On the first of May, Sub- Sahara Resources NL released the latest update on it’s Koka Gold Mining Deposit. The company owns a mining licence, which covers 147m² in the northern part of  Eritrea in a project called the  Zahra joint venture.

Independent consultants to Sub-Sahara Resources, have prepared a report that estimates the deposit to 5.04 million tonnes of gold with an average grade of 5.8 g/t for 944000 ounces of Gold from a cut-off of 1.2 g/t.

Sub-Saharan officials point out that despite the drop of the average grade of gold from 6.3 g/t to 5.8 g/t, the gold deposit in Eritrea remains to be a robust and promising recourse.

In order to strengthen its position and expand it’s operation Sub- Sahara intends to merge with Chalice Gold Mines Ltd in order to be able to raise capital for further investments into the gold project in Eritrea.

The Gold Mining Industry is emerging in Eritrea (capitaleritrea) rapidly and might become the future backbone for further economical prospect in Eritrea.  

The Zara joint venture is currently in the process of applying for a licence to explore 468m² of area in northern Eritrea.

Related posts:

1. Chalice Declares Maiden Gold Reserve for Eritrea’s Koka Deposit
2. Gold Rush in Eritrea
3. Chalice Gold adds $450000 to Sub-Sahara Gold Project Eritrea
4. Chalice Gold Mines: Drilling Results Confirm High Grade Koka Gold Deposit in Eritrea
5. Koka Resource Upgrade Imminent After More High-Grade Results in Eritrea
6. Chalice Gold Announces Further Results From Koka Drilling
7. Chalice Gold Plans Gold Production in Eritrea by 2011
8. Chalice Plans Share Placement to up Stake in Eritrea Gold Project
9. Sunridge Gold Starts New Drill Program at Emba Derho Copper-Zinc-Gold Deposit, Asmara Project, Eritrea