Nyota Minerals Limited (Nyota) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX). We are focused on the exploration and concurrent development of Tulu Kapi, our flagship project in Western Ethiopia. Total Inferred JORC Resource containing 1.46 million ounces of gold (15.96 million tonnes @ 2.84g/t gold). The Company is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.
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Nyota Minerals Limited (Nyota) is a gold exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX)
We are focused on the exploration and concurrent development of Tulu Kapi, our flagship project in Western Ethiopia. Total Indicated and Inferred JORC Resource containing 1.67 million ounces of gold (17.97 million tonnes @ 2.90 g/t gold). Nyota is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.
Nyota holds six Exploration Licences covering an area of approximately 3,400 km2 within Ethiopia, on the Arabian Nubian Shield. Four of the Exploration Licences are located over and around the Tulu Kapi deposit: Tulu Kapi, Yubdo, Billa Gulliso and Ankore (totaling 290 km2). The other two Exploration Licences: Brantham and Towchester (totaling 3,147 km2) are located approximately 100 km north of Tulu Kapi (the “Northern Blocks”) and cover four distinct parcels of land, as shown below.
Nyota is currently at the final stages of a Definitive Feasibility Study (“DFS”) in respect of the Tulu Kapi deposit, which has a Mineral Resource of 17.97 million tonnes @ 2.90g/t gold containing 1,672,000 ounces of gold, and is in negotiations with the Government of Ethiopia to convert this Exploration Licence into a Mining Licence.
Whilst development activities are focused on Tulu Kapi, exploration is ongoing on a number of fronts. A Proximal & Satellite exploration programme aimed at providing additional feed for the Tulu Kapi plant is testing targets located within a 5 km radius of the planned mine site as well as identifying prospects situated in the Yubdo and Billa Gulliso Exploration Licence areas in a radius of 20 km of Tulu Kapi.
A separate Regional exploration programme is underway on the Northern Blocks to test prospects identified within the Brantham and Towchester Exploration Licences.
The Tulu Kapi & Ankore exploration licence was granted to Nyota Ethiopia (formerly Golden Prospect Mining Company or GPMC) on May 27th 2005. Prior to the acquisition of Tulu Kapi by Nyota in August 2009, detailed geological mapping, trenching, geophysics and diamond drilling was conducted within the licence.
GPMC also undertook trenching at Tulu-Kapi in 2006 (2 trenches), and excavated a further 14 trenches in 2009 after being acquired by Nyota.
The Tulu Kapi & Ankore exploration licence has been mapped at a scale of 1:5,000 and the Tulu-Kapi resource area has been mapped at a scale of 1:2,000.
GPMC conducted IP-Resistivity surveys (2 profiles aligned along NE-SW direction with a gradient survey) covering an area of 400m by 400m in May 2009. GPMC also undertook additional gradient IP-Resistivity work covering an area of 800m by 400m and ground magnetic survey covering 2.5km by 1.2km.
Phase 1 to Phase 4 drilling undertaken by GPMC focused exclusively over a 400m x 400m area coincident with peak gold in soil geochemistry over the Tulu Kapi deposit and consisted solely of 34 angled diamond drill holes to a maximum depth of 200m.
The Bendokoro target is located a short distance NNW of Boka Sirba in the Mendi Exploration Licence area. The target covers an area of 13.5km2 and was defined based on a combination of mapping, stream sediment sampling, heavy mineral concentrate analysis, soil sampling, trenching and rock chip sampling. SGS Laboratories (Johannesburg) conducted multi-element analysis on some 229 samples.
The geology of Bendokoro North comprises volcano-sedimentary units, greenstone, marble, granitoids and a gossan, located on the northern margin of a distinct ring structure, as outlined by the airborne geophysical structure.
Work to date has confirmed that mineralisation is contained in an inter-bedded suite of greenstone volcano-sedimentary rocks 10-30 metres wide, showing pervasive pyrite and secondary chalcopyrite mineralisation. This corresponds with the gossanous outcrop mapped at surface and grab samples containing up to 10.6 g/t.
Nyota has currently identified two anomalies:
An Eastern anomaly comprising an 800m strike length, 100m wide target which has returned gossan grab samples with peak grades of 10.6g/t Au, 8.89g/t Au, 8.81g/t Au, 5.67g/t Au, 4.29g/t Au and 3.18g/t Au; and
A Western anomaly that extends over a 1km strike length, is 100m to 200m wide and includes continuous gold in soil geochemical results peaking at 1.39g/t Au. Both East and West anomalies are open-ended to the north, south, east and west.
