Polo Resources encouraged by drilling in Sierra Leone

published 28 May 2013

Diversified natural resources investment firm Polo Resources is waiting on an updated resource estimate from its 90 per cent-owned Sierra Leone gold mining unit Nimini Holdings but has been encouraged by drilling results so far.

The company said on Tuesday morning that it has now received all assays from the 52-hole completed 2013 drilling programme, which comprises 20,132 metres of diamond-core drilling. This programme is focused on strike extensions of Nimini's Komanhun deposit.

The exploration update covered 33 holes of 12,281 metres of drilling, 22 of which contained "significant intersections".

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A significant intersection is defined as a minimum accumulated gold (Au) value - calculated by multiplying the width in centimetres (cm) by the grade over that width - of 500cm grammes per tonne (g/t) on a down hole length basis. For example, this could equate to a 5.0g/t Au intersection over 1.0 metre or a 2.5g/t Au intersection over 2.0 metres.

"These drilling results continue to be most encouraging and we look forward to the updated mineral resource estimate scheduled for publication in June," said Co-Chairman and Managing Director Michael Tang.

The stock was up 0.52% at 24.25p by 08:25 on Tuesday.