Ethiopian-focused gold explorer Megado Gold (ASX:MEG) is well advanced in its planning for its maiden drilling campaign at the Babicho Gold Project, located in the Adola Gold Belt in southern Ethiopia.
Megado geologists’ fieldwork has continued to confirm strong evidence of artisanal workings and indications of significant occurrences of primary hard rock gold.
Most significantly, the team has completed a series of important preparatory steps culminating in Megado’s maiden drill programme at Babicho commencing next week.
Historical soil sampling at Babicho conducted in the late 1990’s delineated a coherent and highly significant two km long gold-in-soil anomaly that coincides with the major N-S trending shear zone that hosts the Lega Dembi and Sakaro gold deposits (+3Moz).
Within the two km long soil anomaly, preliminary work included only four trenches and four shallow drill holes with standout results headlined by 1m @ 35.3g/t Au in trenching.
Megado listed on the ASX in October 2020 having raised A$6 million in a strongly supported IPO, with a portfolio of five granted exploration licenses covering 511 sq. kmand an exploration license application for a further 227 sq. km.
CEO and Managing Director, Michael Gumbley, said initial Megado’s interpretations have identified over 50 high priority targets across the portfolio, with the most advanced being the major gold-in-soil anomalies and outcropping gold-bearing quartz veins at Babicho.
We are thrilled with our in-country team’s progress at Babicho. Megado’s six full-time Ethiopian geologists have successfully accelerated Megado’s exploration program such that our initial Babicho drilling campaign will commence next week,” Mr Gumbley said.
“Importantly for Megado, the current geological mapping and sampling programmes have delivered a far deeper understanding of the local geology. Programs executed to date have greatly assisted the planning and execution of Babicho’s maiden drilling programme, confirming our thesis that Babicho is a highly prospective asset for the company.
“Moreover, whilst historical exploration programmes produced extremely encouraging results and high gold grades, we firmly believe that previous companies misinterpreted the geology and structural controls to the gold mineralisation.
“We are incredibly fortunate that Megado’s staff have had extensive hands-on experience at the nearby Lega Dembi and Sakaro gold deposits. Our team has been able to apply their extensive knowledge of these along-strike deposits to inform our strategy for the drilling programme at Babicho.”
Megado fieldwork, including campaigns of geological and structural mapping and surface sampling to confirm and expand upon the historical data, has delineated a number of compelling drill targets for the Company’s upcoming maiden drilling program. This sampling highlighted the coarse nature of the gold, with significant quantities of gold grains and flakes reporting to gold panning during sampling.
In addition to the historical gold-in-soil anomaly and numerous spectral targets, Megado fieldwork continues to identify numerous additional targets of significant interest within the Babicho tenement, which will be the subject of future work programs including additional trenching and follow-up drilling.