Babicho project showing similarities to neighbouring 3moz gold deposit, Megado says
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Historically – aside from sporadic trenching and drilling — very little work has been done to explain the continuous, high tenor gold in soil anomaly at Babicho.
Megado believes there are similarities between Babicho and the +3moz ‘Lega Dembi’ deposit, about 50km away.
Peak results from Megado’s maiden drill program include 11m at 0.81g/t gold (inc. 4.1m at 1.97g/t Au), underneath a ‘trench’ that ran 11.1m at 3.21g/t.
Importantly for the company, wide zones of quartz veining upwards of 10-20m have also been consistently intersected along a strike of 1.5km in trenches and drillholes.
Trenching is a relatively simple and cheap way for explorers to get deeper lithological (rock properties), structural and assay info in areas of shallow soil cover.
Megado has only scratched the surface in this successful proof-of-concept maiden drilling program.
Now it’s all about dialling in on the source.
Megado’s next phase at Babicho is an ambitious 5km trenching program to substantially improve understanding of the controls to mineralisation and provide a better planned forward drill program testing gold mineralisation down plunge and along strike.
“The first drilling results at the Babicho gold project are extremely compelling for Megado,” managing director Michael Gumbley says.
“They demonstrate our plan is working. Dr Chris Bowden implemented a similar approach when discovering a 2Moz deposit in western Ethiopia.
“The company’s strong results at Babicho provide the confidence to continue the ambitious exploration program already underway.
“These drill results confirm the existence of gold mineralisation along an impressive strike length of over 2km. We are extremely enthusiastic with the progress made at Babicho and are eager to expand activities there in 2021.”
Chakata is only 5km along strike from Ethiopia’s largest producing gold mines, Lega Dembi and Sakaro.
The first series of diamond drillholes has been completed at the ‘CT’ prospect, and drilling program is ongoing at the extremely prospective ‘GT’ prospect, where historic trenching hit 25m at 2.57g/t.
Trenching at ‘Dragon’ is also progressing well.
With half the nine-trench, 2,400m program completed, Megado’s team has reported observations of highly mineralised quartz veins and instances of rocks with visible gold.
The first drilling and trenching samples have arrived in Perth for analysis. The company expects to release these results to the market in the coming weeks.
This article was developed in collaboration with Megado, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.