Société Minière de Moku-Beverendi (SMB) Sprl has concluded the first phase of exploration of Moku-Beverendi, a major gold prospect.
Fleurette Group owns 65 Percent of gold exploration and development company Societe Miniere Mouku-Beverendi (SMB), through its wholly-owned subsidiary Moku Gold Mines. A joint venture was formed in 2011 with Société Minière de Kilo-Moto (SOKIMO), a DRC state-owned company which holds the remaining 35 Percent of SMB. The project is in the early stages of evaluating the gold and base metal potential of the area. SMB owns gold mining licenses Moku (713 sqkm) and Beverendi (555sqkm).
SMB has invested over $34.5 million in the project, including $14 million on Phase 1 exploration activities. Exploratory drilling has been conducted by Geosearch-SENEX Group.
The first phase of exploration has identified several mineralised targets that have the potential for open pit or underground mining. Initial analysis shows Moku-Beverendi has the potential to contain a world-class deposit, just as the Kibali Gold Project does - the analysis shows the potential for almost 5 million ounces of gold at a range of average grades up to 6.25 grams per tonne.
The second phase of exploration has begun in January 2014. This involves intensifying drilling with diamond drilling core in the target areas, further analysis and ultimately aiming to achieve a Standards of Disclosure for Mineral Projects by Joint Ore Reserves Committee (JORC) and National Instrument 43-101 (NI 43-101) compliant inferred resource by the end of 2014. Phase 2 exploration expenditure is estimated to be $16.5 million, bringing the total project costs by the end of 2014 to $51 million.