New zone and resources for Moto
The new zone – called Durba East – was hit beneath the previously known...
MOTO Gold Mines expects to have revised resource estimates for three of the deposits within its Moto gold project in the Democratic Republic of Congo calculated this quarter, after completing a program of drilling which also uncovered a new mineralised zone.The new zone – called Durba East – was hit beneath the previously known Chauffer mineralisation and the company says it has a potential plunge length of 1200 metres.Drilling hit 30m at 8.69 grams per tonne gold from 124m, 72m at 7.09gpt from 81m and 10m at 17.6gpt from 158m at Durba East, with a follow-up program already underway.A pre-feasibility study for the project is expected to be finished by mid-2006, with four rigs continuously drilling until then.
Moto said Cube Consulting would be calculating the revised resource estimates for the Karagba, Sessenge and Menga Hill deposits.Infill drilling at Karagba hit 16m at 8.87gpt from 61m, 30m at 4.57gpt from surface and 75m at 2.56gpt from 75m. The deposit currently has a resource of 36.7Mt at 3.1gpt gold for 3.63Moz.A 23-hole infill drilling program at Mengu Hill hit 58m at 4.72gpt from surface and 62.25m at 4.64gpt from 7.75m. Mengu Hill has an indicated resource of 8Mt at 3.3gpt gold for 844,000oz and an inferred resource of 980,000t at 1.43gpt for 43,000oz.
Extensional drilling at Sessenge hit 32m at 3.27gpt from 84m, 18m at 4.17gpt from 180m and 28m at 6.11gpt from 174m. The prospect has an indicated resource of 4.778t at 2gpt for 301,000oz and an inferred resource of 922,000t at 2.3gpt for 67,000oz.Shares in Moto fetched as much as $1.40 in morning trade before easing to be up 19.5c (17.26%) at $1.325 in midday trade