UPDATE: Banro continues to define Twangiza-Namoya gold belt

*Research analysis added in paragraphs 3,4 and 5.

Toronto-based Banro (BAA-T, BAA-X) released drill results from its Lugushwa project, located on its 100% owned Twangiza-Namoya gold belt in the Democratic Republic of the Congo (DRC).

Highlights from the program include: an intersect of 42.9 metres grading 1.81 grams gold; a 58.56 metre intersect grading 1.47 grams gold per tonne; a 27.89 metre intersect grading 2.76 grams gold; and a 33.18 metre intersect grading 2.07 grams gold. All of the above mentioned depths proceed down from ground level.

In his research report, Raymond James analyst Eric Zaunsherb says the primary goal of drilling at Lugushwa is to determine the location of the intrusives that drive mineralization.

Zaunsherb goes on to say most of Lugushwa’s 2.7 million oz. inferred resource will likely be converted into the measured and indicated categories.

“We also believe it likely that the sought afterintrusives will be located over time, giving the Lugushwa property a potential of well over 5 million ounces,” he writes.

Banro says assays for Lugushwa were taken from the first six core holes drilled. The results cover a strike length of 80 metres with holes spaced at roughly 40 metres along the sections. The company says its still too early to estimate the true widths of the mineralized zones.

In a press release Banro’s president and chief executive Peter Cowley says the results are “encouraging” both because of the significant widths of the intersects and because they help to create a stronger picture of the “lithological and structural controls for the mineralizaton.”

The company currently has two drill rigs on the site with a third arriving later this year.

In Toronto on Apr. 25 Banro’s shares were up roughly 11 to $12.73 on roughly 23,000 shares traded.

The company describes the geological setting as being of chloritic schists with quartzite interbeds. Mineralized quartz veins and stockworks occur as a network of interlocking conjugate sets.

A previous study based on historical data had outlined an inferred resource of 37 million tonnes grading 2.3 grams gold for total of 2.7 million oz. of gold for Lugushwa.

In all, the Toronto-based company has four projects along the 210 km-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.

Its total measured resource which at present is taken only from the Twangiza project stands at 2.6 million tonnes grading 3.2 grams gold for 268,000 oz. of gold. In the indicated category the company includes both its Twangiza and Namoya projects, for a total of 32.4 million tonnes, with an average grading of 2.09 grams gold for 2.2 million total oz. of gold. All four projects are included in the inferred category, for a total of 71.3 million tonnes with an average grading of 2.39 grams gold for 5.5 million oz. of gold.