Avocet Mining PLC Prospectus December 2011

Avocet Mining PLC
West African Projects
6.5 Deposit Type
There is contention in regards to the classification of the Koulékoun project. However, as
described in section 6.4.2, the deposit can be classed as a porphyry hosted orogenic style
system.
6.6 Exploration
Exploration throughout the region has been source back to 1937. Since this time, work has
been conducted by a Former Soviet group, a Chinese‐Guinean joint venture, a Guinean‐
German joint venture, and numerous private corporations. More recent works have been
conducted by the Ashanti‐AGEM Alliance, and Wega Mining.
Ashanti‐AGEM Alliance
The Ashanti AGEM Alliance was the first to conduct modern exploration in the area. The
Alliance undertook exploration in the Mandiana Concession for approximately 22 months
identifying three gold geochemical anomalies in the Koulékoun Project Area based on
regional geochemical surveys using soil samples and termite mounds. This survey was
reported by in the Scott Wilson report (2008) to have been conducted on a 1km x 200m grid,
surveyed by tape and compass over a nine month period. A number of grab samples were
taken from various sites of artisanal mining (13 samples in Koulékoun had an average grade
of 3.38 ppm gold, the highest grade recorded 11.10 Au ppm). A total of 46,476 samples were
taken in the region, of which 26,699 were analysed for gold. A total of 4,570 samples (of
which 2,285 were tested for gold) were taken in the Daoule (Koulékoun) sub‐sector. The
majority of the analyses were undertaken at the Analabs Laboratory in Obuasi, Ghana, on
the pulverised – 2mm fraction of the soils by fire assay on a 30g sample with Atomic
Absorption Spectroscopy (AAS) finish. Some samples were tested at the ITS Mandiana
Laboratory.
Additional exploration activities included geophysical test surveys using Magnetics, VLF and
IP with little reported success, and aerial photography, geologic mapping and small scale pit
excavation. The photography was successful in identifying structures, but the pitting proved
costly and channel sampling from artisanal workings was preferred.
Wega Mining
Wega Mining completed a program of comprehensive termite mound sampling on a 1km by
80m regional grid closing down to 200m by 40m. Anomalous prospects identified from this
soil sampling programme are illustrated in Figure 40.
Report No: R253.2011 125
342