Nyota Minerals (ASX, AIM: NYO) has returned assay results for a further 32 diamond and reverse circulation drillholes covering the main Tulu Kapi ore body and step‐out targets, with positive infill results underpinning the resource base.
Peak intersections include 8.74 grams per tonne (g/t) gold over 15.95 metres and 2.15 (g/t) gold over 16.25 metres and the near surface intercepts appear advantageous for near‐term production at the project in western Ethiopia.
Also, new areas of mineralisation have been intersected within Tulu Kapi’s extension areas and the company is making solid progress with engineering and hydrogeological drilling forming part of the Definitive Feasibility Study.
A JORC Resource of 15.96 million tonnes at 2.84 grams per tonne (g/t) gold containing 1.46 million ounces gold (combined Indicated and Inferred) was reported at the end of July 2011 located within the 8.44 square kilometre Tulu Kapi Licence. A resource update is scheduled for the first quarter 2012.
Richard Chase, chief executive officer, said “the new assay results provide infill data that will help further upgrade the Tulu Kapi resource. However, their real significance is that they provide ongoing proof of the existence of potentially substantial extensions to the main Tulu Kapi ore body."
The company said the latest interpretation suggests that the N. Extension and NE Extension–UNDP Targets along with the Feeder Zone have the most potential to deliver significant additional gold ounces.
By drilling these extensions and converting the bulk of the resource to an Indicated Resource status the company can underpin the value of its gold assets as the Tulu Kapi project approaches production.