Minerva Resources Plc (MVA)
Minerva Resources Plc (MVA) – Exploration Update – Tulu Kapi Gold Project, Ethiopia
Highlights
• Recent drill results show significant depth and strike extensions of high grade mineralisation at Tulu Kapi and additional hydrothermally altered zones
• Significant intersection results include 4.05m @ 5.8g/t Au, 5.47m @ 5.0g/t Au, 8.3m @ 8.55g/t Au, 20.7m @ 4.66 (with 5.3m @ 13.2g/t Au), 1.1m @ 18.0g/t Au, 2.82m @ 9.3g/t Au, 18.5m @ 4.3g/t Au and 11m @ 4.6g/t Au
• Drilling at the adjacent Gudeya-Guji and Guji prospects shows mineralised quartz veins
Tulu Kapi Prospect (100% Minerva Resources)
Minerva Resources has completed 22 diamond drill holes on a 600m section of a large gold zone delineated by numerous 1930s mine workings and more recent exploration activity at its Tulu Kapi gold prospect in western Ethiopia.
Assay results from holes 8 to 12 have been received and are shown in Appendix A. The results from holes 13 to 22 are expected to be received over the forthcoming month, delayed due to the excessive assay workload on the assay laboratories.
The holes have been drilled, 40m apart, on fence lines at intervals of 80m along a 600m length of the strike of the deposit on a north-west/south-east base line. The aim was to examine the depth and strike continuity and the grades of the altered zones, which were identified in the initial scout drilling programme.
The deposit is located on the flanks and centre of a large hill, which rises from an elevation of 1,640m at the base to 1,770m at the top. A UNDP borehole, drilled in the 1970’s, showed a 0.7m @ 27.0g/t Au intersection some 650m to the north east of the northern most fence line of the recent drill pattern.
The holes drilled recently indicate a significant depth extension, to some 200m, of the two altered zones intercepted in the scout drilling programme and also show several additional altered zones, of varying thicknesses, beneath these zones. Visible gold occurs in a couple of core sections.
The zones remain open along strike in both directions and at depth. Holes 23, 24 and 25 are being drilled at present, by the three rigs at site, to investigate the continuity at depth.
Gudeya-Guji Prospect (100% Minerva Resources)
Earlier ground mapping delineated a 120m mineralised quartz vein at Gudeya-Guji, which is located 9km north-west of the Tulu Kapi prospect. The vein has a similar directional attitude to that of Tulu Kapi. Rock chip sampling showed grades of up to 8.7g/t Au, while the best intersection in three subsequent trenches showed 6m @ 2.82g/t Au.
Two drill holes have now been drilled to determine depth continuity, while a third hole has been drilled to determine potential strike continuity to the south-west. All three holes intersected two mineralised quartz veins and assay results are expected in the next six weeks.
Guji Prospect (100% Minerva Resources)
Located 7km west of the Tulu Kapi prospect, a 1.2km long geochemical soil anomaly at Guji has been drilled to further examine the down dip extension of the surface mineralisation shown in the trenches (see previous Company announcements). Three core holes have intersected mineralised zones and assay results are expected over the next six weeks.
Terry Ward, Managing Director, commented today,
“The recent assay results are confirming that there is a widely mineralised system with several high grade zones, which continue at depth and along strike at the Tulu Kapi prospect. We are now seeing significant grade mineralisation for a strike length of some 600m and to a depth of some 200m. The close proximity of the exciting prospect at Gudeya-Guji, coupled with the Guji Prospect, point towards a new gold province with the potential for the establishment of a ‘one treatment plant – multiple feed sources scenario’”.