NYAKAFURU JOINT VENTURE (RESOLUTE 70% AFRICAN BARRICK GOLD 30%)
Resolute (Tanzania) Limited assumed management of the Nyakafuru joint venture from African Barrick during FY2014. Extension drilling was carried out to build on the currently identified gold resources at the Leeuwin and Grange prospects. Additional resources will help increase the viability of a standalone project in the Nyakafuru project area.
Drilling commenced on the joint venture ground at the Leeuwin and Grange prospects in April 2013 and continued until December 2013. Results were within expectations following a full review of the drilling program.
The Nyakasaluma prospect which is defined by a 2km long auger gold anomaly, with coincident induced polarisation-gradient array chargeability highs and a high magnetic gradient was drill tested this year.
A first pass program of reverse circulation was completed over the prospect and intersected a mineralised porphyritic granodiorite intruding volcaniclastic sandstone and basaltic units. Moderate shearing and disseminated pyrite (1% – 7%) was observed throughout the granodiorite and the sediments.
A follow up program further identified the extents of the mineralised porphyry body. Results of this drilling confirmed a 50m x 200m zone of porphyry hosted gold mineralisation. Total drilling at Nyakasaluma for the year was 20 reverse circulation holes for 2,631m.
NYAKAFURU (RESOLUTE 100%)
First pass drilling at the Redgate East prospect was undertaken in August 2013 with 9 holes for a total of 542m completed. Encouraging gold mineralisation was identified within sheared siltstones and sandstones, bounded to the north by basalt and the south by feldspar porphyry dykes.
Follow up reverse circulation drilling was completed during the December quarter. A total of 9 reverse circulation holes for 882m were drilled however the results were disappointing and no further work is planned at this stage.