Gold resource due at Nyanzaga
Friday, April 07, 2006
Ben Sharples
AFTER many years kicking around the African dirt, cashed-up explorer Sub-Sahara Resources and partner Barrick Gold are set to hand to down a resource for the "potentially" large Nyanzaga gold joint venture in Tanzania.
Sub-Sahara managing director Michael Griffiths
"We've known there have been things hiding below the surface and now they're coming to fruition," Sub-Sahara chief executive Michael Griffiths told delegates at Paydirt's Gold Conference in Perth yesterday.
"We've always known they were there but never had the funds. Barrick has to be a good partner in this because they're the world leaders in mining low-grade deposits."
To date, Barrick has ploughed around $US3 million ($A4.1 million) into the ground at Nyanzaga, earning a 51% stake in the process, with drilling reportedly indicating the potential for a large system.
Hits include 158m at 2.24 grams per tonne of gold, 313m at 1.17gpt of gold, 371m at 0.96gpt.
Griffiths outlined a busy year ahead for company and its projects, with a resource for Nyanzaga expected this quarter, along with the possible start of a feasibility study at its Asmara JV with Canadian-based Sunridge Gold.
Griffiths also flagged the potential start of a pre-feasibility study at Nyanzaga by year-end.
Sub-Sahara has five gold and base metals projects in Tanzania and Eritrea, consisting of four JVs with Barrick, Resolute Mining, Currie Rose Resources and Sunridge.
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