AJN Resources Inc. Announces Defined Historic Mineral Resources of More Than 6 Million Ounces of Gold and Update on the North Congolese Gold Project
AJN Resources Inc. Announces Defined Historic Mineral Resources of More Than 6 Million
Ounces of Gold and Update on the North Congolese Gold Project
Vancouver, BC, April 14, 2020 AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) (“AJN”) is pleased
to announce historic Mineral Resource Estimates at Zani-Kodo and Giro Goldfields and an update
on the North Congolese Gold Project (NGCP) where AJN has the right to acquire indirect 30-35%
free carried interest s on 13 licences covering 3,801km2 pursuant to the Memorandum of
Understanding (MoU) signed 18th January 2020 with Société Minière de Kilo-Moto SA (SOKIMO).
Highlights
• Zani-Kodo (30% free carried interest) – Historic Mineral Resource Estimate of 2.01Moz at
2.68g/t Au (Indicated & Inferred)
Deposit Class Tonnes (Mt) Au (g/t) Au (Oz)
Zani Kodo
Indicated 3.5 3.94 448,918
Inferred 7.3 4.06 947,019
Badolite Inferred 2.8 2.34 211,177
Zani Central Inferred 9.7 1.28 398,509
Total 23.4 2.68 2,005,623
• Giro Goldfields (35% free carried interest) – Historic Mineral Resource Estimate of 4.40Moz
at 1.04g/t Au (Indicated & Inferred)
Deposit Class Tonnes (Mt) Au (g/t) Au (Oz)
Kebigada
Indicated 69.2 1.09 2,425,104
Inferred 54.4 0.95 1,661,576
Douze
Match
Indicated 2.2 1.2 84,879
Inferred 5.9 1.2 227,631
Total 131.8 1.04 4,399,190
• All historic Mineral Resource Estimates were reported in accordance with the 2012 edition of
the JORC Code
• “National Instrument 43 -101 Technical Report for the North Congolese Gold Project,
Democratic Republic of Congo” lodged on Sedar on April 14, 2020
• AJN nears completion of its legal and technical Due Diligence
Mr Klaus Eckhof, CEO and President of AJN commented, “Given a starting Mineral Resource base
of >6Moz, coupled with the untapped upside within both of these two projects, as well those gold
resources potentially at Wanga, Nizi and Kibali South , establishes AJN as a substantial player in
the highly prospective Kilo-Moto belt within the north-east of the Democratic Republic of Congo.
“Our due diligence team has made good pr ogress, with assistance from SOKIMO and various
Governmental departments, towards concluding the transaction.
“We are particularly excited at the concept of having SOKIMO as a major shareholder in AJN ,
where the State entity will have an expanded opportunity to benefit from exposure on
international financial markets.
“From our extensive experience of operating in the DRC, we are confident that as partners , we
will play a pivotal role in uplifting social welfare within the area, through job creation for the local
communities and upgrades to infrastructure.”
Historic Mineral Resource Estimates
The North Congolese Gold Project (NGCP) is located within the prolific Kilo -Moto gold province
in the north-east of the Democratic Republic of Congo (DRC). This highly prospective regional
scale greenstone belt is host to Barrick Gold’s 16.3Moz Kibali deposit1 and Mongbwalu Mining’s
2.5Moz Adidi -Kanga deposit in the east and supports an abundance of small-scale artisanal
mining operations exploiting gold mineralisation throughout the belt. The Kibali Gold Mine is one
of the largest producing gold mines in Africa, consisting of an open pit, an underground operation
and a 7.2Mtpa processing plant. Barrick Gold's Kibali mine produced a substantial 814,027oz of
gold during 2019.2
Historic Mineral Resources were reported for the Zani-Kodo and Giro Goldfields Prospects
located as shown in Figure 1. The Mineral Resources for both prospects were reported in
accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (The JORC Code).
AJN recognizes that these Mineral Resources are historic and AJN does not consider them to be
current as reported in the March 2020 “National Instrument 43-101 Technical Report for the
North Congolese Gold Project, Democratic Republic of Congo.”
