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25 Jun 2012 07:00
Nyota Minerals Limited ("Nyota" or the "Company")
EXPLORATION DRILLING UPDATE
Nyota Minerals (ASX/AIM: NYO), the gold exploration and development Company in East Africa, is pleased to provide shareholders with an update on exploration activity at both the Tulu Kapi Project and the Regional/Northern Block exploration projects in Ethiopia.
HIGHLIGHTS
Regional Exploration
·; Peak drill assay intercept on the Bendokoro Prospect, in the Northern Block, of 100 g/t Au over 0.64 m; and
·; Assay results for the remaining five holes drilled at the Bendokoro Prospect in the first phase of the drilling campaign are expected over the next few weeks.
Tulu Kapi Project
·; Assay results from diamond drilling campaign confirm strike continuity of deep high grade mineralisation;
·; Peak drill assay intercept in the Tulu Kapi Feeder Zone of 6.11 g/t Au over 17 m reaffirming the Feeder Zone's potential to provide the significant high-grade component to future mine production; and
·; Infill drill programme to convert existing Inferred Resource to an Indicated status before year end is progressing ahead of schedule and approximately 30% complete.
Richard Chase, Chief Executive Officer, commented: "These latest assay results from the recent drilling campaigns at Bendokoro and from Tulu Kapi continue to demonstrate the gold mineralisation potential that exists at Nyota's exploration assets. The completion of the Tulu Kapi Definitive Feasibility Study ('DFS') will represent a significant milestone but exploration success is fundamental to the future potential of the Company."
Bendokoro Prospect
Borehole BKBH-005, drilled to intersect the depth extension of the Bendokoro East target, reported a 100 g/t Au intersection over 0.64 m of silicified and mineralised meta-diorite.
The style of mineralisation is similar to the recent Bendokoro West intersection, where BKBH-003 returned visible gold and a corresponding 11.65 g/t over a 1 m interval within silicified and mineralised porphyry dyke (as announced on 11 June 2012).
Both the Eastern and Western targets are interpreted as ductile-brittle shear zones developed along the marble/meta-diorite contact.
Low-grade intersections were also achieved in two other boreholes, BKBH-008 and BKBH-009, both confirming the presence of gold mineralisation in other structures within the Bendokoro system.
Table 1: New Peak gold assay intercepts - Bendokoro Drill Programme
Hole ID | Depth | Depth | Width | Grade |
From | To | (m) | (g/t Au) | |
(m) | (m) | |||
BKBH_005 | 64.36 | 65.00 | 0.64 | 100.00 |
BKBH_005 | 66.00 | 67.00 | 1.00 | 0.93 |
BKBH_008 | 8.50 | 9.55 | 1.05 | 0.81 |
BKBH_008 | 10.55 | 12.00 | 1.00 | 0.51 |
BKBH_008 | 12.00 | 13.00 | 1.45 | 0.83 |
BKBH_008 | 13.00 | 14.00 | 1.00 | 0.58 |
BKBH_009 | 13.00 | 14.00 | 1.00 | 1.43 |
Assay results for the remaining five holes drilled at the Bendokoro Prospect in the first phase of drilling are expected later in the month.
Tulu Kapi Feeder Zone
As part of the DFS, the diamond drill hole TKMT-001 was drilled to a final depth of 468.57 m to provide core for metallurgical testing, and at depth to test the continuity of the deep high grade mineralisation which has not previously been defined in this part of the deposit. The drilling and assay results confirm the strike continuity of the deep high grade mineralisation by 60 m to the SW and 40 m (up dip) SE of previously intersected deep high grade mineralisation.
Only mineralisation in the Feeder Zone was processed at Tulu Kapi and dispatched for gold assay as the balance of the drill core was sent directly to independent laboratory for metallurgical testwork. Two mineralised intercepts were identified, the first returning a peak grade of 6.11 g/t au over 17 m and the second deeper zone returning a peak grade of 1.38 g/t au over 8.54 m.
The evidence of further extensions of mineralisation over substantial widths and at grades exceeding 6g/t Au reaffirm the Company's view that ultimately the Feeder Zone has the potential to provide a significant high-grade component to future mine production.
Shareholders are aware that drill rigs were reallocated to DFS drilling in order to support the application for the conversion of the current Exploration Licence to a Mining Licence but this recent high-grade drill result supports the Company's intent to assign one diamond drill rig to further Feeder Zone drilling upon completion of the current infill drilling programme.
