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’ reflects on busy and exciting time at Tulu Kapi Gold Project
In a letter to investors, Nyota Minerals’ (AIM, ASX: NYO) Chief Executive Melissa Sturgess said that the last few months had been “a busy and exciting time”, particularly for the development of the flagship Tulu Kapi gold project, in Ethiopia. Sturgess highlighted the recent preliminary scoping study, conducted by Venmyn Rand, which demonstrated Tulu Kapi’s potential as a viable gold mine based on current resources. Furthermore the Chief Exec emphasised that the company hopes to increase the resource significantly through the ongoing drilling campaign.
Sturgess also remarked on the Nyota’s continued success from its metallurgical testing at Tulu Kapi, ‘the results of the metallurgical testwork have been extremely encouraging, with indications being that gold recoveries of over 95% are potentially possible’. According to Strugess metallurgical results to date had not only exceeded the figures from the Venmyn study, but the apparent ease with which the gold can be separated suggests that capital and operating costs could also be lower than originally estimated.
At Tulu Kapi, the ongoing drilling programme is currently achieving drilling rates of approximately 160m per day, in line with Nyota’s expectations. The program is intended to expand the current resource base and to upgrade the initial maiden resource estimate to the Measured and Indicated JORC category.
Nyota’s Chief Executive also noted that Ethiopia is set to gain international recognition as an attractive destination for mining opportunities, as it develops into a confident economy in its own right. “We have found the operating environment to be very good in terms of the ease of doing business, proactive attitude of the government and general friendliness of the people”, Sturgess concluded.
The Venmyn pre-scoping study, released on 2 February, indicated that Tulu Kapi is economically viable and concluded that open pit mining would be most likely.
The study was based on Tulu Kapi’s current mineral resource and a flat gold price of $950 per ounce. The study calculated payback of capital within 4-5 years from the date of first production.
