Incorporated in Guernsey.
Guernsey registration Number: 47656
South
African external company registration number
2009/012636/10
Share
code on JSE: GML / AIM: GEM
ISIN:
GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Nairoto Gold Project - Maiden
Inferred Mineral Resource Estimate for "TL5" and Independent
Technical Report Released
LONDON, 6 JUNE 2024
Gemfields, a world-leading responsible miner and marketer of coloured
gemstones, is pleased to release a Maiden Inferred Mineral Resource
Estimate for Target Area 5 ("TL5") and an Independent Technical
Report ("ITR") on the 2022/2023 Exploration Programme at its gold
exploration project in Cabo Delgado, northern
Mozambique.
The project is housed within Nairoto
Resources Limitada ("Nairoto") which is 75% owned by Gemfields and
the analysis was conducted by SRK Exploration Limited ("SRK EX")
with the Inferred Mineral Estimate declared in line with the JORC
Code (2012).
Kartikeya Parikshya, Gemfields' Managing Director for
Mozambique, commented:
"This is exciting initial and early
stage news for our gold project in northern Mozambique. An Inferred
Mineral Resource Estimate for TL5, just one of our target areas,
infers noteworthy gold ("Au") deposits of 103 thousand ounces
averaging more than 2 grams per tonne and lying within 80 metres of
surface. Given we have yet to drill deeper in order to understand
the depth extension, these results are a good first step as we
continue our exploration to better understand both TL5 and our
other target areas.
"All being well, we hope to provide
an Indicated Mineral Resource for TL5 by the end of the year. Work
will also continue in other target areas with the hope that they
can follow TL5's lead and add to the Mineral Resource.
"It is worth raising that our gold
project remains outside of our core focus of responsibly mining and
marketing coloured gemstones. Gold mining is not part of Gemfields'
long-term strategy and we will in due course, once we have further
understood the resource, look for a purchaser or suitable partner
for the project."
Nairoto - Maiden Inferred Mineral Resource Estimate results
(TL5 Prospect Area)
·
1.58 million tonnes of mineralised rock with a
gold grade of 2.02 gram per tonne ("g/t") based on a 'Low Scenario'
basis, resulting in 103 thousand ounces ("koz") of gold
·
The Mineral Resource is primary mineralisation,
and not part of the soil horizon, and requires professional mining
and metallurgical processing rather than an artisanal or 'dig and
pan' approach for the recovery of gold
·
Inferred Mineral Estimate relates only to the TL5
Prospect Area, covering less than 0.1 square kilometres of the full
1,957 square kilometre licence area
·
Results are based on 20 Reverse Circulation ("RC")
drillholes totalling 1,464 metres (details of which are set out in
the Appendix below)
|
|
Mineralised Rock (M
Tonnes)
|
Au (g/t)
|
Au (koz)
|
|
Fresh
|
1.24
|
2.07
|
83
|
|
VEIN1
|
1.18
|
2.13
|
81
|
|
VEIN2
|
0.06
|
0.83
|
2
|
|
Oxide
|
0.34
|
1.86
|
20
|
|
VEIN1
|
0.23
|
2.34
|
17
|
|
VEIN2
|
0.11
|
0.82
|
3
|
|
Inferred Mineral Resource
|
1.58
|
2.02
|
103
|
SRK EX have identified 18 priority
target locations, covering a 115 square kilometre area, based on
the results of extensive regional soil sampling in conjunction with
available geological and geophysical information. Nairoto intends
to prioritise exploration in these target areas.
The full ITR is available online
at:
http://www.gemfieldsgroup.com/assets/cprs-mineral-resources-and-mineral-reserves/.
Background to Nairoto
Nairoto is a joint venture between
Gemfields (75%) and Mwiriti Lda (25%), the Group's existing partner
in Montepuez Ruby Mine ("MRM").
Nairoto became fully functional in
January 2020. Nairoto is the beneficial owner of 12 licences
located about 30 kilometres to the north of the MRM concession,
covering an area of 1,957 square kilometres. The licences hold
exploration potential for gold (both primary and secondary) as well
as ruby and allied minerals through a blend of prospecting and
mining licences.
Nairoto requested SRK EX to
undertake a review of its 2022/2023 exploration programme and
advise on the Mineral Assets of the 12 licences. SKR EX was also
requested to review the geological and exploration data for TL5
Prospect on Mining Concession 9783C and which has resulted in the
declaration of a maiden Inferred Mineral Resource
Estimate.
Mining Concession 9783C has a
current expiry date of June 2044.
It should be noted that an Inferred
Mineral Resource is not a Mineral Reserve and does not demonstrate
economic viability at this stage.
Competent Person Statement
Beyond SRK's external review, the
technical information contained in this announcement was reviewed
by Jonathan Deane, Head of Geology for Nairoto, who is a registered
Natural Scientist with the South African Council for Natural
Scientific Professions ("SACNASP") in Geological
Science.
