Ethiopian-focused gold explorer Megado Gold (ASX:MEG) had kicked-off a maiden, 10,000m, 15 hole drilling programme at its Chakata Gold Project.
Chakata is located in the Adola Gold Belt in southern Ethiopia, only five kilometres south along strike from the country’s largest producing gold mines, Lega Dembi and Sakaro (+3Moz).
The structure that hosts the Lega Dembi/Sakaro trend extends to the south through Chakata for over 9km and is readily identifiable in geophysical imagery.
CEO and Managing Director, Michael Gumbley, said Megado geologists’ fieldwork has continued to confirm indications of significant occurrences of primary hard rock gold, including rock samples containing visible gold.
Megado is excited at the opportunity with Chakata as our review of the 1990’s historical work conducted had already confirmed the project to be incredibly prospective,” Mr Gumbley said.
“The team has since reported a massive, extensive gold-bearing quartz tourmaline vein to the southwest of the GT Prospect.
“They have also identified additional targets at Werseti (Contact Target), all of which are exhibiting significant mineralisation at surface.
“The first phase of drilling will build on our understanding of the geology and structural controls that host the gold mineralisation.”
Mr Gumbley said historical exploration has provided walk-up, drill-ready targets at the Chakata Gold Project. Historical trenching at Chakata’s GT Prospect returned an impressive 47m @ 1.55g/t Au, including 25m @ 2.57g/t Au, with no known drill testing at depth beneath the trench or down plunge. In addition, Megado’s geologists have delineated additional targets considered to be highly prospective.
Megado believes there is significant potential for repeat, blind, high-grade plunging shoots. Such shoots are characteristically similar to the Sakaro deposit, within a locally north-northeast divergent 2.5km+ strike length structural splay at the GT Prospect.
Previous exploration efforts at Chakata do not appear to have adequately led to a full understanding of its mineralisation potential, resulting in minimal drilling of what appear to be obvious high priority prospects.
Of the limited historical drilling previously conducted within the tenement, intercept highlights include: 2m @ 11.15g/t Au and 0.6m @ 6.47g/t Au.
“Megado is well-positioned to build upon the previous work and looks forward to sharing results with the market shortly.”