Embracing the cyclical nature of the mining sector
Projects & Royalties
2.5 % NSR
LGN Holdings (BVI) Inc.
Yatela-style karst gold fill (Birimian greenstone belts)
Within 15 km of the 13.0 Moz Sadiola Au mine
12 m @ 9 g/t Au; 16 m @ 5 g/t Au (drill-hole)
Next Phase of Work:
Marvel Gold (ASX: MVL)
US$1.45M in milestone payments + 2.5% NSR
The 24km2 Lakanfla project is located 5km east of the Diba (Korali Sud) project and is approximately 6.5km southwest of, and considered to be geologically analogous to, the karst-type FE3 and FE4 open pits that form part of the 13Moz Sadiola gold mine, operated by Allied Gold Corp. Lakanfla is also considered to be geologically analogous to the 4.5Moz Yatela karst-type gold deposit, which was mined between 2001 and 2015, and is located approximately 35km to the northwest. Lakanfla project is currently being operated by Marvel Gold Limited (https://marvelgold.com.au/).
The Lakanfla project hosts a significant number of active and historic artisanal gold workings which are coincident with major geochemical and gravity anomalies. These workings surround the Kantela granodiorite intrusion and cover an area of approximately 900m x 500m. Significantly there is evidence of ground collapse at surface, indicative of karst style voids at depth within carbonate rock units. The gold mineralisation at Lakanfla is hosted within breccia zones which cut the granodiorite and surrounding carbonate metasediments.
Historic drilling has returned encouraging intersections including 9.78g/t Au over 12m and 5.20g/t Au over 16m as well as having intersected voids and unconsolidated sand from 165-171m depth. The Company has not verified the historic drilling data at the Lakanfla project.
Table 1: Selected Lakanfla drill intersections
Grade (g/t Au)
A soil sampling programme at Lakanfla completed by previous owners of the project on a 500m x 250m (and in places 250m x 100m) grid identified a number of gold in soil anomalies. The programme was undertaken between 2005 and 2007 and along with subsequent auger programmes defined a 1.7km x 1km anomaly.
Ground induced polarisation (IP), high resolution resistivity and induced polarisation (HIRIP) and ground magnetics surveys were completed by Terra Tec Mali Sarl between 2006 and 2007. A regional airborne VTEM survey was completed by Geotech Airborne Limited in 2008, with follow up ground gravity geophysics being undertaken in 2013 and covering an area of 48km2. The geophysical surveys have defined a major gravity low on the margins of the granodiorite intrusion and a coincident IP signature.
Diamond, RC and RAB drilling has been completed at the Lakanfla project by previous owners of the project. The holes primarily targeted breccia mineralisation within the Kantela granodiorite and associated artisanal workings on the flanks. The low gravity geophysical anomaly and surface slumps features, which are interpreted to be indications of karsts within the limestone and marl units, remain to be drill tested. The next phase of work at Lakanfla is expected to include drill testing of the karst model. Six priority targets have been identified by Altus for follow up exploration.