Africa Economy FDI Mining Natural Resources Tanzania

Rift Valley Resources Ltd begins drilling at Tanzanian gold project

Rift Valley Resources Ltd (ASX:RVY) has commenced a reverse circulation drilling program at the company’s 100% owned Miyabi Gold Project in Tanzania.

The Miyabi project is an advanced exploration tenement with 704,000 ounces of gold resource at 1.5g/t.

The recently completed data migration and geophysical interpretation of the project has identified the potential for repetitions of mineralization within the prospective corridor.

A 3,000 metre drilling program is planned with the primary aim of testing the strike extents of gold mineralisation delineated from the previous campaign.

Highlights from the previous drilling program include thick, high grade intercepts of 18 metres at 12.0 g/t gold from 46 metres and 16 metres at 12.0 g/t gold from 65 metres.

Rift Valley recently raised $1.5 million through a private share placement to Australian and U.K. investors.

The new funds will be used for exploration at the 100% owned gold projects in Tanzania and the 70% owned Ozango project in Angola.

The gold resource at at Dalafuma is currently 1,265,000 tonnes at 4.1g/t Au for 167,000 ounces.

Assay results from diamond drilling at Angola in April showed broad zones of copper including 24 metres at 1.23% copper from 12 metres.

The share price of Rift Valley has increased by 24% during the last three months.
Source: ProActive Investors

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