Thursday, February 10, 2011
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Executive director David Hall said the discovery was significant and confirmed the company's belief that the Afar gold district extended into Djibouti.
Results showed the Chalcedony veins assaying up to 7.8 g/t of gold, an outcropping rhyolite dome grading up to 0.89 g/t and an extensive epithermal float in the 35 sq km Asal licence.
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Hall said, 'The Asal rift is a structure of intense tectonic activity in the zone of crustal divergence in the Afar and the interplay of rhyolite bimodal volcanism with gold mineralisation here is exciting. 'The presence of gold values in a rhyolite dome shows a possible driver for the gold system and the priority now is on detailed mapping and sampling to fully evaluate this exciting new discovery.
'Having already discovered epithermal gold mineralisation at our Megenta and Mille prospects in the Afar Region, this confirmed discovery at Asal further substantiates our view that this is an emerging new gold district.
'We look forward to more discoveries as our reconnaissance exploration work continues and anticipate commencing the 3,000m diamond drill programme at Megenta in the near future.'
Shares were up 0.25p at 8.38p.
Source: StockMarketWire.com