www.nyotaminerals.com
Nyota Minerals Limited (Nyota) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX). We are focused on the exploration and concurrent development of Tulu Kapi, our flagship project in Western Ethiopia. Total Inferred JORC Resource containing 1.46 million ounces of gold (15.96 million tonnes @ 2.84g/t gold). The Company is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.
Nyota Minerals says ore body at Tulu Kapi gold project probably larger than anticipated
Nyota Minerals Ltd (ASX, AIM: NYO) said further exploration at its Tulu Kapi gold project in Ethiopia has increased the known extent of the ore body and, in addition, identified a new zone of mineralisation below the previously discovered Zones 1 and 2.
The trenching programme these findings are based on was undertaken in five locations within the Tulu Kapi licence and was designed to test extensions to the known mineralisation at surface and depth.
Peak trench results include intersections of 1 metre 5.49 grammes per tonne of gold, 1 metre at 10.35 g/t Au, 1 metre at 4.58 g/t Au and 1 metre at 7.84 g/t Au. These results increase the known extent of the Tulu Kapi ore body both to the north east and contiguous to the maiden ore resource of 690,000 oz gold.
Nyota said that the drilling and trench data has enabled it to project mineralisation and identify new drill holes with a high degree of confidence.
“Exploration results have been extremely encouraging and suggest that the Tulu Kapi Project is larger than first anticipated...the short-term objective remains to continue step-out drilling around the Maiden Resource to establish the scope for Tulu Kapi and move towards mining the ore body,” said Chief Executive of Nyota Melissa Sturgess.
A 12 month drilling programme that commenced in September is ongoing with the aim of increasing and upgrading the maiden Inferred JORC resource of 690,000oz. Nyota's objective remains to increase the Inferred Resource to the point where it is confident to assess mining scenarios.
Drilling operations at Tulu Kapi have recently been accelerated following a recent placing to raise £2.25 million for the programme, aiming to increase the resource closer to 1 Moz (million ounces) and upgrade some of the existing resource to indicated and measured status.
Ocean Equities, who conducted the placing for Nyota, recently noted its “highly prospective package of gold assets” and valued the stock at 17 pence, based on US$50 per in situ ounce for Tulu Kapi.
Ambrian Capital is also positive on the stock, recently lifting its rating on Nyota to ‘Buy’ from ‘Speculative Buy’ following a site visit to the Tulu Kapi gold project in October. Ambrian has an initial price target of 11.4 pence a share.
The company reported new targets at Tulu Kapi back in November, saying that they reaffirmed its view that the project had the scope to build on the existing inferred resource, also expressing intention to proceed with step out drilling and establishing new priorities after generating more trench assay data to generate new resources.
