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nyota minerals ltd (NYO) Details

Nyota Minerals Limited explores for and develops gold properties in Ethiopia. The company has a 25% interest in the Tulu Kapi gold project located in the Western Wellega Zone of the Oromia region in Western Ethiopia. It also holds interests in two exploration licenses, including the Brantham and Towchester licenses that cover approximately 2,300 sq km in the Northern Blocks in Ethiopia. The company is based in West Perth, Australia.

89 Employees
Last Reported Date: 02/5/14

nyota minerals ltd (NYO) Top Compensated Officers

Chief Executive Officer, Managing Director, E...
Total Annual Compensation: A$291.9K
Chief Financial Officer
Total Annual Compensation: A$229.2K
Finance Director, Company Secretary, Non-Exec...
Total Annual Compensation: A$179.2K
Business Development Manager
Total Annual Compensation: A$275.1K
Compensation as of Fiscal Year 2013.

nyota minerals ltd (NYO) Key Developments

Nyota Minerals Limited Reports Operating Results for the Quarter Ended June 30, 2014

Nyota Minerals Limited announced operating results for the quarter ended June 30, 2014. In Northern Blocks, Field work re-commenced on the Northern Blocks in January 2014 and continued until the rainy season in early July. All work is now suspended until mid-September; after the rains. The programme has been undertaken by Nyota's in-country geological team, focusing on those targets that were prioritised by the independent technical review undertaken by SRK Exploration in February; as reported in the previous quarterly report and available on the Company's website. These include the Boka Sirba, Boka West, Bar Cloen and Bendokoro targets. With no access to the Tulu Kapi sample preparation facility, laboratory analysis of exploration samples has been undertaken in Ethiopia by Ezana Mining Analytical Laboratory in Mekele, Tigray Region. Prior to commencing and during the work, Nyota's Technical Director, Dr. Evan Kirby, the CEO and the Chief Geologist have all undertaken monitoring visits. The impact has been to reduce sample freight and analysis costs by more than half. The results of the fieldwork are still being received and analysed and will be reported in full when complete; most likely in August. At this stage, results from the Boka West and Bendokoro targets continue to be encouraging whilst those from Boka Sirba, where the geology has been more difficult to interpret, are much less so. Further submissions and discussions have also been had with the Ethiopian Ministry of Mines regarding the potential to establish a large-scale mechanised gold mining project working the old gravel terraces and other alluvial deposits of the Abay River that transect the Northern Block licences. The water level in the Abay River will rise significantly when the Grand Ethiopian Renaissance Dam is complete. Nyota's proposal has as its main objective the rapid development of a cost effective operation for the maximum recovery of gold from the catchment area that will be flooded before dry mining of the gravels becomes impossible. The level of the Abay River when flooded will not affect the hard-rock targets that are being explored by Nyota, specifically including the Boka West and Benodokoro targets. Nyota is waiting for a formal response from the Ministry of Mines. In TULU KAPI, 25% project level ownership; additional interest through shares held in KEFI. Both of these interests are subject to possible reduction. During the period KEFI has continued with its evaluation of the deposit including surface trenching and infill drilling within the existing known limits of mineralization. KEFI reported exploration results on 20 June, 2014 (JORC Code 2012). Highlights of the reverse circulation infill drilling include 12m at 4.23g/t Au, 5m at 9.71g/t Au, 2m at 24.86g/t Au, 8m at 4.24g/t Au, 4m at 10.36g/t Au and 4m at 9.80g/t Au. Results of the surface trenching programme at Tulu Kapi confirmed continuity of mapped mineralization and returned new mineralized intervals, including 8.5m at 1.96g/t Au, 8.5m at 1.96g/t Au, 8.1m at 4.67g/t Au, 3.2m at 12.91g/t Au and 5.8m at 1.91g/t Au. KEFI reports that the results support its structural interpretation and modeling of the orebody. This is significant as the Tulu Kapi project has complex geology /gold distribution and has required an equally complex methodology to allow interpretation for mine planning and having now completed this field work KEFI considers that the resource model is ready for updating after which it will be used for estimating ore reserves and finalising mine planning.

