Natural resources investment company Polo Resources has reacted positively to drilling results and an exploration update at its Sierra Leone gold exploration subsidiary Nimini.
Nimini announced that drill results received to date from Block 3 implied strike continuity for an additional 250 metres eastwards from Block 2. Assay results were outstanding from further holes drilled for another 200 metres to the east towards the Nimini Mining Licence eastern boundary.
Executive co-Chairman and Managing Director of Polo, Neil Herbert, commented: "The board of Polo is pleased with these results and the progress being made at Nimini. These results, together with those to follow upon completion of this programme in mid-December 2012, will inform the next Global Mineral Resource Estimate to be published in the first quarter of 2013."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The extension towards the eastern boundary of the Mining Licence is especially promising in terms of adding to the overall strike length at Komahun and its potential to enhance the results of the Pre-Feasibility Study to be published early in the second quarter of 2013."
The current Global Indicated Mineral Resource Estimate at Komahun is 521,000 ounces of gold at 4.59 grams per tonne (g/t) with a further 263,000 ounces of gold at 3.64 g/t in the Inferred category.
Shares in Polo Resources were up 1.67% to 2.44p at 12:50 on Wednesday.
MF
-
British Airways revamps Avios scheme bringing down flight prices to £1With the new Avios part-payments scheme you can now bag a British Airways flight for as little as £1
-
RBS to close a fifth of branchesRoyal Bank of Scotland plans to shut 18 branches across Scotland, resulting in the loss of 105 jobs. We have the full list of closures.
