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Rift Valley Resources drilling results confirms high grade gold at Chui prospect in Tanzania  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 16/12/2012

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(MENAFN - ProactiveInvestors - Australia) Rift Valley Resources (ASX:RVY) has completed the second phase of drilling at its Miyabi gold project in the Lake Victoria Goldfields in Tanzania with results at the Chui prospect confirming high grade.

The latest five week drilling program focussed on the new Chui Prospect and on three new geophysical targets identified within the broader Miyabi Structural Corridor.

A new drill hole on the Chui prospect confirmed the high grade mineralisation identified by a previous drill hole which intersected gold anomalies at 11 metres at 23 grams per tonne (g/t) of gold.

The new hole intersected 12 metres at 6.02g/t gold from 33 metres in the reverse circulation percussion precollar and extending to the end of the precollar.

A total of 117 holes for 4,290 metres of drilling have now been completed in the second phase of 2012 drilling. It involved 107 aircore holes, 9 reverse circulation percussion holes and one diamond drill hole.

Exploration work will continue at Miyabi during December 2012 and January 2013 to infill the soil sampling grid within the Miyabi Structural Corridor which is aimed at targeting additional zones of mineralisation.

The Miyabi Gold Project has Mineral Resources contained in several deposits totalling 12.4 million tonnes at 1.3g/t of gold.

This Resource comprises 520,000 ounces of gold estimated in accordance with JORC in 2004. The resource also comprises 370,000 ounces of Indicated Mineral Resource and 150,000 ounces of Inferred Mineral Resource that was estimated in 2006.

 






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