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 is a soil geochemical gold anomaly more than 5km long and 200m across, with many values above 1g/t, where trenching has revealed extensive hydrothermal quartz veining.
- The GT Target is a gold-bearing quartz vein complex more than 500m long, 10km west of the Confluence Target, where artisanal hard-rock mining has taken place. Sampling of the structure at outcrop gave 18.2g/t over 15m, with one sample running 82g/t.
- 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 has earned a 65% interest and can earn up to 85% by managing and conducting exploration with additional value up to US$10M.
CMERIC, with Equator as its technical and financial partner, was granted a Provisional Exploration Licence in 2007 and a new full 5-year licence in June 2015, under the “grandfather” rights granted under the Mining Act 2012.