Nyota Minerals (ASX & AIM: NYO) (formerly Dwyka Resources) reported further positive results from its ongoing exploration activities in Ethiopia this morning.
Nyota Minerals recently entered Ethiopia through the acquisition of Minerva Resources, picking up several advanced gold projects with near term production potential, and subsequently embarked on an aggressive exploration programme to both expand the company’s understanding of the ground it holds, and to fast-track the Tulu Kapi Project to a development decision.
Today’s results related to trenching on the Billa Gulliso licence, which is situated north of the Tulu Kapi project, where the company recently released a maiden JORC-compliant inferred resource of 690,000 ounces.
Initial trenching results at Billa Gulliso are promising, with peak results of 8.18 grams per tonne gold over 14.2 meters including 42.6 grams per tonne gold over 2 meters.
“New trench assay results have highlighted the potential for further Tulu Kapi type mineralisation over a number of prospects within this licence,” Nyota noted. “Of particular interest are the Kobera and Soyoma targets.”
Soyoma is located at the southern end of the Billa Gulliso licence, and is only 16 kilometres from the Tulu Kapi resource. Nyota reported today that trenching to date has “exposed a number of mineralised zones showing excellent continuity” over approximately 300 metres of strike. Soyoma remains open both to the north and south.
The trenching was conducted south-east of a historic open cast pit that was mined during the 1930’s. Additional trenching and first pass diamond drilling are earmarked for Soyoma.
At Kobera, which is in the north-eastern portion of Billa Gulliso, trenching has indentified a 400 metre strike, exposing a gold and sulphide mineralisation associated with quartz veins. Peak assays recorded 3 metres at 3.77 grams per tonne gold. “The Company is encouraged by the presence of gold bearing quartz veins outcropping at surface over a significant strike length and further exploration of the surrounding area is warranted,” the Company stated.
Melissa Sturgess, CEO of Nyota Minerals said the exploration results reported today were “outstanding” and provided the company with new drill targets and the potential to expand the known mineralisation at Tulu Kapi into the nearby areas.
Shares in Nyota Minerals climbed almost 9% in London trading on the update. Australian markets were closed today for a public holiday.