Boka Sirba is a skarn target that extends over a strike length of approximately 15 km with other targets recently identified in its immediate vicinity.
Detailed reconciliation of geophysical survey data, geological mapping and anomalous samples has proven that the quartzite meta-sediments in the more distal epidote environment contain gold. This contradicts the initial model in which gold was thought to be restricted to the Boka Sirba marble unit of the endo-skarn.
Further work is therefore required before the intended initial drilling can commence; this is ongoing. In addition, soil sampling and mapping continues to target extensions to the mineralised assemblage of rocks which totals more than 15km of strike length.
Excellent grades have been received for grab samples taken over the original Boka Sirba skarn with peak grades of 10.85 g/t Au, 5.92 g/t Au, 5.85 g/t Au and 1.80 g/t Au. Two speculative trenches dug along strike from the main skarn outcrop returned low grades.
Approximately 3 km due west, a new Boka Sirba target has been identified returning peak grab sample grades of 16.05 g/t Au, 10.85 g/t Au, 8.84 g/t Au and 5.92 g/t Au. This new target area shows skarn-type mineralization of unknown strike extent that will be tested by trenching. Based on the high gold grades returned from grab sampling it is likely that additional metres will be added to the planned drilling at Boka Sirba to include this prospect.
Neil Maclachlan has extensive experience in both the City and the mining industry and was appointed in March 2012 to help further the development of Nyota. With three decades of investment banking experience, he has held senior positions, including with HSBC Investment Banking at Wardley Australia and James Capel & Co Ltd. His banking experience spans Asia, Australia, and Europe. Additionally, Neil was the Executive Vice President, Asia, for Barrick Gold Corporation and a director of Golden Prospect Plc. Most recently, he was a director of Extract Resources Ltd and Kalahari Minerals Plc ("Kalahari"), where he was part of the team that successfully negotiated and concluded the sale of Kalahari to Taurus Minerals, an indirect subsidiary of China Guandong Nuclear Power Corporation, in February 2012.
Chief Executive Officer
Richard Chase joined Nyota Minerals Limited on 16 May 2011. He holds a BSc (Hons.) in Geology from the University of Birmingham and a MSc in Exploration Geology from the University of Rhodes, South Africa. In addition he is a Member of Institute of Materials, Minerals and Mining and a Fellow of The Geological Society. He has 19 years’ experience in the resources sector: eight of those working in the mining industry as an exploration and mining geologist with SAMAX Resources, which was acquired by Ashanti Goldfields in 1998 for US$135 million, and the last eight with Ambrian Capital Plc, the AIM-listed natural resources investment bank. Richard was Managing Director of the Board of Ambrian Partners Limited (a wholly owned subsidiary of Ambrian Capital Plc) from September 2009 until May 2011.
Appointed to the Nyota board in April 2005, Mike Langoulant is a chartered accountant with 20 years' experience in corporate administration and fundraising for public companies. Mike spent ten years with large international accounting firms, and has acted as chief financial officer, company secretary and non-executive director for a number of publicly listed companies. Mike established his own consultancy firm in 1994.
Martyn Churchouse is a geologist with an extensive background in exploration and mining in both Africa and Eastern Europe. He has significant experience in exploration, resource definition, mine development, production and corporate management.
Norman Ling has held a series of appointments at the UK Foreign and Commonwealth Office in a career spanning more than 30 years. Norman's last post was as British Ambassador to Ethiopia, Djibouti and the African Union from 2008 to 2011, when he retired from government service.
Non-Executive Deputy Chairman
David Pettman became a partner of UK stockbroker Williams de Broe in 1976 and worked on the institutional sales desk for 20 years. In 1996, he began to specialise in the mining sector and was responsible for advising on the successful flotation of Aquarius Platinum Limited, Nyota Minerals Limited, Sylvania Resources Limited and Churchill Mining Plc.
Dr. Evan Kirby
Evan Kirby was appointed to the Nyota board in November 2002. A metallurgist with over 30 years' experience, he worked in South Africa for 17 years primarily for Impala Platinum, Rand Mines and Rustenburg Platinum Mines before moving to Australia in 1992. In Australia, Evan worked for Minproc Engineers and Bechtel before starting his own consulting business a decade later. With his broad experience, he has been involved in the development of a wide range of mining and minerals processing projects in Africa and Australia, as well as other parts of the world.
AS AT 31 JULY 2012
The following shareholders have a significant shareholding (>3%) in the Company as defined by the AIM Rules for Companies
fully paid shares
fully paid shares
International Finance Corporation
Resource Capital Funds Mgt
JP Morgan Asset Mgt
Investec Asset Mgt
Updated from Company website 29.08.2012
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