African Aura finds the glow in Cameroon

Visible gold at its Batouri project in Cameroon is making African Aura Resources (AAZ-V) the markets latest darling.

The company reports visible gold in three drill holes at the Kambele project which sits within the Batouri licence. Assay results from the holes are pending.

Proponents of market efficiency, however, might be challenged based on the market’s slow reaction to the news.

African Aura’s shares traded flat for two days following the news release on July 2, before spiking 150% or 24 to 39 on just over 200,000 shares traded on July 4.

Its shares have traded between 60 and 11 over the last 52 weeks and has roughly 58 million shares outstanding.

The company has two diamond drill rigs turning at Batouri as part of its 50 hole program in the eastern section of the country.

It is looking to test the 3 km long Kambele trend that has been exploited by artisanal miners in places.

The company also says that soil sampling has defined three additional prospects, including two areas coincident with active hard rock artisanal mining taking gold from a series of weathered quartz veins.

Elsewhere in the country African Aura has begun trenching at the Abiete prospect on its Ntem licence.

The Ntem licences sits on an Archaean greenstone belt hosting gold deposits within areas of active artisanal gold mining.

Coinciding with increased activities at its projects, the company announced the appointment of a new country manager for Cameroon.

Mark Biddulph will take on the role after spending some 11 years with Anglogold Ashanti (AU-N, AGG-A) as chief geologist at the Obuasi mine in Ghana.