Gemfields Group Limited, a British colour gemstone miner, has announced a fresh gold discovery at its 75%-owned Nairoto Gold Project in northern Mozambique. The most recent exploration showed 1.58 million tonnes of gold-bearing rock, with an average gold concentration of 2.02 grams per tonne, totaling 103,000 ounces of gold.
The exploration covered less than 0.1 square kilometers of the project’s 1,957 square kilometers, indicating that there is still possibility for gold. According to Kartikeya Parikshya, Gemfields’ Managing Director for Mozambique, the results are promising, and the company intends to continue looking for more gold. However, Gemfields does not intend to focus on gold mining in the long run and will instead seek a buyer or partner for the project.