Positive update boosts African Barrick Gold
Shares in mining giant African Barrick Gold (ABG) were on the rise on Friday, after the mining giant released a positive update on its operations in the Tusker resource area.
The FTSE 250-listed firm, which was recently relegated in a FTSE 100 reshuffle, said it had made further successful intersections in the area and confirmed continuity of the broad higher-grade gold mineralisation.
Its shares were over 4% higher in morning trading.
ABG said these higher grade zones could add "considerable value" to project economies and increase the potential for Tusker to add to its future growth profile.
It added that step-out drilling testing the down-dip extensions of previously reported broad higher grade mineralisation occurred over at least a 200 metre strike length.
Results included hole NYZRCDD0234, which intersected a high grade zone of 29 metres at 6.04 grams per tonne (g/t) Au within a broader envelope of 60 metres at 3.58 g/t Au from 510 metres.
Hole NYZRCDD0235 also intersected 61 metres at 6.24 g/t Au from 594 metres (down-hole) and included one metre at 146g/t Au and two metre at 50.9g/t Au.
As a result of the step-out drilling so far completed, the known mineralised zone at Tusker has been expanded by 200 metres to the north, 120 metres to the south and down-dip by an average of 200 metres over a strike length of 240 metres.
