Nyota increases Inferred Resource to to 1.38 million ounces

Nyota increases Inferred Resource to to 1.38 million ounces

Nyota is pleased to announce an increase in the Inferred Resource at the Company’s Tulu Kapi Gold Project in Ethiopia to 1.38 million ounces, defined at a cut off grade of 0.50g/t Au. 

HIGHLIGHTS

  • Total Inferred JORC Resource increased from 690,000 ounces to 1.38 million ounces of gold
  • 1.38 million ounces of gold represents a 38% increase on Nyota’s previously stated objective of a 1 million ounce resource target and a 100% increase on the maiden inferred resource announced in September 2009
  • Drilling  programme is continuing in order to provide the data required to convert the Inferred Resource to an Indicated category and further increase the size of the resource in the Inferred category

Melissa Sturgess, Chief Executive Officer, commented:
“We will undertake further localised drilling to upgrade the Inferred resource to an Indicated category in order to provide the level of confidence needed to allow the Company to proceed to feasibility.  We will also continue to target drilling towards an increase in the current Inferred resource.  Drilling to date has focused within a small area of the Tulu Kapi Licence and the planned deeper drilling will remain within this defined block.  Further work will be required to test the other extensions known to occur within the immediate environs of Tulu Kapi, and there is significant potential to encounter further mineralisation outside of the small area where drilling has focused to date.”

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