Megado pulls trigger on Babicho drilling after successful trench run
Link copied to
Special Report: Megado Gold is putting a significant anomaly at its Babicho gold project in Ethiopia to the test, kicking off the project’s maiden drilling campaign.
Megado Gold’s (ASX:MEG) program is designed to test a coherent gold-in-soil anomaly which spans more than 2km, with six drill holes to be drilled in the program covering a total of around 1100 metres.
It coincides with a major north-south trending shear zone which hosts the Lega Dembi and Sakaro gold deposits, which combined have produced more than 3.5 million ounces of gold – good company indeed.
The anomaly to be tested was identified during analysis of historical soil sampling at Babicho and followed up recently with trenching and shallow drill holes.
Standout results from that trench sampling included 10m at 3.5 grams per tonne gold, and 1m at 35.3g/t gold. Trenching is ongoing at the project as well.
Megado Gold CEO and managing director Michael Gumbley said the beginning of drilling was a significant milestone for the highly prospective gold project.
“Our team has demonstrated tremendous capacity to prepare the maiden drilling program at Megado’s Babicho gold project,” he said.
“We are excited to have begun our first phase of drilling, as this will build on our understanding of the geology and structural controls that host the gold mineralisation.
“We believe that much of the historical exploration missed the opportunity to uncover the true value at Babicho.”
The maiden six-hole program at Babicho is expected to be the catalyst for more extensive drilling early next year.
The first target to be tested at Babicho is a shear zone located in the hinge of a west-south-west to east-south-east-trending synform which is expressed at surface by a creek.
The limbs of the folds are dominated by meta-basalts and other meta-volcanics, in which quartz veins are present. Quartz veins are also evident in the shear zone.
Local artisanal miners in the area typically target quartz veins to mine, crush and pan for gold, and there have even been anecdotal reports of gold nuggets exposed in these veins.
The second target will be Trench Six, which returned the highest gold grades in the historical trenching program Megado analysed when identifying the anomaly.
A single drill hole was previously completed in the area, but it was collared around 90m to the south of the trench.
Megado’s geologists have mapped the hole and believe it missed the mark and did not hit the prospective hinge zone they’re targeting. Results from here will be worth keeping an eye on.
In parallel with drilling, Megado has launched a new phase of trenching which will fully test the high-order soil anomaly at Babicho along its length, as well as into areas previously ignored.
Megado plans to test its nearby Chakata project immediately once drilling is completed at Babicho.
This article was developed in collaboration with Megado Gold, 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.