Nyota Minerals, an East African focused gold miner, announced yesterday it has discovered three new gold reserves. These discoveries were made within the 3200 km2 of the Northern exploration area of the firm in Western Ethiopia.

Nyota regards these sites as ‘drill ready,’ and a multi-purpose drill rig has been allocated to them.

It was announced last May that an aerial magnetic survey done over the Northern exploration zones had isolated 47 potential targets. Follow through was carried out on seven of these targets and two of the current discoveries were made at the Bendokoro North Prospect and one was found in the Boka Sirba Prospect.

The high number of targets as well as the scale and grades of the finds confirms that Nyota holds licences to the portion of the Western Greenstone Belt with the most potential according to Richard Chase, Nyota Chief Executive Officer. The significance of these holdings to the mid-to-long term development of organization has been underestimated he said.

The first Bendokora discovery is an 800 meter long, 1000 meter wide strike, while the second Bendokoro prospect extends over one-kilometer in length and is 10o to 200 meters in width. The results obtained from tests run on samples taken from both prospects show promising soil-to-gold returns. The Boka-Sirba discovery also presented high copper, zinc and silver values as well as the presence of gold.

Reconnaissance exploration on the other 40 targets will continue till June of next year according to Nyota.

Source: Proactiveinvestors.co.uk