Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Reports that a maiden mineral resource estimate infers "noteworthy" gold deposits of 103,000 ounces at its Nairoto gold project in Cabo Delgado, northern Mozambique. Inferred mineral resource estimated at 1.58 million tonnes of mineralised rock, with a gold grade of 2.02 gram per tonne. The mineral resource estimate is for Target Area 5, or TL5, and the analysis was conducted by SRK Exploration Ltd. The project is housed within Nairoto Resources Ltda, which is 75% owned by Gemfields.
"This is exciting initial and early stage news for our gold project in northern Mozambique. Given we have yet to drill deeper in order to understand the depth extension, these results are a good first step as we continue our exploration to better understand both TL5 and our other target areas," says Kartikeya Parikshya, Gemfields' managing director for Mozambique. "All being well, we hope to provide an indicated mineral resource for TL5 by the end of the year."
Parikshya says the company will look for a purchaser or suitable partner for the projecti "once we have further understood the resource".
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By Artwell Dlamini, Alliance News reporter
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