Megado is building up the exploration inventory at its Chakata gold project in southern Ethiopia after rock sampling returned high-grade results from multiple sites.

Notable results include 15.5 grams per tonne (g/t) gold from the Contact prospect, 5.94g/t gold at the Dragon prospect and 4.4g/t gold at GT.

Trench observations at Dragon continue to note broad zones up to 20m wide of strongly sheared, altered and quartz veined intercepts, with occurrences of visible gold. Initial drilling at Contact has concluded with seven holes totalling 1,208m.

Megado Gold (ASX:MEG) is also still drilling targeting historical trench results of up to 25m at 2.57g/t gold at the GT prospect.

“These initial high-grade gold in rock samples bode well for the ongoing drilling and trenching activities at the Chakata Gold Project,” managing director Michael Gumbley said.

“Significantly, the strong results have been returned from each of the three primary target areas within Chakata where Megado is active.”

He noted that the results highlight the value of the exploration program designed by executive director Dr Chris Bowden and mirrors the systematic approach he had previously employed in western Ethiopia to discover a +1.5Moz gold deposit.

“Over the next six months the company will continue to refine its Chakata targets through continued application of Dr Bowden’s program with a goal of being able to define a JORC resource,” Gumbley added.

Other activity

Interpretation of results from trenching at Dragon indicates that the prospect is located on a structure identical to that which hosts the high-grade Sakaro deposit along strike to the north.

Additionally, early drill core from the GT prospect shows zones of strongly silicified metagranodiorite hosting quartz veins with up to 3 per cent sulphides.




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.