Megado seeks second rig to accelerate Chakata gold drilling
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Megado is accelerating exploration at its Chakata gold project in Ethiopia after drilling returned encouraging visual drill intercepts.
The company’s maiden drilling at the project has already intersected zones of quartz veining with visible tourmaline-pyrite-chalcopyrite-galena mineralisation, which are pathfinder minerals for gold.
Given Chakata’s location just 5km from Sakaro and Lega Dembi – Ethiopia’s largest gold mines that have produced over 3Moz – along with the structure hosting the two mines extending to the south through the project for over 9km on geophysical memory, successful gold assays will be a big plus for Megado Gold (ASX:MEG).
Little wonder then that the company is now looking to expand the current drill campaign by incorporating new targets and increasing drilling capacity by securing an additional rig.
Drilling at Chakata comes after sampling uncovered outcropping quartz veins with visible gold with the company noting that it was designed with flexibility to react to observations garnered from extracted drill core.
This is expected to help address the numerous structural settings and deposit styles observed at Chakata.
Ongoing field reconnaissance across Chakata has also identified the new Dragon Target in the north.
Field observations show 20m to 30m wide shear zone related quartz veins while gold has been panned from streams downstream of this target.
Separately, results are also pending from trenching and drilling programs at the Babchio project.
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.