Table 2: New Peak Gold Assay Intercepts - Tulu Kapi Feeder Zone
Hole ID | Depth | Depth | Width | Grade |
From | To | (m) | (g/t Au) | |
(m) | (m) | |||
TKMT_001 | 440.00 | 457.00 | 17 | 6.11 |
Including | ||||
TKMT_001 | 440.00 | 441.00 | 1 | 0.57 |
TKMT_001 | 441.00 | 442.00 | 1 | 7.37 |
TKMT_001 | 442.00 | 443.00 | 1 | 0.04 |
TKMT_001 | 443.00 | 444.00 | 1 | 0.21 |
TKMT_001 | 444.00 | 445.00 | 1 | 2.51 |
TKMT_001 | 445.00 | 446.00 | 1 | 0.74 |
TKMT_001 | 446.00 | 447.00 | 1 | 7.40 |
TKMT_001 | 447.00 | 448.00 | 1 | 8.88 |
TKMT_001 | 448.00 | 449.00 | 1 | 7.15 |
TKMT_001 | 449.00 | 450.00 | 1 | 0.87 |
TKMT_001 | 450.00 | 451.00 | 1 | 2.17 |
TKMT_001 | 451.00 | 452.00 | 1 | 6.29 |
TKMT_001 | 452.00 | 453.00 | 1 | 5.30 |
TKMT_001 | 453.00 | 454.00 | 1 | 6.56 |
TKMT_001 | 454.00 | 455.00 | 1 | 18.75 |
TKMT_001 | 455.00 | 456.00 | 1 | 28.30 |
TKMT_001 | 456.00 | 457.00 | 1 | 0.80 |
| ||||
TKMT_001 | 460.00 | 468.54 | 8.54 | 1.38 |
Including | ||||
TKMT_001 | 460.00 | 461.70 | 1.7 | 5.02 |
TKMT_001 | 461.70 | 463.00 | 1.3 | 0.04 |
TKMT_001 | 463.00 | 464.50 | 1.5 | 0.01 |
TKMT_001 | 464.50 | 466.00 | 1.5 | 1.23 |
TKMT_001 | 466.00 | 467.00 | 1 | 0.12 |
TKMT_001 | 467.00 | 468.00 | 1 | 0.32 |
TKMT_001 | 468.00 | 468.54 | 0.54 | 1.78 |
Drill Programmes
The infill drill programme for Tulu Kapi, designed in conjunction with Wardell Armstrong International, is progressing ahead of schedule and is approximately 30% complete. The object of the programme is specifically to provide enough geological and assay information to demonstrate continuity and the upgrade of approximately 260,000 ounces of gold currently classified as Inferred to an Indicated status before the end of the current calendar year. Subject to weather conditions during the wet season, the Company remains on target to confirm a mine life of at least 10 years for the Tulu Kapi project before the end of the year.
TO VIEW FIGURE 1, DRILL PLAN SHOWING COLLARS OF RECENTLY DRILLED INFILL HOLES AS PART OF A PLANNED INFILL DRILL PROGRAMME, PLEASE CLICK ON THE FOLLOWING LINK:
http://www.rns-pdf.londonstockexchange.com/rns/0393G_-2012-6-25.pdf
Nyota has renewed drilling contracts with Geosearch International through to the end of calendar year 2013. The programme is expected to focus on the following projects and programmes:
- Further step-out drilling around the Tulu Kapi Resource with emphasis on the SW and NNE extensions;
- Infill drilling of the UNDP Target with the aim of generating an initial mineable resource before year end;
- Drilling of Proximal & Satellite targets within a 20 km radius of Tulu Kapi;
- Shallow drilling of the additional 1,000 m strike length of the Guji Saprolite Target where the initial shallow drill programme intercepted viable grades and mineralised widths;
- Further drilling at Bendokoro and other prospects in the Northern Blocks; and
- Initial in-pit production drilling, planned to be completed at Tulu Kapi in the second half of 2013.
Competent Person
The technical exploration and mining information contained in this Announcement has been reviewed and approved by Mr D Hage Pr.Sci.Nat, Chief Geologist for Nyota Minerals Limited. Mr Hage has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Hage is an employee of Nyota Minerals Limited and is a Member of the South African Council for Natural Scientific Professions (SACNASP). Mr Hage consents to the inclusion in this Announcement of such information in the form and context in which it appears.
For enquires please contact:
Richard Chase (CEO)/ Anthony Rowland (Business Development)
Nyota Minerals Limited
+44 (0) 20 7400 5740
info@nyotaminerals.com
NOMAD
Richard Morrison/ Jen Boorer
RFC Ambrian Limited
+44 (0) 20 3440 6800
BROKER
Guy Wilkes
Ocean Equities Limited
+44 (0) 20 7786 4370
BROKER
Rory Scott
Mirabaud Securities LLP
+44 (0)20 7878 3360
FINANCIAL PR
Jos Simson / Emily Fenton
Tavistock Communications
+44 (0) 20 7920 3150
Or visit: http://www.nyotaminerals.com
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
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