Drill Tracker Weekly: Alexander Nubia Finds New Gold Zone at Hamama VMS Project

Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Alexander Nubia International (TSXV:AAN)

Price: $0.185

Market cap: $7 million

Working capital: $0.4 million

Project: Hamama

Country: Egypt

Ownership: 50 percent

Resources: N/A

Project status: Exploration

• Alexander Nubia announced results from near surface oxide gold drilling and deep step-out drilling on the Hamama West target on its Hamama Volcanogenic Massive Sulphide (VMS) project in Egypt. The project is located in the relatively underexplored northern extent of the Proterozoic age Nubian Shield that hosts a number of gold-rich VMS projects. The Company holds the right to explore the project over a period of five years (as well as two – 2 year extensions), subject to a 50/50 net revenue sharing agreement with the Egyptian government after completion of Cumulative Cost Recovery.

• Highlights from the current infill drilling include 88.4 metres grading 1.11 g/t Au and 118 g/t Ag starting at a depth of 69 metres. The interval includes an 11.00 metre interval of semi massive sulphide at a depth of 139 metres grading 3.66 g/t Au, 917 g/t Ag and 0.48% Zn. It should be noted that the high silver values in the massive sulphides accounts for almost 100% of the reported silver grade in the wider interval. The interval is reported as part of a wider intersection reporting 157 metres at 0.72 g/t Au and 100 g/t Ag from surface. It should be noted that the wider interval uses the unconventional method of using a wider internal dilution of 3 metres rather than their typical 2 metres to calculate the mineralize section.

• Drilling in the near surface oxide zone returned 39 metres grading 0.49 g/t Au and 18 g/t Ag starting at 4 metres depth. The oxide mineralization is primarily in the Western Zone where oxidation goes down to approximately 35 metres. The Company previously released trenching results from the Western Zone including 78 metres grading 2.82 g/t Au and 130.5 g/t Ag as well as 62 metres of 3.32 g/t Au and 39.8 g/t Ag. This style of near surface enriched gold/silver mineralization is common in other VMS deposits in the Nubian shield including Nevsun’s (TSX:NSU) Bisha Mine and Sunridge’s (TSXV:SGC) Asmara deposit.

Development history and key intervals: Historical (2500 BC!) gold-copper production

Current holes: 88.4 metres @ 1.11 g/t Au, 118 g/t Ag including; 11 metres @ 3.66 g/t Au, 118 g/t Ag

Oxide drilling: 39 metres @ 0.49 g/t Au, 18 g/t Ag

Risks Analysis

Data contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note – a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity – it is an information reference source to help quantify the meaning and relevance of early stage exploration results. 

Relevant Disclosures Applicable to: Drill Tracker Weekly 

1. The research analyst or a member of the research analyst’s household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns shares in the following company: Balmoral Resources Ltd. (TSX.BAR).

Analyst Certification

I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.