North River Resources : Drilling update

Microsoft Word - 2016-04-26 - Drilling update RNS.docx

North River Resources plc / Ticker: NRRP / Index: AIM / Sector: Mining

North River Resources plc ("North River" or the "Company")

Latest resource drilling results: including an intersection of 35.7 metres (true width of 9 metres) at 33.8% zinc

North River Resources plc, the AIM quoted resource company, wishes to provide an update on its ongoing underground diamond drilling programme at its flagship Namib Project in Namibia.

Highlights

• Drill results from the Northern Orebody continue to show significant intersection of mineralisation

• A high grade intersection of 35.7 metres (true width of 9 metres) at 33.8% zinc adding further confirmation of mineralisation 80 metres below level 5 in the North

• 3,800 metre drilling programme progressing well, but time lost to date with lower than forecast rig availability is putting drill completion date of end June 2016 at risk

• 5 Level 300m development tunnel completed on schedule in March Details of the current drilling programme

  The drilling programme to test extensions at depth in the North and South orebodies of the Namib resource is in progress. The contracted Diamec rig continues to be used for longer drill holes (up to 200 metres) from the 5 Level development drive, below the current North resource, while the Company's own Kempe drill continues with shallower (up to 80 metres) infill and extension targets in both North and South.

  Reliability issues with both drill rigs have put pressure on the scheduled completion of the campaign by end June 2016 but this is being addressed with improved maintenance capability on each shift and additional critical spares at site. Completion of the development of the tunnel on 5 level in late March will also provide unrestricted access and therefore improved operating time for the rigs from now on.

  Further to the drilling results announced on the 12th February and 21st of March 2016, the Company advises that 18 holes, totalling 1,767 metres, have been drilled to date on this 3,800 metre campaign. The results of the first eight holes have been reported previously and a further three holes are reported in Table 1 below. The remaining holes are awaiting sampling or assay results.

  Significant mineralisation was intersected in two holes, which are highlighted below:

• NLDD069: 35.7m (true width of 9 metres) at 33.8% zinc

• NLDDK077: 3.8m (true width of 1.5 metres) at 10.6% zinc and 5.8m (true width of 2 metres) at 12.2% zinc and 10.9% lead

  Assays are awaited for 3 additional holes (NLDDK078, NLDDK079 and NLDD070). These holes visually indicate mineralised intercepts, corroborated by XRF Niton analysis, but are expected to be at a lower grade since mineralisation is semi‐massive and disseminated in some places.

  More generally, the results reported to date indicate a continuation of mineralisation 80 metres below the existing Northern part of the orebody, providing growing support for the Company's confidence in delivering an increased resource estimate for the Namib project following completion of the drilling campaign.

  The information in this release that relates to Exploration Results is based on information compiled by Mr. Galen White, Principal Geologist of CSA Global (UK) Ltd and a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr White has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. White consents to the inclusion in this release, of matters based on his information, in the form and context which it appears.

  North River CEO James Beams commented, "It is very pleasing to build on our confidence in the geological potential of the Namib project and I look forward to releasing further drilling results as we progress with the programme towards a larger resource base and longer mine life."

  Figure 1: Long section of the Mine Looking North East

  Table 1: Significant intercepts table

  Location	Hole Type	Hole ID	NAT East	NAT North	NAT RL	Max depth (m)	Dip	Azimuth	From (m)	To (m)	Interval width (m)	True width (m)	Zinc %	Lead %	Silver ppm	Iron %
  North	DD	NLDD069	475143.6	7509859.9	170.9	161.9	‐46	225	100.1	135.9	35.7	9.0	33.8	0.1	46	20.3
  North	DD	NLDDK077	475053.3	7509904.0	171.5	75.0	‐27	229	47.6	51.3	3.8	1.5	10.6	0.2	10	18.6
  North	DD	NLDDK077	475053.3	7509904.0	171.5	75.0	‐27	229	60.8	66.6	5.8	2.0	12.2	10.9	157	28.3

  North DD NLDD068 475143.6 7509859.6 170.8 92.8 ‐41 221 No significant intercepts

  Significant Intercepts are based on the following criteria:

  • Minimum intercept length: 3 metres

  • Maximum internal waste: 1 metres

  • Cutoff Lead/zinc combined: 1 %

  • True thickness lengths were obtained by measuring intercepts manually from a perpendicular‐to‐dip sectional review. Lengths are approximate due to the variable nature of the lodes.