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Goldplat's positive drilling results confirm Nyieme project's potential

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Goldplat (LON:GDP) shares were boosted this morning with positive drilling results confirming the potential of the Nyieme gold project in Burkina Faso.

The company released results from an 11-hole infill program, which will form part of a maiden JORC resource for Nyieme. Five holes returned grades over 4 grams per tonne (g/t) gold, with the highest reaching 19.1g/t.

"These excellent results reinforce the prospectivity of the Nyieme project, with drilling intersecting high grade quartz veins and confirming the potential of the target structure,” chief executive Demetri Manolis said.

Shares climbed over 6% in early trade to reach 13.25 pence.

Exploration is a relatively new business area for Goldplat but it is providing a boon for its traditional metal recovery business. The development of Nyieme and the Kilimapesa gold project in Kenya is being supported by Goldplat’s cash generative gold and platinum processing plants in South Africa and Ghana.

At Nyieme, Goldplat is compiling the results, along with results from previous owners Sanu Resources, in order to produce an initial JORC-compliant resource.

Importantly the results successfully tested the projects ‘payshoot’ model.

Goldplat said the predicted payshoots on the quartz vein were verified and their depth extensions were confirmed.

Also Goldplat is now planning to extend its exploration programme following the positive results, to test other target areas on the licence.

“We have identified additional targets on the project and we are now designing the next stage of exploration,” Manolis added.

This exploration programme will get underway in January 2011.

The new exploration targets include an area of artisanal mining activity, as well as a continuation of the geophysical anomaly that defines the current prospect area.

These targets are generally focused on a 5 kilometre long north-south trend.

Quick facts: Goldplat PLC

Price: 5.13998 GBX

AIM:GDP
Market: AIM
Market Cap: £8.61 m
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