Polo Resources 'pleased' with progress at Komahun gold project

Polo Resources on Thursday said its mining company Nimini Holdings has completed its infill, depth and strike extension drilling at its Komahun gold project in Sierra Leone.

Polo Resources on Thursday said its mining company Nimini Holdings has completed its infill, depth and strike extension drilling at its Komahun gold project in Sierra Leone.

In an operational update, the natural resources investment company announced its 90% owned gold exploration and development business had finished its 28,500 metres in-fill, depth and strike extension drilling programme which kicked off last May.

Polo said it was satisfied with the results which will be published in the first quarter.

Nimini will this month begin a resource expansion drilling programme of 26,000 metres with the objective of adding to the expanded resource defined by last year's work.

This programme is targeting areas of open mineralisation at depth in two zones along a strike length of about 870 metres and in two new zones along a strike length of approximately 900 metres. It is scheduled to be complete by May, 2013.

"The board of Polo continues to be pleased with the progress which Nimini is making, having completed its infill and depth and strike extension drilling programme and shortly commencing the resource expansion programme at its flagship Komahun Gold project," said Executive Co-Chairman and Managing Director of Polo, Neil Herbert

"We look forward to announcing the results of the Global Mineral Resource Estimate to be published in the first quarter 2013 and subsequently the results of the Preliminary Economic Assessment scheduled for publication early in the second quarter of 2013."

RD

Recommended

Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022
Invest in VCTs: tax-free investments set to break records
Investment strategy

Invest in VCTs: tax-free investments set to break records

Generous tax breaks make VCTs – venture capital funds – an attractive supplement to pensions.
21 Jan 2022
HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022

Most Popular

Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022