RE: RNS 15th March 201816 May 2018 11:26
Although we have identified some very high grade bore hole intersections and discovered a new gold bearing area in TZ4, we have so far been unable to establish detailed continuity between the intersections. Accordingly, we have concluded that the structural controls are more complex than we initially understood. This appreciation of the structural complexity and the need for more detailed work has led us to conclude that the best way to add further value to the FGP is through a farm out or joint venture with a partner who has, not only the requisite geological skills to supplement our own capability, but also has access to capital to undertake the necessary intensive drilling programmes clearly required to build gold inventory.
Whilst we pursue this JV or farm out deal, we intend to maintain a work programme on the SL Licence to increase our understanding. As I write this report, we are initiating a new programme of soil sampling and mapping, in conjunction with deeper investigation of artisanal activities, to focus on the regional picture, with the objective of further developing our understanding of the gold controls to enable us to generate further gold targets and enhance future exploration.