Thursday, 1 March 2012

Redhill unearths work program for Nyakagwe properties, Tanzania

Junior gold miner Redhill Resources Corp. (CVE:RHR) unveiled its planned exploration program for its Nyakagwe properties in Tanzania, East Africa.

Redhill said the work program will include geological mapping, satellite imagery for structural trends, rock and soil chemistry, trenching and geophysics as well as follow-up drilling.

The miner has retained consultants with extensive experience and knowledge of the Bulyanhulu gold deposit and regional geology to help with the exploration program, it added.

The consultants are based in Mwanza, the second largest city in Tanzania, and logistical supply center for gold mining operations in the Lake Victoria Gold Fields.

The properties are strategically situated in the Bulyanhulu regional trend just within six kilometres of Barrick Gold's (TSE:ABX) 12 million-ounce Bulyanhulu gold mine.

The acreage consists of 46 main mining licenses in three adjacent groups and one prospecting license which encompassing a combined area of about 500-hectares.

These licenses are surrounded entirely by prospecting licenses and applications owned and now being explored by Tembo Gold Corp (CVE:TEM).  

Recently, Tembo announced it had found an area between the Nyakagwe Hill and the Bulyanhulu river as a "prominent domain of identifiable artisanal gold mining."

Three mineralized trends have been identified, of which two trend onto Redhill’s acreage, the company said in a statement.

The Nyakagwe Properties had exploration work completed in 2008 by Africa West Minerals Corp. This work comprised soil sampling, trenching, and ground magnetic geophysics, followed by a program of Reverse Circulation and Air Core drilling.

This historical drilling crossed mineralization as shallow as 20 metres and returned gold values ranging from 0.32 grams per tonne (g/t) over one metre to 7.03 g/t over four metres including 17.75 g/t over one metre.

Separately, Redhill also announced the appointment of Paul DiPasquale to its board of directors to take effect immediately.

DiPasquale has been in the securities industry since 1969 and has held many executive positions with responsibility for sales and trading operations for many brokerage firms.

He has worked for Brink, Hudson & LeFever Ltd, Yorkton Securities, Haywood Securities and Cannacord Genuity where he served as executive vice-president and branch manager. He is now an independent advisor.

Redhill’s share price traded steady at 10.5 cents apiece on Toronto’s junior venture exchange Thursday afternoon.

No comments:

Post a Comment