(PRWEB) July 8, 2005
Recent drilling results from the Karagba prospect have extended the known mineralisation and identified a mineralized zone with a strike length greater than 200 metres, a thickness of up to 100 metres and a potential down plunge length of over 450 metres.
"This is an exciting prospect, with intersections of good width, which remains open along the strike and down plunges," said Klaus Eckhof, Moto Goldmines Executive Director.
Drilling results have returned impressive intercepts including six metres at 4.35 grams per tonne gold, 24 metres at 3.74 grams per tonne, 34 metres at 2.76 grams per tonne and 48 metres at just over 2 grams per tonne.
Moto already has independently estimated indicated resources of seven million tonnes at 2.7 grams per tonne gold for 600,000 ounces Au and inferred resources of 55.5Mt at 2.9 g/t Au for 5,210,000 ozs Au and plans an upgraded independent resource estimate for August of this year.
Pre-feasibility work has commenced with initial results scheduled for October 2005. Results from independent preliminary metallurgical test work are also promising, showing recoveries for oxide samples generally at or above 90 per cent.
"This is promising because when mining begins it will provide ore that is easy to process with low milling costs improving margins on a per ounce processing basis," Mr Eckhof said.
ÂWe have four drilling rigs operating at the moment, with two at Pakaka testing extensions to the known deposits and completing infill to increase our confidence in these resources.Â
ÂThe other two are at our early stage prospects, Karagba and Sessenge, and will focus on identifying future ore bodies for resource estimation purposes,Â Mr Eckhof said.
For Further information: Klaus Eckhof +61 411 - 148209, Thomas Murrell, 8M Media & Communications + 61 417 - 984 996 or http://www.motogoldmines.com