Remote sensing program conducted by Megado identified significant spectral anomalies throughout the Adola Belt (in addition to Babicho and Chakata), indicative of mineral alteration commonly associated with orogenic greenstone-hosted gold mineralisation found in the Arabian-Nubian Shield.
The Company applied for ground to capture these targets, adding the following tenements to the Megado portfolio:
- Mormora comprises a 139km2 granted exploration licence located 40km south of the Lega Dembi and Sakaro mines, straddling the same north-south trending thrust fault that hosts these mines. Locally the area has significant amount of placer gold deposits that have been worked by local artisanal miners, but the primary source of the placer gold is currently unknown.
- Dawa comprises a 41km2 approved exploration licence. Dawa, and Mormora, are adjacent to a significant non-JORC resource and gold mineralisation identified by RC drilling via ARTEL Ethiopia in 2014 (a private company) that intercepted up to 26g/t Au in shallow reconnaissance drilling.
- Dermi Dama comprises a 227km2 exploration license application, focusing on the very under-explored, but highly prospective, Kenticha Belt.
Less known previous work has been done on these areas, with little to no previously known modern exploration methods undertaken to locate a primary hard rock gold source. However, these anomalies provide walk-up targets for immediate exploration, which will include mapping, soil sampling, trenching, geophysics and drilling.
These applications have been approved at the federal level by the Ministry of Mines and Petroleum, as well as at the state and zonal levels. Their municipality approval, the final stage of the process, is imminent.
These additional tenements significantly strengthen Megado’s dominant land position in the Adola Gold Belt.