Join our daily newsletter At The Bell to receive exclusive market insights
- Ethiopian gold explorer Megado Gold (MEG) has begun a maiden drill program at its Babicho Gold Project in southern Ethiopia
- Historical sampling at the project outlined a highly significant two kilometre-long gold-in-soil anomaly
- Work on the anomaly returned up to 35.3g/t gold and results confirm the project’s potential to host significant gold mineralisation
- Six holes will be drilled across two targets at Babicho with this work to serve as the prompt for more extensive drilling early next year
- Once drilling wraps up at Babicho, the drill rig will move to the Chakata Project with focus on the GT Prospect
- Megado has ended the day 8.82 per cent in the green with shares trading at 18.5 cents
Megado Gold (MEG) has begun a maiden drill program at its Babicho Gold Project in southern Ethiopia.
Historical soil sampling at the project outlined a highly significant two kilometre-long gold-in-soil anomaly which coincides with a major north-south trending shear zone.
Work on the anomaly consisted of four shallow holes with a peak result of one metre at 35.3g/t and confirms the project’s potential to host significant gold mineralisation.
Six holes, for 1100 metres, will be drilled across two targets at Babicho with this work to serve as the prompt for more extensive drilling early next year.
The first target lies on the boundary of a west-southwest and east-northeast trending structure while the second lies on Trench 6 which expressed the highest grades from previous work.
“Our team has demonstrated tremendous capacity to prepare the maiden drilling program at Megado’s Babicho Gold Project,” CEO and Managing Director Michael Gumbley commented.
“We are excited to have begun our first phase of drilling as this will build on our understanding of the geology and structural controls that host the gold mineralisation,” he said.
“We firmly believe that much of the historical exploration missed the opportunity to uncover the true value at Babicho,” he added.
Once drilling wraps up at Babicho, the drill rig will move to the Chakata Project with focus on the GT Prospect.
Megado has ended the day 8.82 per cent in the green with shares trading at 18.5 cents in a $12.15 million market cap.