1 NI 43-101 Technical Report for the North Congolese Gold Project, DRC, Geosure Resource Consultants, 20 March
2020
2 Barrick Gold Kibali Media Day, 27 January 2020
Figure 1: Location of SOKIMO Licences and Prospect Areas Currently under Review
Zani-Kodo Prospect (30% free-carried interest)3
The Zani-Kodo Prospect is located in the eastern portion of the Moto-Zani Goldfields and
consists of 4 exploitation permits, PE5081, PE5077, PE5079, PE5078 covering approximately
1,605km2.
3 NI 43-101 Technical Report for the North Congolese Gold Project, DRC, Geosure Resource Con sultants, 20 March
2020
Combined JORC 2012 Indicated and Inferred historic Mineral Resources for a total of 2.01Moz
Au were defined by Mwana Africa/Asa Resource Group in 2012, prior to being put into
administration in 2017, from 3 deposits within the Zani-Kodo trend. More recent Mineral
Resource work has been conducted on the Lelumodi target, along a second parallel structure to
the north-east that is associated with a 4km gold-in-soil geochemical anomaly and will
undoubtedly, increase the exploration target at Zani-Kodo. However, no information on this
later resource work was available for review and as such no comment could be made on the
work.
The Zani-Kodo trend is a bedding parallel shear zone, that transgresses the project area over 9km
of strike length . Mineralisation at Zani-Kodo is contained in a 10-20m thick unit of deformed
Banded Iron Formation (BIF) that has been drilled to 900m down dip ( but remains open). The
structure trends NNW-SSE and dips to ENE at 50o to 60°.
In February 2012, Bloy Resource Evaluation , completed resource estimation work on the Zani -
Kodo and Badolite deposits for Mwana Africa PLC (Mwana). The Mineral Resource Estimate
included 47,959m of diamond drilling , in which holes varied in orientation to intercept the
mineralised body orthogonally and were generally orientated between 250o to 270o. All samples
were assayed for gold at ISO 17025 accredited, SGS Mwanza Laboratory in Tanzania using a Fire
Assay technique (30g), coupled with flame Atomic Absorption Spectroscopy (AA). Samples with
gold values greater than 3g/t Au were further determined gravimetrically.
Quality Control Quality Assurance (QAQC) procedures and protocols ensured insertion of a
minimum of 5% Certified Reference Material (CRM) , 5% blanks as well as 5% duplicates,
submitted with each batch. CRM ’s were sourced from independent commercial accredited
suppliers. Drill hole data was used to create wireframes to generate a mineralised envelope at a
0.5g/t Au cut-off grade (Figure 2). Both f aults and the oxidat ion state were modelled . These
attributes were coded into a Datamine block model , along with topography and any captured
previous mining activities.
Ordinary Kriging estimation was used to estimate gold values. Density values were also
determined via kriging. Classification of the resource was based on the Slope of Regression and
drill hole density. The final resource is shown in Table 1.
Figure 2: Mineralised Envelope – Main Zone at Kodo
Table 1. February 2012 Mineral Resources – Bloy Resource Evaluation
Deposit Class Tonnes (Mt) Au (g/t) Au (Oz)
Zani Kodo
Indicated 3.5 3.94 448,918
Inferred 7.3 4.06 947,019
Badolite Inferred 2.8 2.34 211,177
Zani Central Inferred 9.7 1.28 398,509
Total 23.4 2.68 2,005,623
Giro Goldfields Prospect (35% free carried)4
The Giro Goldfields Prospect (Giro) is located in the Moto greenstone belt within 35km and to
the west of Barrick Gold Corporation’s 16.3Moz Kibali Gold Mine. The prospect area comprises
4 NI 43-101 Technical Report for the North Congolese Gold Project, DRC, Geosure Resource Consultants, 20 March
2020
two exploitation permit s, Kebigada (PE5046) and Douze Match (PE5049) covering 610km 2 as
shown in Figure s 1 and 3. The remaining 65% of the project is owned by Amani Gold Limited
(Amani, ASX: “ANL”).
