Nyota Minerals has announced that it is completing its definitive feasibility study on its 1.5 million ounce concession at Tulu Kapi in Ethiopia. The study is required to support the project's financing.
The company has developed the Tulu Kapi concession from zero to more than 1.5 million ounces through drilling an estimated 230 holes in two years according to statement released by Nyota to its investors."This has allowed a three-pronged asset development strategy, with a considerable near-term work program for Tulu Kapi and the proximal targets, whilst providing upside for investors through regional exploration” explained the statement.
The Nyota project has entered the pre-development stage within an anticipated annual production rate of 100,000 and 115,000 ounces of gold every stretching for ten years said the company statement.
The area where it is active is one that is an upcoming region in gold production and mineral exploration expressed Nyota.
It is to be remembered Nyota Minerals announced assay results for a further 32 diamond and reverse circulation drill holes covering the main Tulu Kapi ore body and step out targets, with positive infill results underpinning the resource base last month.
Nyota Minerals Limited (Nyota) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX)
Source: Proactive Investors