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- Megado Gold (MEG) has received drill results from its maiden drilling program at the Babicho Gold project in the Adola Gold Belt of southern Ethiopia
- Geological observations from the drillholes indicate similar mineralisation to nearby Lega Dembi and Sakaro gold mines
- The latest drill results peaked at 11 metres at 0.81 grams per tonne (g/t) gold, including 4.1 metres at 1.97 grams per tonne gold from drillhole BBDD001
- An eight-trench program is planned for this month with a specific focus on the areas directly north and south of BBDD001 to clarify the extent of the mineralisation in the zone
- Work is also said to be progressing well at the company’s Chakata tenement with assay results expected in the coming weeks
- Shares have dropped 6.4 per cent, trading at 14.5 cents each
Megado Gold (MEG) has received drill results from its maiden drilling program at the Babicho Gold project in the Adola Gold Belt of southern Ethiopia.
The drilling program consisted of five drillholes for a total of 1207 metres across the granite-greenstone terrane and was designed to test the areas potential to host gold mineralisation.
Encouragingly, geological observations from the drillholes indicate similar mineralisation to that observed at the nearby Lega Dembi and Sakaro gold mines, which are located along strike and to the south of Babicho.
The latest drill results peaked at 11 metres at 0.81 grams per tonne (g/t) gold, including 4.1 metres at 1.97 grams per tonne gold.
These results were returned from drillhole BBDD001 below trench BBTR002. Megado reported results from this trench last month, which included 30 metres at 1.27g/t gold including 11.1 metres at 3.21g/t gold.
Additionally, the company has consistently intersected wide zones of quartz veining upwards of 10-20 metres along a strike of 1.5 kilometres in trenches and drillholes.
Megado said it has only “scratched the surface” in what it terms a proof-of-concept maiden drilling program and plans to thoroughly explore the Babicho project using its systematic and proven methods.
In particular, the company’s next phase of work is said to include a 5000-metre trenching program with the aim of further understanding the controls to mineralisation and to put together a better planned drill program to test gold mineralisation down plunge and along strike.
The eight-trench program is planned for this month with a specific focus on the areas directly north and south of BBDD001 to clarify the extent of the mineralisation in the zone.
The company is also continuing exploration activities at its flagship Chakata Gold Project.
Initial diamond drilling at the CT prospect within Chakata has been completed and a drilling program at the GT prospect is said to be progressing well.
To the north of the Chakata tenement, Megado has completed half of a trenching program at the Dragon prospect.
Samples for these programs have arrived in Perth for analysis with the company expecting to release the results to the market in the coming weeks.
Shares have dropped 6.4 per cent, trading at 14.5 cents each at 11:12am AEST.
