- Megado Gold (MEG) receives results from diamond core drill holes at the GT Prospect in southern Ethiopia
- Six holes were drilled to target mineralisation along strike and down-dip from the outcrops hosting high-grade rock chips
- Grades peaked at 3.42g/t gold, and the company is pleased by the results especially from its maiden drill program
- Megado will continue with its field exploration programs and will begin follow-up drilling will also be undertaken after the rainy season
- Shares in Megado are up 1.05 per cent on the market and are trading at 9.6 cents at 1:37 pm AEST
Megado Gold (MEG) has received results from diamond core drill holes at the GT Prospect in southern Ethiopia.
The GT Prospect is part of the Chakata Gold Project which covers an area of 62 square kilometres and lies five kilometres south of the Lega Dembi and Sakaro mines which have mined more than three million ounces of gold.
Six diamond holes, for 1122 metres, were drilled to target mineralisation along strike and down-dip from the outcrops hosting high-grade rock chips.
Megado also followed up on historically reported trench results where no known drill testing has been undertaken beneath it.
Best results include 11 metres at 2.88 grams of gold per tonne (g/t) from 22 metres including five metres at 3.42g/t gold, and four metres at 0.75g/t gold from 23 metres including one metre at 2.24g/t gold.
CEO and Managing Director Michael Gumbley is encouraged with the results, especially from the company’s maiden drill program.
“Megado is encouraged with assays received from the Chakata Gold Project’s maiden drilling program at the GT Prospect,” Mr Gumbley commented.
“The results confirm Megado’s belief that Chakata has the potential to host significant gold deposits and, importantly, support its thesis that previous work at the site misinterpreted the tenement’s geology.”
Megado will continue with its field exploration programs to collect as much surface and drill core data to aid in building a 3D model of the gold mineralisation.
Follow-up drilling will also be undertaken after the rainy season to target the down-dip and down-plunge extensions to the mineralisation.
Shares in Megado were up 1.05 per cent on the market and were trading at 9.6 cents at 1:37 pm AEST.