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LONDON (Alliance News) - Shares in Armadale Capital PLC jumped 12% Monday after it said it has found positive assay results from the Mpokoto Gold project in the Katanga Province in the Democratic Republic of Congo.
The AIM-listed natural resource project investment company said the results were returned from the final 20 holes of a drilling programme undertaken in 2011 by the previous operators at Mpokoto and had not previously been released.
The company said 18 out of the 20 holes confirmed near surface mineralisation with strong potential to prove up future resource estimates, including a 27.9 metre space with 7.8 grams per tonne of gold and a 5.0 metre space with 3.9 grams per tonne of gold.
Armadale received the results after it set its current resource estimate at 380,000 ounces of gold from 7.2 million tonnes at 1.65 grams per tonne of gold.
The company also said the project is anticipated to be a relatively low-cost heap leach operation with operating costs estimated at USD700-900 per ounce.
Armadale shares were up 12% to 0.28 pence, putting it in the top five AIM movers on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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