31st Mar 2015 09:33
LONDON (Alliance News) - Armadale Capital PLC, an investment company focused on the natural resources sector in Africa, Tuesday said a geological review carried out at the Mpokoto Gold Project in the Democratic Republic of Congo has highlighted a new potential resource at the site.
The review, undertaken by CSA Global Pty Ltd, highlighted the potential for an extension of the mineralisation at the site. It identified an exploration target of 2.4 million to 3 million tonnes at a grade of 1.25-1.5 grams per tonne of gold, indicating an additional resource of 125,000 to 150,000 ounces of gold.
"The scope and scale of the Mpokoto Gold Project continues to develop in line with our expectations of being able to deliver a low capex, low opex commercial gold mining project in the near future. The results of this geological review have provided the Company with a greater degree of confidence in planning the next drilling programme and targeting further mineralisation," said Peter Marks, Armadale Capital's Chairman.
Armadale shares were up 11% to 0.025 pence on Tuesday, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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