29th Jun 2010 07:00
Nyota Minerals Limited ('Nyota' or the 'Company')
FOURTH DRILL RIG ARRIVES AT TULU KAPI
HIGHLIGHTS
·; Fourth drill rig on site and mobilised - two diamond drill rigs and two reverse circulation ("RC") rigs now on site
·; Focus on infill and stratigraphic drilling
·; Exploration progress is good with 250m per day being drilled
·; Further drilling update expected in third quarter 2010
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Nyota Minerals (AIM:NYO/ASX:NYO), which is focused on the exploration and development of gold and nickel projects in Africa, is pleased to report that a fourth drill rig has been mobilised and arrived on site at the Company's flagship Tulu Kapi Gold Project. The delivery of additional drilling capacity allows the Company to maintain momentum in upgrading the current Inferred Resource of 1.38moz of gold (25.45 Mt at 1.68 g/t gold using a cut-off grade of 0.5g/t of gold) and delineating additional resources.
The new diamond drill rig will be allocated to drill infill and stratigraphic holes with the specific purpose of upgrading the current Inferred Resource and providing detailed geological/structural data aimed at expanding the geological model. The three rigs currently on site are focusing on separate but complementary drilling programmes. One RC rig is completing infill drilling over the Inferred Resource. The second RC rig has commenced the drilling of a number of high priority prospective targets which form extensions to the main Tulu Kapi orebody. This work is essential as it will also assist with compilation of data needed to establish conceptual open pit limits. The second diamond drill rig will multi-task, undertaking drilling to support the abovementioned programmes and ensure the schedule is achieved.
Current progress is excellent with cumulative metres drilled exceeding 250 metres each day. Since commencing work at Tulu Kapi, Nyota has drilled 90 RC holes for a total of 17,000m and 21 diamond holes for a total of 4,400m (excluding the original 34 DDH holes drilled by Minerva for a total of approximately 6,800m). Of the 145 drilled holes, approximately 100 have formed the basis of the current inferred resource of 1.38moz of gold. There are 45 holes drilled but with assays yet to be received.
The Company expects to deliver shareholders another drilling update during the third quarter of 2010.
Melissa Sturgess, Chief Executive Officer commented "We are working hard to keep the momentum going and this additional drilling capacity gives us the flexibility to meet all our objectives on schedule to drive the project towards development."".
For further information please contact:
Melissa Sturgess
Nyota Minerals Limited
(+44) (0)7825 551 397 or [email protected]
Richard Brown / Richard Greenfield
Ambrian Partners Limited
(+44) (0)20 7634 4700
Guy Wilkes / Will Slack
Ocean Equities Limited
(+44) (0)20 7786 4370
Press enquiries
Charlie Geller or Leesa Peters
Conduit PR +44 (0)20 7429 6604 / +44 (0)75 2823 3383
Or visit: http://www.nyotaminerals.com
The technical information contained in this announcement has been reviewed and approved by Mr. RN Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of
The information in this announcement that relates to the consultant responsible for the latest resource estimation is based on work completed independently by Mr Neil McKenna, who is a full time employee of Venmyn Rand Pty Ltd, a South African based independent mineral consultant. Mr McKenna is a Member of the South African Institute of Mining and Metallurgy (MSAIMM), a Member of the Investment Analyst Society of South Africa (MIASSA), and also a Member of Geological Society of South Africa (MGSSA) and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined under the AIM Note for Mining, Oil and Gas Companies. Mr McKenna consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
*Figures for contained ounces have been rounded and include both primary and supergene resources. Significant figures used for tonnages and grades do not imply precision.
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Nyota Minerals