Nyota Minerals (ASX: NYO, LON: NYO) has discovered a feeder zone style mineralisation characterised by abundant visible gold and associated high gold grades at its Tulu Kapi gold project in Ethiopia.Investors cheered the news, sending Nyota shares surging more than 21% to £0.27 by late morning in the UK
Nyota said that the discovery of the feeder style mineralisation, the extension of the Tulu Kapi deposit to the north and the thick Lode 3 intersections beneath the existing gold resource is a “clear indication that the project continues to have excellent potential to increase in size”.
The completion of the preliminary economic assessment feasibility study has been rescheduled to Q1 2011 to accommodate additional drill hole assay data and recently completed independent structural and geotechnical studies.
It will also incorporate the recently completed and ongoing detailed structural and geotechnical programmes, an important component of gold resource modelling and mine design.
In addition to that, a detailed structural mapping programme has been completed and five geotechnical holes have been drilled and logged as part of an ongoing study to provide detailed geotechnical engineering data to determine optimum pit slope angles for mine design.
Earlier this week, Nyota announced the commencement of a 2,000 metre diamond drilling campaign on its Billa-Guliso and Yubdo licence areas in Ethiopia
The latest drilling campaign is designed to assess the company’s wider Ethiopian assets as much of Nyota’s value is currently accounted for by just the Tulu Kapi project.
Proactiveinvestors.com.au
No comments:
Post a Comment