Congratulations to our client, Armadale Capital for its positive results at its Mpokoto Gold Project in the Katanga Province of the Democratic Republic of Congo.
• 2,500m Reverse Circulation drilling programme to commence late July to further explore:
– Newly identified Exploration Target areas located along-strike and down dip from known mineralisation – targeting an additional 120,000 to 150,000 oz Au from 2.4Mt to 3.0Mt at a grade of 1.25 to 1.5g/t Au
– Extensions of high grade mineralisation in sheared altered mafic rocks intersected in drill hole MPDD0064, which intercepted 27.9 metres @ 7.8 Au g/t in addition to laterally continuous zones of mineralisation
• Results of further drilling have potential for material enhancements to current pit models and economic fundamentals of the Project which has a current Total Mineral Resource of 678,000oz Au from 14.58 million tonnes (‘Mt’) @ 1.45g/t Au at a cut-off grade of 0.5g/t
• Mpokoto has demonstrated a post-tax net present value of US$55.3 million, US$20m of proposed financing and a defined development strategy to rapidly advance the Project through to low capex, low opex gold production in H1 2016
• Definitive Feasibility Study is currently being finalised following Heads of Agreement with Africa Mining Contracting Services group (‘A-MCS’) with a view to funding, developing, constructing and operating Mpokoto