AJN Provides Update on Applications to Acquire Gold Exploration Permits
AJN Resources Inc. Announces that the DRC Mining Register (“CAMI”) Responds to
Applications submitted by Congo Ressources SAU for Gold Exploration Permits in the Kilo-
Moto Gold Belt and the Relinquished Portion of a Lithium Permit at Manono in the
Democratic Republic of the Congo
Vancouver, BC, November 30, 2022: AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) (“AJN” or
the “Company”) is pleased to announce that further to the Company’s news release of
November 1 st, 2022, and pursuant to the Memorandum of Understanding (the “MoU”)
between the Company and the Government of the Democratic Republic of the Congo (“D RC” or
the “State”) announced on February 8th, 2022, which was endorsed by the State as announced
on April 19 th, 2022 , the Cadastre Minier RDC (DRC Mining Register) (“CAMI”) has now
responded to applications from Congo Ressources SAU (“CRS”) to acquire certain gold
exploration permits, which are located in the Kilo-Moto Belt in the north-eastern DRC as shown
in Figure 1, and an area located in Tanganyika Province that is prospective for lithium and that
originates from the partial relinquishment (which is disputed) of exploration permit number PR
13359, which covers the northern portion of the Manono pegmatite as shown in Figures 2 and
3.
CAMI has stated that CRS may apply to acquire five gold exploration permits, known as the
Wanga Project, which cover 1,694 km2 in the Wanga mining area located circa 30 km to the
west of Kibali Gold Mine , and two areas, which cover 785 km2, in the Kilo Belt in the eastern
DRC. F urther clarification from CAMI and the Mining Ministry is needed before the
administrative processes for the transfer to CRS of the remaining gold permits shown in Figure
1 and the Manono lithium permit shown in Figures 2 and 3 can be completed.
Table 1: Applications and Licence Details
Zone No No of
Carres
Area
km2 Locality
Zone 3 458 394 Dungu/Haut-Uele
Zone 4 464 399 Dungu/Haut-Uele
Zone 5 354 305 Watsa/Haut-Uele
Zone 6 468 402 Watsa/Haut-Uele
Zone 7 226 194 Watsa/Haut-Uele
Zone 10 452 389 Djugu/Ituri
Zone 14 460 396 Djugu/Ituri
It is the intention of the parties that once all licences , including those not immediately available
for application, are granted, the proposed transaction will close and (1) Congo Ressources SAU
will hold a 100% direct interest in the secured licences and become a wholly owned subsidiary
of AJN, and (2) AJN will issue, to the State, that number of common shares in the capital of AJN
so that after closing the State will hold sixty percent (60%) of the fully -diluted issued and
outstanding common shares of AJN, whereby the calculation of the sixty percent (60%) is to be
made immediately after the closing and completion of one or more financings.
Mr. Klaus Eckhof, CEO and President of AJN commented, “ We are extremely optimistic that
Congo Res sources is close to achieving its goal of acquiring a significant portfolio of gold and
lithium licences which , when granted, will afford the DRC the opportunity to acquire a majority
interest in a public Company as set out in the signed MOU. Historically, the only State mineral
assets that have been developed have been held by public companies in which the State has
retained a small minority interest. The terms of the signed MOU with AJ N allows the State to
enter public markets and gives it the opportunity of benefiting from significantly better terms on
any project which enters the development phase, given that the State will become the majority
shareholder in AJN. Further, the inclusion of the area in the northern portion of the Manono
lithium licence in the permits to be acquired by Congo Ressources will advance the DRC’s
objective of creating a supply chain of minerals to support the battery industry. Given the
quality of projects that have been made available to Congo Re ssources, we are confident of
exploration success , which will be a key driver in alleviating poverty and improving social
conditions in the permit areas through upgrades to local infrastructure and creating local jobs.”
Figure 1: Portfolio of Gold Licences included in the Partnership Agreement with the Democratic
Republic of Congo. Note: All application areas are new applications and licence numbers will be
awarded once granted.
Figure 2: District Geology and Lithium Licence Application within the Manono Project Area. Note
the licence is a new application and a new number will be awarded once granted.
Figure 3: Detailed Geology underlying the Application within the Manono Project Area.
Project Descriptions of Applications which have been made available to Congo Ressources
SAU
1. Wanga Project Area
The Wanga Project consists of applications for five permits, which cover 1,694 km2 in the Kilo -
Moto Greenstone Belt of the Haut Uele Province in north -east DRC, roughly 180 km ENE of the
provincial capital, Isiro.