Mr Deane has sufficient experience
that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify
as a Competent Person as defined for the
purposes of the JSE Listings Requirements and AIM Guidance Note on
Mining and Oil & Gas Companies dated June 2009.
Appendix: Drilling Results - RC drilling intersections (TL5
Prospect Area)
Based on all available assay results
to date, 12 drillholes indicated Au intersections. Reported assay
results ranged from <0.01 to 25.50 g/t Au. A total of 123 RC
samples returned assay values greater than or equal to 1.00 g/t
Au.
|
Drillhole ID
|
From (m)
|
To (m)
|
Intersection
|
|
TL5 RC001
|
39
|
44
|
|
5
m
|
at 0.36 g/t Au
|
|
TL5 RC002
|
29
|
45
|
|
16
m
|
at 1.51 g/t Au
|
|
|
|
|
including
|
6
m
|
at 2.68 g/t Au from 32 m
|
|
|
62
|
67
|
|
5
m
|
at 1.28 g/t Au
|
|
TL5 RC003A
|
53
|
72
|
|
19
m
|
at 1.75 g/t Au
|
|
|
|
|
including
|
3
m
|
at 2.46 g/t Au from 53 m
|
|
|
|
|
and
|
6
m
|
at 2.93 g/t Au from 65 m
|
|
TL5 RC004
|
5
|
36
|
|
31
m
|
at 6.47 g/t Au
|
|
|
|
|
including
|
8
m
|
at 4.39 g/t Au from 5 m
|
|
|
|
|
and
|
12
m
|
at 12.28 g/t Au from 21 m
|
|
TL5 RC005
|
31
|
51
|
|
20
m
|
at 3.21 g/t Au
|
|
|
|
|
including
|
7
m
|
at 6.78 g/t Au from 43 m
|
|
TL5 RC006
|
48
|
77
|
|
29
m
|
at 2.90 g/t Au
|
|
|
|
|
including
|
3
m
|
at 3.97 g/t Au from 48 m
|
|
|
|
|
and
|
10
m
|
at 4.63 g/t Au from 56 m
|
|
TL5 RC007
|
13
|
22
|
|
9
m
|
at 3.81 g/t Au
|
|
|
|
|
including
|
4
m
|
at 6.37 g/t Au from 15 m
|
|
TL5 RC007A
|
22
|
35
|
|
13
m
|
at 2.70 g/t Au
|
|
|
|
|
including
|
5
m
|
at 4.21 g/t Au from 30 m
|
|
TL5 RC008
|
40
|
60
|
|
20
m
|
at 2.61 g/t Au
|
|
|
|
|
including
|
2
m
|
at 7.13 g/t Au from 57 m
|
|
TL5 RC010
|
20
|
23
|
|
3
m
|
at 0.44 g/t Au
|
|
TL5 RC018
|
37
|
43
|
|
6
m
|
at 0.80 g/t Au
|
|
TL5NRC001
|
11
|
14
|
|
3
m
|
at 1.21 g/t Au
|
|
|
25
|
40
|
|
15
m
|
at 1.84 g/t Au
|
|
|
|
|
including
|
6
m
|
at 3.36 g/t Au from 28 m
|
|
|
45
|
55
|
|
10
m
|
at 1.03 g/t Au (hole ended in
mineralisation)
|
|
Source: SRK EX, 2024.
Notes: A cut-off grade of
0.3 g/t Au was used when identifying possible Au
intersections
|
|
|
|
|
|
|
|
|
-ENDS-
Further
information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join
our investor mailing list, contact us on:
ir@gemfields.com
For any
press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law
pursuant to the European Union (withdrawal) act 2018
("MAR").
ENQUIRIES
|
GEMFIELDS
|
Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
|
|
SPONSOR (JSE)
|
Investec Bank Limited
|
|
NOMINATED ADVISER
(AIM) & BROKER
|
Liberum
Scott Mathieson / John More / Anake Singh
T: +44(0) 20 3100 2222
|
|
FINANCIAL PR/ IR
|
Camarco
Gordon Poole / Emily Hall / Charlie Dingwall
T: +44(0) 20 3757 4980
|
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading
responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia
(believed to be the world's single largest producing emerald mine)
and the Montepuez ruby mine in Mozambique (one of the most
significant recently discovered ruby deposits in the world). In
addition, Gemfields also holds controlling interests in various
other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of
Fabergé - an iconic and prestigious brand of exceptional heritage -
enables Gemfields to optimise positioning, perception and consumer
awareness of coloured gemstones through Fabergé designs, advancing
the wider group's "mine and market" vision.
Gemfields has developed a
proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream
markets, a key component of Gemfields' business model that has
played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS
GEMFIELDS.COM
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