Equator’s Exploration at Luri
The Luri Gold Project is highly prospective and conveniently located close to the capital city of Juba. Equator’s exploration has been very successful so far, having identified three targets, of which two are drill-ready.
- The Confluence target, a well-defined soil geochemical gold anomaly of up to 4.2g/t more than 5km long and 200m across, with many values >1g/t. Trenching revealed extensive quartz veining and a drill programme is planned to test the target, which has the potential to be a multi-million ounce gold deposit.
- The GT target, a gold-bearing quartz vein complex at least 0.5km long, from which a composite grab sample assayed 11.7 g/t. Equator’s teams have systematically sampled the structure at outcrop and further assays are awaited.
- The Togolo target, the source of prolific alluvial gold in the Togolo River, which we expect to delimit from soil geochemical surveys that now cover the entire drainage basin of the river.
All three targets lie in a metavolcanic “greenstone” sequence. Large areas of these prospective rocks remain to be surveyed. Equator’s objective is to define a Kibali style gold “camp” with several large resources around a central plant.
With three drill targets identified so far, Luri is by some way the most advanced exploration project in South Sudan today. Equator plans to begin drilling as soon as is practical.
The Luri licence area covers a horsetail or flower structure on the crustal-scale Aswa Shear Zone, within which occur metavolcanic and metasedimentary “greenstone” rocks folded into a basement gneiss complex. Both pre-orogenic and post-orogenic granites intrude the area.
The area contains many alluvial gold occurrences over a strike length of more than 30km, chiefly within the metavolcanics.
Under an earn-in agreement with South Sudanese company Consolidated Mineral & Energy Resources Investment Co Ltd. (CMERIC), Equator can progressively earn up to 85% of the Luri joint venture company, by managing and conducting exploration with value up to US$11M.
CMERIC, with Equator as its technical and financial partner, was granted a Provisional Exploration Licence under the Mining Act 2012 on 28 January 2013. Once the Regulations have been published, CMERIC will apply for a full 5-year licence under the “grandfather” rights granted under the Act.