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NYOTA MINERALS LTD - ASX: NYO
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Description
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 development of Tulu Kapi, our flagship project in Western Ethiopia, which comprises an area of approximately 3000 square kilometers where the company has established a Total Inferred JORC Resource of 1.38 million ounces of gold.
Ethiopia Projects
Nyota holds three licences in Ethiopia. It has gold and platinum exploration licences for Yubdo and a gold exploration licence for its core project Tulu Kapi. The licences are all in western Ethiopia in Wellega Province, Oromiya Regional State, approximately 360 kilometres west of the capital Addis Ababa.
Tulu Kapi Resource
Nyota’s Tulu Kapi Gold Project has an Inferred Resource of 1.38 million ounces, defined at a cut off grade of 0.50g/t Au. The resource statement follows the compilation and technical interpretation of 4,579 metres of reverse circulation ("RC") drilling by independent consultants Venmyn Rand. Estimation was based on the data from the maiden inferred resource and verifiable data collated from a further 25 reverse circulation ("RC") drill holes for which assay data has been received. Assay data for the balance of 10 RC holes that make up this particular drill programme will be incorporated into future resource estimations.
The drilling focused on the NE extension of mineralisation which is contiguous with the area over which the 690,000 ounces of gold comprising the maiden resource was defined. In addition, Nyota completed an infill drilling programme between drill traverse lines to increase the level of confidence attributable to earlier diamond drilling.
Guji, Gudeya Guji and Dina - Yubdo Exploration Licence Area
Three priority targets have been identified within the Yubdo Exploration Licence: Guji, Gudeya Guji and Dina. In addition, reconnaissance exploration has identified a number of other target areas within the Yubdo Exploration Licence. The majority of these targets have been identified by soil geochemical surveys with varying degrees of follow up activity ranging from trenching to drilling. In the majority of cases, exploration has demonstrated potentially economic gold grades and widths warranting more detailed exploration.] Results of ground geophysical surveys across the Guji Prospect suggest that this particular target is drill ready.
Guji is the most promising of the targets in the Yubdo Exploration Licence, with an indicated strike length of 1,200 m supported by a coincident gold in soil geochemical anomaly and both a trench intersection returning a grade of 9.6 g/t Au over 68.5 m and a borehole intersection returning a cumulative grade of 3 g/t Au over 17 m.
Nyota has commenced exploration and has completed geophysical surveys over the 1,200 m strike length. The results indicate a linear structure expected to be coincident with mineralisation previously intersected during a scout drilling programme.
Nyota has a team of four Ethiopian geologists and two British geologists and is building a portfolio of assets at various stages of evaluation. Systematic reconnaissance and follow-up exploration is carried out on the licence areas. In addition to the Guji prospect area, the Dina, Chago and Keley targets are subject to follow-up investigation within the Yubdo Exploration Licence area.
Burundi Projects
Nyota has a 100% interest in the Muremera nickel project in Burundi, Africa, which it acquired in January 2007. The Deposit has a similar geology to nearby Kabanga, currently the world’s largest undeveloped nickel sulphide project. The Company controls the Muremera Nickel Project through its wholly owned subsidiary, Danyland Limited, which holds the exploration rights for nickel and associated minerals in the project area.
The project is located within one of the world's principal nickel provinces, only 2 kilometres from, almost adjacent to and in the same geological sequence as, the giant Kabanga deposit in Tanzania.
Over US$7.5 million was spent by BHP Billiton on the project which has enabled Nyota to fast track the work programme in order to identify 24 priority drill targets.
Swaziland Projects
Nyota holds a 45% indirect interest in the Swazigold Project in Swaziland, Africa. The project is a large (435 square kilometre) gold exploration play in the highly prospective Archaean Barberton Greenstone Belt in Swaziland, historically a producer of 11.5 million ounces of gold.
Previous owners drilled some 13,500 metres of the Project area, providing the Company with a drill database that includes numerous gold intersections. These have allowed Nyota to determine targets for both infill drilling and the development of extensions to established zones of mineralization. From an initial review of the geology, the Company believes the Project has the potential for proving more than two million ounces of high-grade gold mineralization. Numerous targets, ranging from advanced drilling projects to promising geochemical anomalies, have been identified along a 40-kilometre strike length.
Mine For
gold, platinum, nickel,
Location of operation(s)
Swaziland, Burundi, Ethiopia
Address
Suite 2, 5 Ord Street
WEST PERTH, WA, Australia
Phone
(+61) 8 9324 2955
Website
Last Updated
7/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
