| CATEGORY: SMALL CAPS NEWS SECTOR: MINING |
Nyota bullish on new targets in Ethiopia |
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Thu 12 Nov 2009
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LONDON (SHARECAST) - Nyota Minerals has identified two new drill targets next to its existing 690,000 ounce gold resource at Tulu Kapi in Ethiopia.
The company, called Dwyka Resources before it bought Tulu Kapi’s owner Minerva in the summer, says data reveals a possible 300m by 300m northern extension to the 500m by 400m drill grid.
There are also indications of a new North West-oriented anomaly extending for 1.2km, with features indicative of gold mineralisation similar to those at the Tulu Kapi inferred resource.
An additional drill campaign is planned to test these targets in the first quarter of 2010 once the contracted step-out and infill programme has been completed.
Chief executive Melissa Sturgess told ShareCast that the project looks “very, very solid”, with a short-term aim for 1m ounces of inferred resource.
“The nice thing is it’s a hell of a lot bigger than we thought.”
Broker, Ambrian, which owns 5.3% of the business, rates the shares as a ‘buy’ with a target price of 10.8p.
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