Historic Mineral Resource Estimates of 3.98Moz at 1.03g/t Au (JORC 2012 Indicated & Inferred)
were defined by H&S Consultants Pty Ltd (H&SC) for Amani on the Kebigada target and 312,510oz
at 1.2g/t Au (JORC 2012 Indicated & Inferred) on the Douze Match target at Giro. Both Kebigada
and Douze Match locations are shown in Figure 3.
Figure 3: Location of the Kebigada and Douze Match Target Areas on the Giro Goldfields
Licenses
Kebigada
The MSA Group Pty Ltd (MSA) completed a maiden Mineral Resource Estimate for the Kebigada
Shear Zone (Kebigada) in August 2017, that was subsequently updated to include recent drilling
by H&S Consultants Pty Ltd (H&SC) in March 2020 . The MSA Mineral Resour ce Estimate was in
accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (The JORC Code) whereas the H&SC Estimate was in
accordance to Section 3 of JORC Table 1 . Amani provided a JORC Competent Person to take
responsibility for the data on which the MRE is based.
The mineralisation at Kebigada is associated with the NNW trending Kebigada Shear Zone. The
Mineral Resource Estimate was defined over a strike length of approximately 1.4km and a
horizontal width of up to 400m, tapering towards both the north and south. The depth extent of
the H&SC resource was defined from surface to a maximum depth of 300 m. Mineralisation
remains open at depth.
The Estimate is based on assays and density determinations obtained from 243 drill holes
totalling of 29,358m of which 29 were Diamond Drill (DD) core holes and 214 were Reverse
Circulation (RC) percussion drill holes. Samples were prepared and analysed by ISO 17025
accredited commercial laboratories (ALS Global and SGS Mwanza). All samples were analysed
using Fire Assay (50g) and an Atomic Absorption (AA) finish. Where the gold grade was found to
be above 100g/t, the sample was re-assayed using Fire Assay with a gravimetric finish.
The (QAQC) procedures and protocols ensured the insertion of certified reference material
(CRM’s), blanks and field duplicates with every 10 th sample being a QAQC sample . CRMs were
sourced from independent commercial accredited suppliers . Bulk Density measurements were
made on a total of 7,585 diamond drill core samples using the Archimedes method for inclusion
in the Estimate.
Grade estimation was performed on rotated data and blocks using GS3 software for grade
interpolation and Datamine for model preparation, compilation and evaluation. Recoverable MIK
(Multiple Indicator Kriging), which uses a Selective Mining Unit (SMU) and assumes the minimum
volume that can be mined , was used to estimate gold grades. The Kebigada Mineral Resource
Estimate was reported at a cut-off grade of 0.50g/t Au.
Table 2: Kebigada Mineral Resources – H&SC 2020 Resource Evaluation
Deposit Class Tonnes
(Mt) Au (g/t) Au (Moz)
Kebigada
Indicated 69.2 1.09 2.4
Inferred 54.4 0.95 1.7
Total 123.7 1.03 4.10
Figure 4: Resource Classification at 830mRL where Indicated Resources are Green; Inferred
Resources are Blue (0.5g/t Au Cut-off, North to the right)
Douze Match
H&SC were commissioned by Amani to conduct a Mineral Resource Estimate at the Douze Match
in 2018. Mineralisation at Douze Match is associated with the high grade Tango Shear and the
granite-greenstone contact. H&SC incorporated 18 diamond drill (DD) holes and 285 Reverse
Circulation (RC) drill holes for a total of 143,318m of drilling. Samples were prepared and
analysed by I SO 17025 accredited commercial laboratories (ALS Global and SGS Mwanza). All
samples were analysed using Fire Assay (50g) and Atomic Absorption (AA) finish. Where the gold
grade was found to be above 100g/t, the sample was re -assayed using fire assay with a
gravimetric finish.
The QAQC procedures and protocols ensured the insertion of Certified Reference Material
(CRM’s), blanks and field duplicates with every 10 th sample being a QAQC sample. CRM ’s were
sourced from independent commercial accredited supplier.
A rotated block model was constructed at 040°, so as to accommodate the preferred orientation
of the geology at Douze Match. Gold content was estimated using MIK (Multiple Indicator Kriging)
methodologies. The Mineral Resource was calculated over a strike length of 2.6km and a width