Avesoro Resources 'pleased' with assay result from Liberia drilling programme

Gold production, development and exploration firm Avesoro Resources announced reported on Thursday on the final assay results from its 55 hole New Liberty infill drilling programme in Liberia.

The AIM-traded company said that all holes drilled at the project were found to contain gold mineralisation where expected and demonstrate excellent continuity of the orebody at depth.

Consequently, Avesoro Resources now intends to convert a significant proportion of the 3.5Mt of Inferred Resources to the Indicated category and add significantly to the Mineral Reserve

The 19,500m drilling project was designed to upgrade a proportion of 275 koz of existing inferred mineral resource and was completed in the first quarter.

Serhan Umurhan, chief executive of Avesoro Resources, said: "I am pleased to report the completion of our infill drilling programme at New Liberty where we have encountered further excellent drill results. This is further proof of the company's continued positive momentum towards our aim of converting 1Moz of resources into reserves across our portfolio from the company's 2018 drilling campaign."

The project at New Liberty is part of a larger exploration programme which has the objective of converting approximately 1 Moz of mineral resources into mineral reserves across the company’s portfolio of assets.

"I look forward to updating the market in Q3 2018 with an increased resource and reserve estimate at New Liberty resulting from the infill drilling programme. I expect this to have a significant positive effect on the mine life and create further shareholder value," said Umurhan.

As of 1214 BST, Avesoro Resources' shares were up 1.83% at 277.50p.