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Nairoto Gold Project – Maiden Inferred Mineral Resource Estimate for “TL5” and Independent Technical Report Released
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration Number: 47656
South African external company registration number 2009/012636/10
Share code on JSE: GML / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Nairoto Gold Project – Maiden Inferred Mineral Resource Estimate for "TL5" and Independent
Technical Report Released
LONDON, 6 JUNE 2024
Gemfields, a world-leading responsible miner and marketer of coloured gemstones, is pleased to
release a Maiden Inferred Mineral Resource Estimate for Target Area 5 ("TL5") and an
Independent Technical Report ("ITR") on the 2022/2023 Exploration Programme at its gold
exploration project in Cabo Delgado, northern Mozambique.
The project is housed within Nairoto Resources Limitada ("Nairoto") which is 75% owned by
Gemfields and the analysis was conducted by SRK Exploration Limited ("SRK EX") with the
Inferred Mineral Estimate declared in line with the JORC Code (2012).
Kartikeya Parikshya, Gemfields' Managing Director for Mozambique, commented:
"This is exciting initial and early stage news for our gold project in northern Mozambique. An
Inferred Mineral Resource Estimate for TL5, just one of our target areas, infers noteworthy gold
("Au") deposits of 103 thousand ounces averaging more than 2 grams per tonne and lying within
80 metres of surface. Given we have yet to drill deeper in order to understand the depth extension,
these results are a good first step as we continue our exploration to better understand both TL5
and our other target areas.
"All being well, we hope to provide an Indicated Mineral Resource for TL5 by the end of the year.
Work will also continue in other target areas with the hope that they can follow TL5's lead and add
to the Mineral Resource.
"It is worth raising that our gold project remains outside of our core focus of responsibly mining
and marketing coloured gemstones. Gold mining is not part of Gemfields' long-term strategy and
we will in due course, once we have further understood the resource, look for a purchaser or
suitable partner for the project."
Nairoto - Maiden Inferred Mineral Resource Estimate results (TL5 Prospect Area)
- 1.58 million tonnes of mineralised rock with a gold grade of 2.02 gram per tonne ("g/t")
based on a 'Low Scenario' basis, resulting in 103 thousand ounces ("koz") of gold
- The Mineral Resource is primary mineralisation, and not part of the soil horizon, and
requires professional mining and metallurgical processing rather than an artisanal or 'dig
and pan' approach for the recovery of gold
- Inferred Mineral Estimate relates only to the TL5 Prospect Area, covering less than 0.1
square kilometres of the full 1,957 square kilometre licence area
- Results are based on 20 Reverse Circulation ("RC") drillholes totalling 1,464 metres
(details of which are set out in the Appendix below)
Mineralised Rock Au (g/t) Au (koz)
(M Tonnes)
Fresh 1.24 2.07 83
VEIN1 1.18 2.13 81
VEIN2 0.06 0.83 2
Oxide 0.34 1.86 20
VEIN1 0.23 2.34 17
VEIN2 0.11 0.82 3
Inferred Mineral Resource 1.58 2.02 103
SRK EX have identified 18 priority target locations, covering a 115 square kilometre area, based
on the results of extensive regional soil sampling in conjunction with available geological and
geophysical information. Nairoto intends to prioritise exploration in these target areas.
The full ITR is available online at:
http://www.gemfieldsgroup.com/assets/cprs-mineral-resources-and-mineral-reserves/.
Background to Nairoto
Nairoto is a joint venture between Gemfields (75%) and Mwiriti Lda (25%), the Group's existing
partner in Montepuez Ruby Mine ("MRM").
Nairoto became fully functional in January 2020. Nairoto is the beneficial owner of 12 licences
located about 30 kilometres to the north of the MRM concession, covering an area of 1,957 square
kilometres. The licences hold exploration potential for gold (both primary and secondary) as well
as ruby and allied minerals through a blend of prospecting and mining licences.
Nairoto requested SRK EX to undertake a review of its 2022/2023 exploration programme and
advise on the Mineral Assets of the 12 licences. SKR EX was also requested to review the geological
and exploration data for TL5 Prospect on Mining Concession 9783C and which has resulted in the
declaration of a maiden Inferred Mineral Resource Estimate.
Mining Concession 9783C has a current expiry date of June 2044.
It should be noted that an Inferred Mineral Resource is not a Mineral Reserve and does not
demonstrate economic viability at this stage.
Competent Person Statement
Beyond SRK's external review, the technical information contained in this announcement was
reviewed by Jonathan Deane, Head of Geology for Nairoto, who is a registered Natural Scientist
with the South African Council for Natural Scientific Professions ("SACNASP") in Geological
Science.
Mr Deane has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as
defined for the purposes of the JSE Listings Requirements and AIM Guidance Note on Mining
and Oil & Gas Companies dated June 2009.
Appendix: Drilling Results – RC drilling intersections (TL5 Prospect Area)
Based on all available assay results to date, 12 drillholes indicated Au intersections. Reported assay
results ranged from <0.01 to 25.50 g/t Au. A total of 123 RC samples returned assay values greater
than or equal to 1.00 g/t Au.
Drillhole ID From To Intersection
(m) (m)
TL5 RC001 39 44 5m at 0.36 g/t Au
TL5 RC002 29 45 16m at 1.51 g/t Au
including 6m at 2.68 g/t Au from 32 m
62 67 5m at 1.28 g/t Au
TL5 RC003A 53 72 19m at 1.75 g/t Au
including 3m at 2.46 g/t Au from 53 m
and 6m at 2.93 g/t Au from 65 m
TL5 RC004 5 36 31m at 6.47 g/t Au
including 8m at 4.39 g/t Au from 5 m
and 12m at 12.28 g/t Au from 21 m
TL5 RC005 31 51 20m at 3.21 g/t Au
including 7m at 6.78 g/t Au from 43 m
TL5 RC006 48 77 29m at 2.90 g/t Au
including 3m at 3.97 g/t Au from 48 m
and 10m at 4.63 g/t Au from 56 m
TL5 RC007 13 22 9m at 3.81 g/t Au
including 4m at 6.37 g/t Au from 15 m
TL5 RC007A 22 35 13m at 2.70 g/t Au
including 5m at 4.21 g/t Au from 30 m
TL5 RC008 40 60 20m at 2.61 g/t Au
including 2m at 7.13 g/t Au from 57 m
TL5 RC010 20 23 3m at 0.44 g/t Au
TL5 RC018 37 43 6m at 0.80 g/t Au
TL5NRC001 11 14 3m at 1.21 g/t Au
25 40 15m at 1.84 g/t Au
including 6m at 3.36 g/t Au from 28 m
45 55 10m at 1.03 g/t Au (hole ended in mineralisation)
Source: SRK EX, 2024. Notes: A cut-off grade of 0.3 g/t Au was used when identifying possible Au intersections
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Liberum
(AIM) & BROKER Scott Mathieson / John More / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR / IR Camarco
Gordon Poole / Emily Hall / Charlie Dingwall
T: +44(0) 20 3757 4980
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 06-06-2024 08:00:00
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