Canadian mineral exploration company Tigray Resources has revealed compliant gold, copper, silver and zinc mineral resource estimate for the Terakimti volcanogenic massive sulfide (VMS) deposit at Harvest project.
Harvest project is 70%-owned by Tigray Resources and is located in the Arabian Nubian Shield in northern Ethiopia.
The company said that this mineral resource estimate is contained within the first prospect discovered at the Harvest Project in 2009 and incorporates 16,495m of drilling in 79 diamond drill holes.
Mineral resource defined to a depth of 300m indicated 2.131 million tonnes containing 89.477 million pounds copper, 86,000oz gold, 1.13 million ounces silver and 66.871 million pounds zinc.
Near surface oxide gold mineralisation shows potential for heap leach amenability.
Tigray president and CEO Andrew Lee Smith said: "Further drilling and analysis planned for 2014 will assess if the high-grade oxide resource and favourable metallurgical response defined to date presents opportunity for near-term cash flow through small-scale open pit operations at Terakimti."
In addition, Tigray has witnessed positive results from ongoing metallurgical testing at Terakimti.
The mining company has drill tested another six prospects through 4,316m, which is not included in this initial mineral resource estimate.
This testing continues in the present drill programme with drilling at three priority target areas at both the Harvest and Adyabo projects.