Drilling cheer for Allied 17/06/2008 Allied Gold claims a ‘spectacular’ gold intercept at Pigiput Ridge in Papua New Guinea (PNG).
Based in Western Australia and quoted Down Under and on AIM, Allied, which has already poured gold from its Samberi exploration licence area in PNG, says the latest drilling of seven holes at Pigiput Ridge within the area has encountered 16 metres at 15.11 grammes of gold per tonne of ore and three metres at 8.6 grammes a tonne, along with 25 metres at a more mundane 3.89 grammes a tonne. The company, which says it intends to hoist expected annual production from Simberi to 135,000 oz, is in line for funding of up to £9 million over eight years to develop the project from mining giant Barrick Gold, which would receive 70 per cent of Simberi in return.
Recommended by Growth Company Investor at 14.25p in March last year, Allied Gold shares reached 46.25p last October and now trade at 30.35p. They have scope for a rebound.
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