Advertisement

Polo Resources encouraged by drilling in Sierra Leone

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.

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.

Advertisement - Article continues below

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

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.

BC

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Jul 2020