Nyieme Project (Burkina Faso) Exploration Progr...
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
16 November 2010
Goldplat plc ('Goldplat' or 'the Company')
Nyieme Project (Burkina Faso) Exploration Programme
Goldplat plc, the AIM quoted gold producer, is pleased to announce details of
its intended exploration programme on the Nyieme Gold Project in Burkina Faso.
Overview
* Positive diamond drilling results (announcement dated 25 October 2010)
confirmed the highly prospective nature of the Nyieme Gold Project
* 11 new targets have been defined over the licence from existing exploration
data
* The Exploration programme will be primarily focussed on the 5km long north-
south trending geological boundary
* New targets underpin the prospectivity of the licence
* Eight of the targets contain anomalous soil sample values, one based on
strong geophysical target, one has identical morphology as the currently
drilled high gold grade area
* Programme scheduled to start in January 2011 and expected to be completed by
the end of April 2011
Goldplat CEO Demetri Manolis said, "The Nyieme Gold Project has already yielded
some exciting results and with our new exploration campaign, we hope to further
quantify the prospectivity of the licence area. Â The advancement of this project
remains a priority for the Company as we believe Nyieme has the potential to add
significant value to our portfolio."
Following the successful diamond drilling programme reported on 25 October
2010, Goldplat is extending its exploration of the highly prospective Nyieme
Gold Project, through the implementation of an extensive programme including
tight-grid soil sampling, trenching, reverse circulation drilling ('RC'), and
diamond drilling, which will target 11 new areas of interest. Â The previous
diamond drilling programme confirmed the existence of a high gold grade quartz
vein system with results including 19.1g/t over 116cm and 12.24g/t over 100cm
width. Â These results underpinned the high grades reported by Sanu Resources
('Sanu') which included 17.48g/t over 3m, 17.83g/t over 1m, and 16.76g/t over
1m.
Targets
The new programme is centred on 11 target areas which are in addition to the
recently drilled area. Â These 11 areas have been identified primarily utilising
Sanu's historic data from a previous exploration campaign, which involved an
extensive 400 x 400m soil sampling grid with follow up 200 x 50m grids, regional
geological mapping, rock sampling and a limited geophysical survey. Â Sanu's
campaign ultimately focussed on the area to the north of the Nyieme Licence
where it completed a 26-hole RC drilling programme. Â The recently completed
Goldplat diamond drilling programme confirmed the findings of Sanu's RC drilling
programme. Goldplat has collated all the available geological data and has
developed a geological model which forms the basis of the exploration programme.
The overall geological model is based on the existence of rheological
differences between a granitic terrain and Birimian volcanoclastic
metasediments. Â North-south shearing has developed open fractures (termed Riedel
Shears) between the two terrains which have been in-filled with quartz. Â In the
drilled area this quartz contained gold mineralisation.
The exploration programme will be primarily focussed on the 5km long north-south
trending geological boundary between intrusives and metasediments, but other
prospective areas conforming to the exploration design parameters will also be
included.
Exploration Programme
Four methods of exploration will be utilised: tight-grid soil sampling,
trenching, RC drilling, and diamond drilling.
The soil sampling field work is scheduled to start at the beginning of January
2011 and is expected to be completed within one month. Â Eight separate grids are
to be sampled.
Trenching is also scheduled to commence at the beginning of January and is
expected to be completed by the end of March 2011. Â 33 trenches are planned
resulting in a total of 3,450m. Â The exact location of the trenches will be
guided by soil sampling results, existing geophysics, and geological mapping.
A RC drilling programme, comprising 24 holes, is scheduled to start during March
2011 and be completed before the end of April 2011. Â Positive results from the
exploration programme will be followed up by a programme of diamond drilling.
 The location and number of diamond drill holes is dependent on results but an
estimate of 20 holes is being used for budgetary purposes.
The total cost of this phase of the exploration programme, which includes soil
sampling, trenching, RC drilling and diamond drilling is estimated to be
$850,000.
Follow-up drilling will be a mixture of RC and diamond drill drilling depending
on the degree of information required. At this point 9,700 m of RC drilling and
4,300 m of diamond drill is planned. Â This may be subject to change depending on
the results obtained.
The exploration programme has been designed in accordance with the following
controlling parameters:
* Conformance with the geological model
* Geophysical anomalies
* Anomalous soil sampling results
* Proximity to artisanal workings
The programme has enough resolution to ensure that even small high gold grade
deposits will be identified.
Qualified Person
This announcement has been reviewed by Mr. Mark Austin, the group geologist for
Goldplat who has more than 25 years of relevant experience in the field of
activity concerned. Â He is a fellow of the Geological Society of South Africa
('GSSA') and has consented to the inclusion of the material in the form and
context in which it appears.
* * ENDS * *
For further information visit www.goldplat.com or contact:
Demetri  Manolis, CEO Goldplat plc Tel: +27 (0) 11 423 1203
James Joyce WH Ireland Limited Tel: +44 (0) 20 7220 1666
Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Notes
Goldplat plc is an AIM-listed gold producer with operations in Africa. Â Its
strategy is to consolidate its position as a gold producer in Africa and build
itself into a highly profitable mid-tier gold company, leveraged through revenue
generated from its gold recovery businesses.
The Company has two recovery businesses based in South Africa and Ghana, which,
by safely disposing mining by-products, fulfil an important aspect of the mines'
environmental management programmes. Â The South African plant is located near
the centre of the East Rand Goldfield and raw material feedstocks are sourced
from many of the major South African mining companies, including AngloGold
Ashanti, Goldfields, Harmony, DRD Gold and other smaller producers. Â The Ghana
plant, located in the free port of Tema, provides access to raw materials from
mines in Mali, Guinea, Burkina Faso, Benin, Cote D'Ivorie, Senegal, the DRC and
Mauritania, as well as Ghana.
Goldplat's strategy is to build itself into a highly profitable mid-tier gold
producer, through the acquisition of known deposits with targets of between
200,000 and one million contained ounces. Â Kilimapesa Gold is a wholly owned
subsidiary of Goldplat and is developing the potential of the 213 sq km
Lolgorien licence area located in the historically producing Migori Archaean
Greenstone Belt in western Kenya. Â Kilimapesa Gold commenced initial production
in January 2009 and an aggressive exploration and development programme has
resulted in a maiden JORC compliant resource being reported in October 2009. Â In
December 2009 Goldplat plc entered into an agreement with Sanu Exploration (BVI)
Limited ('Sanu'), a wholly owned subsidiary of NGEX Resources Inc, to acquire
Sanu's option over the 246 sq km Nyieme Gold Project ('Nyieme') located in
Burkina Faso.  The Nyieme exploration licence includes known high-grade quartz
vein structures, with drill core results showing up to 17.83 g/t gold over one
metre and 11.67 g/t over five metres. Goldplat has started a programme of
trenching and diamond drilling in order to prove up and expand the existing
mineralisation.
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Source: Goldplat plc via Thomson Reuters ONE