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 Gold has earned a 65% interest and can earn up to 85% by managing and conducting exploration with an additional value of 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.
Equator’s exploration has been very successful so far, having identified three targets, of which two are drill-ready.
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.
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