Exploration UpdateThu Sep 13, 2007
Itetemia and Kigosi Drill Programs Going Full Bore
Another six holes aggregating 228 metres were drilled at the Company's Kigosi Gold Project on Sept. 11th and 12th.
The Kigosi Project is hosted within the Kigosi-Miyabi greenstone belt near the dominant Kigosi-Haneti litho-tectonic boundary. This geological boundary is seen as an important regional control for gold mineralization and has been compared to the Cadillac fault zone in the Abitibi Greenstone Belt of Canada, historically a major gold producing region.
Kigosi remains a standalone project within the Company's large portfolio of mineral properties in Tanzania and is being developed exclusively in-house.
In addition, a drill program commenced recently at the Company's Itetemia project which adjoins Barrick's Bulyanhulu gold mine, one of the largest underground gold producers in the world.
The drill program at Itetemia will include at least 2,000 metres of Reverse Circulation (RC) drilling and 3,000 metres of infill diamond drilling which is designed to improve the confidence level of the gold grades encountered in previous drill programs within the Golden Horseshoe Reef (GHR) down to the 200 metre level.
The GHR has been traced by diamond drilling to a vertical depth of approximately 440 meters, with the gold mineralization occurring primarily within two discrete zones, the South and North, which plunge approximately 55 degrees to the northwest.
Itetemia is the subject of a joint venture agreement with UK-based Sloane Developments which holds the right to earn a beneficial interest in the property. (See Jan. 30, 2007 news release for details).
One drill hole has been completed at Itetemia so far to 233.2 metres and a second hole is under way.