Nyota Minerals Limited Reports Consolidated Cash Flow Results for the Fourth Quarter and Year Ended June 30, 2014; Provides Cash Flow Guidance for the First Quarter of Fiscal 2015

Nyota Minerals Limited reported consolidated cash flow results for the fourth quarter and year ended June 30, 2014. For the quarter, the company reported net operating cash outflow was AUD 213,000. For the year to date, the company reported net operating cash outflow was AUD 4,457,000. For the next quarter, the company expects cash outflows of AUD 200,000.

Nyota Minerals Limited Announces Tulu Kapi Resource Update

Nyota Minerals Limited announced that the updated resource at Tulu Kapi has been calculated from additional drill results received after the October 2012 resource had been published. A total of 71 exploration drill holes were added to the post-October 2012 database comprising 25 reverse circulation holes, 44 diamond holes and 2 water-bore holes for a total of 16,000 m. The total data set now considered is comprised of 231 diamond drill holes for 58,276 m and 333 RC drill holes for 45,616 m, and 74 RC drill holes with diamond tails for 17,430 m. The resource methodology involves using dynamic anisotropy to generate a block model directly from the drill hole data by using strike and dip strings to define the orientation of the mineralized structure. The strike and dip strings were generated from the drill hole data based on a cut-off grade of 0.3 g/t Au. Dip strings are based on the current structural interpretation in which the mineralization is defined by structures which dip around 30° to the northwest. Dip strings were generated on 20 m section spacing and attempted to join intersections in which grade continuity was identified. As a review of the structural model and part of the verification process dip strings were created at an increased density and incorporation of the additional exploration drilling has enabled a much tighter control to be brought to the grade estimation process. Geostatistical analysis was carried out on the revised database and top cutting was performed to reduce the influence of any values that were outside of the general population. Grade top-cuts were applied at 100 g/t and the overall effect of the top cuts on the Tulu Kapi dataset has not resulted in any significant reduction in the mean grade of the deposit. Variography was carried out on the revised database to confirm the spatial continuity of mineralization and to confirm the selection of suitable search parameters upon which to base the resource estimation. Drill data was composited at 1 m, which is the mean sample length present in the database and to preserve narrow high grade structures, after which a dynamic anisotropy procedure is run using an inverse distance squared estimation on the composites to identify blocks within the deposit boundaries that satisfies the cut-off grade criteria identified in the mineralized zone interpretation. The mineralized zone model was generated based on a prototype of 5 m by 5m by 1 m block sizes. Grade estimation was carried out using ordinary kriging (OK) as the principal interpolation method. Inverse power of distance squared (ID2) and nearest neighbor were also used for comparative purposes. The ordinary kriging method used estimation parameters defined by the variography. The estimation was performed only on mineralized material defined within the deposit boundaries as defined by the mineralized zone model. Drill hole samples with a grade of less than 0.3 g/t Au were excluded from the input data for the estimation process. The estimate compares well with the previous October 2012 estimate on tonnage and grade with the influence of the additional data, particularly deeper intercepts and infill drill holes, resulting in the additional ounces and improved resource category conversion as reported. KEFI has calculated a resource using a lower economic cut-off grade of 0.3 g/t Au and has excluded intervals of internal waste which are <0.3g/t Au over the 1 m composite sample intervals. These zones of internal waste (tones and grade) will be treated and included in the diluted probable reserve. KEFI recognizes that this internal dilution could be an issue and has run a Resource estimate using 2 m down hole composites, which helps account for internal dilution, with the result showing the same total gold resource ounces, and an expected drop of 16% in grade and an increase of 16% of tones. AMC has not, as yet, verified the 2 m composite model. KEFI will address this matter comprehensively when in due course it applies suitable dilution parameters in the Probable Reserve estimate. Surface sampling of hand dug trenches and structural mapping at the Tulu Kapi deposit is approximately 50% complete. This work is important to confirm continuity of mineralization as projected to surface from the revised block model and also to provide additional structural data in which to further constrain and improve the model for further resource updates. An RC drill programme of some 20 holes (4,000 m) is due to commence in late March. The aim is to infill the existing drill database where required for final confirmation of mineralization within the expected open pit reserve.


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