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- Ethiopian-focused gold explorer Megado Gold (MEG) has received results from its Babicho Gold Project in southern Ethiopia
- A trenching program has been completed and while all results are yet to be received grades have so far peaked at 3.21g/t gold
- Additionally, Megado has consistently intersected wide zones of quartz veining along a strike of 1.5 kilometres
- The company will use the information gathered so far to outline targets for future drilling programs
- Megado will now follow up these results with a more thorough trenching and drilling program with work set to begin this month
- Shares in Megado are steady on the market and are trading at 19 cents
Ethiopian-focused gold explorer Megado Gold (MEG) has received results from its Babicho Gold Project in southern Ethiopia.
A recent trenching program at the project has returned encouraging grades of gold mineralisation with results peaking at 30 metres at 1.27g/t gold including 11.1 metres at 3.21g/t gold.
Additionally, Megado has consistently intersected wide zones of quartz veining along a strike of 1.5 kilometres.
While all results are yet to be received, these first results outline targets for future drilling programs for the remainder of the year.
Megado will now follow up these results with a more thorough trenching and drilling program with work set to begin this month.
Specific focus will be to clarify the extent of the mineralisation to the north and south.
As only the western area of Babicho was tested, future work programs will focus on the south, east and southeastern areas.
“The first trench results at the Babicho Gold Project are extremely compelling for Megado. They support our thesis that the project has the potential to host significant gold deposits,” CEO and Managing Director Michael Gumbley commented.
“These results, coupled with those returned historically, confirm the existence of high-grade mineralisation across an impressive length of over two kilometres,” he said.
“Megado will move quickly to initiate a follow-up, 5000-metre trenching program followed by further drilling,” he added.
Megado is steady on the market and shares are trading at 19 cents at 2:10 pm AEST.
