(MENAFN - ProactiveInvestors - Australia) Gippsland (ASX: GIP, FRA: GIX) now has a rig in place at the wholly owned Adobha Project in Eritrea, with a 5000 metre reverse circulation drilling program underway - with the project prospective for gold and volcanogenic massive sulphide targets.
The program will take around six weeks to complete with drilling down to around 80 metres testing each of the anomalies.
A gravity survey has already been completed including extension of survey areas, which was conducted over twelve electromagnetic anomalies including six high and medium to high ranked electromagnetic anomalies, identified from a Geotech Airborne survey.
Gippsland's Eritrean assets are held by the wholly owned Adobha Resources, with the subsidiary's tenement holding in the country an extensive 2200 square kilometres.
This is split between the Adobha Exploration Licence covering 2,100 square kilometres and the Gerasi South Exploration Licence covering an additional 100 square kilometres, with the Adobha region prospective for volcanogenic massive sulphide mineralisation and structurally controlled gold mineralisation.
Local examples of these types of deposits are the Bisha base metal deposit hosting 1.618 million ounces of gold and 0.45 million tonnes of copper in the Ore Reserves, which is located some 174 kilometres to the south and the Probable Ore Reserve of 0.760 million ounces of gold at the Zara gold project (Koka deposit).
This project is just 16 kilometres to the south of Gippsland's most southern Licence. The Precambrian Nubian-Arabian Shield hosts at least five gold deposits containing in excess of 1 million ounces of gold including the 14.5 million ounce Sukari gold deposit in Egypt.