearing zone identified from previous work programs. The overall aim of the AFAQ program is to advance and develop historic and new gold mineralised occurrences at several localities on the project.
Forward-Looking Statements
This news release contains certain “forward-looking statements.” All statements, other than statements of historic fact, that address activities, events or developments that AFAQ believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate, “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of AFAQ based on information currently available to AFAQ. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of AFAQ to differ materially from those discussed in the forward-looking statements, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on AFAQ. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world metal markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, AFAQ disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although AFAQ believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.