Amigo Resources PLC (LSE:AMGO) shares soared in Thursday's early trade, rising 18% to change hands at 3.25p, after it told investors it has identified nine Primary Mining Licence areas at its Mojimoto project in Tanzania, marking the next exploration step for the company’s Lake Victoria goldfield strategy.
The company said the areas showed encouraging geological and geochemical signatures consistent with potential gold mineralisation after it integrated results from micro-seismic surveys, AI-assisted subsurface modelling, soil sampling, trenching and surface validation work.
The company intends to fund and carry out a structured drilling campaign to test priority gold targets generated from the integrated datasets. Amigo said it may form joint ventures over mining licences derived from the PML areas, with the company potentially holding up to an 80% participating interest.
It is also advancing plans for a pilot gold processing facility designed to treat tailings and previously mined material, support metallurgical test work and generate early-stage operational data and revenue.