Liongold Corp

From 1903, approximately 4.4 million tonnes oxide and sulphide-ore yielding approximately 1.6 million ounces of gold at average grade of 11.8 grams per tonne. Underground ore explored but not fully mined. 

1903-07:

Gold discovery and colonial mining. Started underground mining from four shafts, mainly in Konongo and Obenemase.

1918-86:

Underground developed to 844m depth with discovery of Odumase-Baobedroo, Awere and Akyenase high grade, free milling gold ore deposits. Produced 1.4 million ounces gold, 2.8 million tonnes ore, recovered grade 15.7 grams per tonne.

1986-93:

A 30 year 125km² Konongo concession was granted to the State Gold Mining Corp. In 1988, the Southern Cross Mining Ltd joint venture was formed with North Queensland Company Ltd to mine surface oxides. 852,000 tonnes of ore was heap leached, recovering 86,000 ounces of gold at 3.15 grams per tonne from open pits on the Obenemase A/B and Kwakawkaw deposits. Operations ceased due to poor recovery.

1994-97:

Obenemase Gold Mines Ltd acquired 90% of the Mining Lease, with the Ghanaian government taking a 10% stake. A used CIL plant used was added to enhance recovery. Open pit oxide ore mining took place from 1995 to 1997, processing 614,000 tonnes of ore an producing 58,500 ounces of gold at a grade of 2.96 grams per tonne at the Boabedroo, Apan, Atunsu, Aserewa, Obenemase A/B deposits.

1998-2000:

Ghana Gold Mines (GGM) acquired 90% of Obenemase Gold Mines, and 19.9% of GGM acquired by Resolute Mining Ltd. A pre-feasibility study was conducted on the on Obenemase A/B deposit and the 95 year old exploration and development database was validated.

2000-2009:

Resolute Mining increased its stake in the project to 81%, with the balance held by the Ghanaian government (10%) and the Apollo Group (9%). The mine was placed under care and maintenance in 2002, due to financial difficulties and reverted to the Government. Talos Ghana acquired 90% the Mining Lease from the Government in 2004 and formed the Owere Mines Ltd joint venture with African Gold Plc (Mwana).

2009:

Signature Metal's purchased Mwana's 70% stake in Owere.

West Africa has the geologic potential to become among the leading gold producing regions globally. Numerous new gold-mining projects are being developed in Ghana, Berkina Faso, Mali, Liberia, Mauritania and Sierra Leone. Gold production in the greater region has reached 6.7 million ounces in 2010, accounting for nearly 8% of global supply.

Ghana in particular has benefited from foreign investment in the region's gold resources, underpinned by government initiatives and under the auspices of the Minerals and Mining Act 2006. The country has a gold mining history going back over 1000 years and is currently the second largest producer of gold in Africa and the eighth largest globally.

The West African Craton has an Archean core surrounded by younger Precambrian and Phanerozoic greenstone sequences. In Ghana especially, gold (and manganese) mineralisation is concentrated in 10-15km structural transition zones of Palaeoproterozoic meta-sedimentary basins and Birimian meta-volcanic belts within the southerly Man Shield. The Tarkwaian Group consists of a distinctive metasedimentary sequence that occurs along the Ashanti Gold Belt which hosts significant palaeoplacer style gold deposits derived from the erosion of the primary greenstone/granite rock sequences.

Gold mineralisation within the Konongo Project can be divided into four distinct styles, two of which include:

• KONONGO: Quartz reef style, with gold/sulphide mineralisation hosted within narrow, intensely sheared quartz veined and altered transition zone sediments.
• OBENEMASE-KWAKAWKAW, disseminated sulphide/gold lodes hosted within Upper Birimian volcano-sedimentary rocks.