Gemfields test shows noteworthy gold deposits in Nairoto, Mozambique

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Gemfields test shows noteworthy gold deposits in Nairoto, Mozambique

5:01 CAT | 06 Jun 2024

FILE - For illustration purposes only. [File photo: Gemfields Group]

Resource estimate for the Nairoto project suggests the presence of 103000 ounces of gold averaging over two grams per tonne.

Gemfields Group Ltd – London-headquartered gemstones miner and marketer – reports that a maiden mineral resource estimate infers “noteworthy” gold deposits of 103,000 ounces at its Nairoto gold project in Cabo Delgado, northern Mozambique.

Inferred mineral resource estimated at 1.58 million tonnes of mineralised rock, with a gold grade of 2.02 gram per tonne. The mineral resource estimate is for Target Area 5, or TL5, and the analysis was conducted by SRK Exploration Ltd. The project is housed within Nairoto Resources Ltda, which is 75% owned by Gemfields.

“This is exciting initial and early stage news for our gold project in northern Mozambique. Given we have yet to drill deeper in order to understand the depth extension, these results are a good first step as we continue our exploration to better understand both TL5 and our other target areas,” says Kartikeya Parikshya, Gemfields’ managing director for Mozambique. “All being well, we hope to provide an indicated mineral resource for TL5 by the end of the year.”

Parikshya says the company will look for a purchaser or suitable partner for the project “once we have further understood the resource”.

Nairoto Resources Limitada (Gold)

Nairoto is a joint venture between Gemfields (75%) and Mwiriti Lda (25%), the Group’s existing partner in Montepuez Ruby Mine (“MRM”).

Nairotogold.gemfields

Nairoto became fully functional in January 2020. Nairoto is the beneficial owner of 12 licences located about 30 kilometres to the north of the MRM concession, covering an area of 1,957 square kilometres. The licences hold exploration potential for gold (both primary and secondary) as well as ruby and allied minerals through a blend of prospecting and mining licences.

Nairoto requested SRK EX to undertake a review of its 2022/2023 exploration programme and advise on the Mineral Assets of the 12 licences. SKR EX was also requested to review the geological and exploration data for TL5 Prospect on Mining Concession 9783C and which has resulted in the declaration of a maiden Inferred Mineral Resource Estimate.

Mining Concession 9783C has a current expiry date of June 2044.

Source: Alliance News / Gemfields