Banro’s exploration strategy is focused on creating a pipeline of global resources, to support a production growth mandate towards 1M oz. or annual production of gold ore.
In order to accomplish this mandate, significant exploration work will be required throughout its large land package, all of which is at various different stages of development.
A comprehensive geophysical, geochemical and drilling program is planned through 2019 and 2020 on the existing mining operations; mining licences and exploration permits, to identify the required targets which will achieve the production goal of 1M oz gold production by 2024.
Several challenges face the group with respect to operating in the region, relative to working with its host communities and artisanal miners; however Banro has a strong track record of resolving many of the socio-economic and geopolitical issues of doing business in the region, and is confident that this strategy will replicate across its large mineralized land package of future deposits.
Banro has scheduled to complete a large drilling campaign of 100,000m through 2019 and into 2020, to support this initiative. The program encompasses the four (4) main mining licences, and several of its PR’s (exploration permits), and is expected to target an additional 5M-7M of additional global resources.
Lugushwa Mining SA is within the Lugushwa district of South Kivu, and has been largely under-developed by industrialized mining companies over the past 40 years. Although Banro has led its exploration program to discover over 4M oz of Inferred Resource on the Lugushwa concession, it remains under-explored and a vast opportunity to build on a district of wide oxide resources spanning a large footprint.
At the Kamituga project, Banro has discovered broad zones of low-grade oxide which has been the exploration focus here to date. In 2019, the Company plans to further explore for high-grade underground resources.
The Kihazi project will be accelerated in 2019 through scout drilling to evaluate the resource potential and develop a maiden Inferred Mineral Resource.