Haykota LIcence

 

The Haykota exploration licence, issued in 2009, contains gold-copper-zinc Volcanogenic Massive Sulphide (VMS) mineralisation and shear-hosted gold occurrences. Extended in September 2016 to 351 square kilometres by the addition of an area to the south, the licence holds more than 30 targets identified from Andiamo’s systematic geophysical, geochemical and geological exploration. 


Evaluation is most advanced at the Yacob Dewar oxide gold deposit, which holds a JORC Indicated Resource of 80,000 ounces of gold at 2.8g/t.  The deposit lies in the top 40m, within 6km of a sealed trunk road and has access to an ample water supply. Metallurgical tests have indicated that the gold can be efficiently extracted by cyanide leaching with better than 90% recovery. The Company intends to complete technical and economic work and to apply for a mining licence.

Other promising targets include YD West (2.4% Cu over 63m from drilling); Hoba (0.8% Cu over 28m) and Shambotai (0.5g/t Au over 36m)

Andiamo Exploration is a private UK company exploring for gold and base metals in Eritrea

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REGISTERED OFFICE


Wax Chandlers' Hall

6 Gresham Street

London

EC2V 7AD

UK


Tel. +44 (0)20 7600 1888

Corporate profile

 

Since 2009, Andiamo Exploration Ltd has been exploring and evaluating the Haykota licence area, 50km south of the Bisha gold-copper-zinc mine in southwestern Eritrea.  Systematic exploration identified many targets, which are being evaluated. The most advanced is Yacob Dewar, a small but potentially very profitable gold deposit.  The licence was extended by about a third southwards in September 2016 to include many promising new targets. The Company is fully compliant with its spending commitments and published its maiden mineral resource report in March 2013. 


Andiamo has invested approximately $15M of equity and joint venture funding in exploration to date. The Company has 39.4 million ordinary shares in issue

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Haykota Exploration Licence

Andiamo Exploration's CEO Letter to Shareholders (February 2017) Can be found here