Canaco Resources has declared the assay results of diamond drilling performed at the Magambazi gold project located in Tanzania. The results follow the previous results of the Magambazi project.
Results were obtained from 24 diamond drilling holes. Significant results were obtained from holes MGZD174, MGZD318, MGZD322 and MGZD398. In hole MGZD174, around 6.26 g/t gold was obtained at a depth of 46.7 to 59.3 m in the Magambazi Main (upper) lode. At a depth of 50.5 to 56.5 m, the amount of gold was higher, about 11.00 g/t. In hole MGZD318, the amount of gold was 12.13 g/t at a depth of 185.5 to 193.2 m in the Magambazi Main lode. The amount of gold in the holes MGZD322 and MGZD398 were 11.54 g/t and 13.03 g/t at depths of 170.0 to 175.6 m and 184.5 to 192.9 m respectively.
Furthermore, the drilling program is continued from the northwestern side to the western side of the Magambazi mount. The regions covered include Majiri, Kwadijava and North of Magambazi, which lies inside the Magambazi zone. The drilling program is expanded to the regions nearby Magambazi Central’s western zones and northern Magambazi. Deep mineralization has been planned in the main Magambazi zone.
The results of the samples are updated regularly to estimate initial mineral resource for preliminary economic assessment (PEA). Up to date, around 19000 samples are being processed. The results for 80% of the samples have been received and 20% of the samples are under process in the laboratory. The results of these samples are expected within two or three months.
As the results are obtained, geological analysis is performed and updated on a continual basis. The mineral resource estimation, metallurgical and ecological basic works are in progress for preparing the PEA. More updated information will be offered in the following weeks.