Deprecated: Function is_staging_site is deprecated since version 3.3.0! Use in_safe_mode instead. in /home/dubeshephard/public_html/wp-includes/functions.php on line 6078
Gemfields' Nairoto Gold Project: 103K Oz Gold Estimate Sparks Exploration Surge | Rateweb
Deprecated: Function is_staging_site is deprecated since version 3.3.0! Use in_safe_mode instead. in /home/dubeshephard/public_html/wp-includes/functions.php on line 6078

Gemfields’ Nairoto Gold Project: 103K Oz Gold Estimate Sparks Exploration Surge

Gemfields Group Limited has announced a significant milestone. The company released a Maiden Inferred Mineral Resource Estimate for the Nairoto Gold Project. This project is located in Cabo Delgado, northern Mozambique. The release also includes an Independent Technical Report (ITR) on the 2022/2023 Exploration Programme.

Project Overview

The Nairoto Gold Project is part of Nairoto Resources Limitada. Gemfields owns 75% of Nairoto. The remaining 25% is owned by Mwiriti Lda. The project is outside Gemfields’ core focus on coloured gemstones. However, this gold exploration shows promising initial results.

Key Findings

The Inferred Mineral Resource Estimate is for Target Area 5 (TL5). This area indicates gold deposits of 103 thousand ounces. The average grade is more than 2 grams per tonne. The gold lies within 80 meters of the surface.

Drill Results

The results are based on 20 Reverse Circulation (RC) drillholes. These total 1,464 meters. The findings indicate primary mineralization. This means professional mining is required. An artisanal approach will not be sufficient.

Mineralised RockTonnes (M)Gold Grade (g/t)Gold (koz)
Fresh1.242.0783
VEIN11.182.1381
VEIN20.060.832
Oxide0.341.8620
VEIN10.232.3417
VEIN20.110.823
Total1.582.02103

Further Exploration

Nairoto plans to prioritize exploration in 18 identified target locations. These cover a 115 square kilometer area. The company aims to provide an Indicated Mineral Resource for TL5 by the end of the year.

Competent Person Statement

Jonathan Deane, Nairoto’s Head of Geology, reviewed the technical information. He is a registered Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP). Deane’s experience qualifies him as a Competent Person for this estimate.

Drill Intersections

Drillhole IDFrom (m)To (m)Intersection
TL5 RC00139445 m at 0.36 g/t Au
TL5 RC002294516 m at 1.51 g/t Au
62675 m at 1.28 g/t Au
TL5 RC003A537219 m at 1.75 g/t Au
TL5 RC00453631 m at 6.47 g/t Au
TL5 RC005315120 m at 3.21 g/t Au
TL5 RC006487729 m at 2.90 g/t Au
TL5 RC00713229 m at 3.81 g/t Au
TL5 RC007A223513 m at 2.70 g/t Au
TL5 RC008406020 m at 2.61 g/t Au
TL5 RC01020233 m at 0.44 g/t Au
TL5 RC01837436 m at 0.80 g/t Au
TL5NRC00111143 m at 1.21 g/t Au
254015 m at 1.84 g/t Au
455510 m at 1.03 g/t Au (hole ended in mineralization)

Strategic Outlook

Gemfields’ Managing Director for Mozambique, Kartikeya Parikshya, expressed optimism. He noted that the initial results are encouraging. The company aims to understand TL5 better and explore other target areas. However, gold mining is not part of Gemfields’ long-term strategy. They plan to seek a purchaser or partner for the project eventually.

Conclusion

The Nairoto Gold Project’s initial findings are promising. Gemfields continues its exploration to understand the resource better. This milestone could lead to significant developments in their gold exploration efforts.