Sheba Exploration, a mining firm in Ethiopia, has reported that exploration is continuing for the fourth successive year on its Shehagne Exclusive Exploration License in Tigray State.
Sheba recently signed a farm-in deal on the license with AIM listed Stratex International, which is now operating the license. Stratex has the option to earn up to 60% of the license title in return for spending £350,000 over the next 21 months.
Geologists from Sheba and Stratex are now operating in the area, with phase one of the exploration programme including a multi-element stream sediment survey and channel rock sampling. This is taking place close to the Tsemetti gold anomaly, which occurs in the south of the license area.
Sheba’s exploration license is one of the first of a number of new gold and base metal discoveries made in Ethiopia in recent years. Others announced recently include Makeda Mining’s Terer gold-rich volcanogenic massive sulphide deposit, Nyota Minerals’ Tulu Kapi syenite-hosted gold deposit and Midroc Gold’s Metekel shear-zone hosted gold trend.
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