The Wanga Project area lies within the Kibali volcano-sediments of the Moto granite -
greenstone belt and is bounded to the north by the West Nile Gneiss and to the south by
granites of the Watsa domain . The Belt is host to the Kibali Gold Mine owned by Barrick and
Anglogold Ashanti, situated 35 km to the east of the project. Within the Wanga Project area
there are numerous sites of historical bedrock and placer gold mining. Many of these locations
are now being exploited by local artisanal gold mining activities.
Figure 4: District Geology and Gold Licences within the Wanga-Gada-Rambi Project Area
Locally, the Wanga Project area is comprised of volcano-sedimentary rocks with intermediate
intrusives and basement plutonic rocks which dominate the west-central portion of the project
area. Gold mineralization has been observed within quartz veins in Banded Iron Formation (BIF)
adjacent to mineralized diorites, quartz veins at the greenstone-granite contact and gold
associated with hematite and quartz veinlets within mafic rocks. Alluvial gold was mined by the
Belgians and by artisanal miners more recently.
Two main areas, Ao and Tendao, shown in Figure 4 were mined historically by the Belgians in
the early 1900’s and are currently the focus of extensive artisanal mining. At Tendao, previous
explorers identified extensive workings over a broad 4 km long, WNW trending zone where
artisanal mining is focused on the NNE trending Mondial workings and the north-west trending
CPA workings (Figure 5). Additional mineralised structures currently being mined by artisanal
means will be followed up with systematic soil sampling and drilling programmes to better
understand the true potential of these mineralised zones.
Figure 5: Tendao Prospect Area Showing the Broad WNW Trending 4 km Zone of Belgian and
Recent Artisanal Workings and the Currently Active Mondial and CPA Workings (Giro Gold
Internal Report)
Work to date by previous owners has identified approximately one kilometer of strike extent to
the intrusion which is around 200 -300 meters wide at the Mondial workings. Quartz veins in an
Fe rich host rock occur along the contact of the dioritic intrusive. Individual quartz veins have
reported grades of up to 1m at 27g/t Au whereas the intrusive itself is of lower gold grade, with
previous explorers quoting up to 3g/t Au in this unit.
The Belgian drilling results over the same contact zone reported 6.4m at 17.53g/t Au , 4m at
2.55g/t Au, 3m at 3.60g/t Au and 4m at 8.45g/t Au from a drill section as s hown in Figure 6.
Only zones with visible mineralisation in quartz veins were sampled and the wall rock, now
known to be mineralised, was not sampled routinely by the Belgians.
Figure 6: Belgian diamond drill section across a Mondial pit
It should be noted that any historical results, including results generated by Belgian drilling or
previous explorers have not been validated by AJN and such validation will be part of future
work programs.
The CPA artisanal working is a recent artisanal discovery wher e mining is focused along a broad
north-west trending shear zone to the north of Mondial. Gold mineralisation is concentrated in
a close spaced network of several millimetric sized quartz and ferruginous stringers in an iron
rich saprolite. Artisanal minin g is focused over a width of approximately 50m across the
structure. Sampling by previous owners returned significant results, including 13m at 3.36g/t
Au.
In 2012, New Resolution Geophysics flew almost 8,000 line kilometres of heliborne magnetics
and radiometrics for Mineral Invest International AB. Geophysical data was reviewed and
interpreted by SRK ES. Seven priority targets were the result of this interp retation that now
form the basis for several drill ready targets identified by previous explorers.
2. North Kilo Project Area
The North Kilo Project is comprised of two license applications, which cover 785 km2 and which
lie to the north of the Mongbwalu and southwest of the Zani -Kodo mineral occurrences i n the
northern portion of the Kilo Greenstone belt, as shown in Figure 1. To date, the Company is not
aware of any modern exploration work that has been carried out on th e application areas ,
although several km of artisanal workings along a NW trend are evident on aerial imagery.
Once all exploration licences have been granted to Congo Re ssources SAU and the transaction
closes, AJN will send reconnaissance field crews to the area to map and sample all artisanal and
possible Belgian workings and to identify targets for follow up work.
QP Statement
Dr Deon Vermaak t is a Consultant of AJN Resources Inc. and qualified geologist and is a
registered Professional Natural Scientist (Geological Science) with the South African Council for
Natural Scientific Professions (SACNASP Reg. No. 400020/00). Dr Vermaakt is a qualified person
(QP) under NI 43 -101 and has reviewed and approved the scientific and technical information
contained in this news release.
About AJN Resources Inc.
AJN is a junior exploration company. AJN’s management and directors possess over 75 years of
collective industry experience and have been very successful in the areas of exploration,
financing and developing major mines throughout the world, with a focus on Africa, especially
the Democratic Republic of the Congo.
For further information, please contact Investor Relations:
Sheena Eckhof
Director, Investor Relations
Visit us at www.ajnresources.com
Tel: +44 7496 291547
On Behalf of the Board of Directors
Klaus Eckhof