Koza Ltd (Koza) and GreenOre Gold Plc (GreenOre) are delighted to announce their plan for further drilling at the Ayrshire project in Scotland.
Koza and GreenOre entered into a joint venture agreement in 2017 on GreenOre’s wholly-owned Ayrshire project, in the south-west of Scotland. The Fore Burn target was previously drilled by RioFinex in the 1980s, when the company intersected 0.25m at 51g/t gold.
No further drilling was undertaken until 2017, when GreenOre, in joint venture with Koza, drilled 727m over five test holes. These initial holes were drilled at three locations across a 3km wide area.
The drilling, which targeted the historic gold in core and a new outcrop discovery, intersected significant gold grades down to 200m in depth. Highlights include 12.5m at 1.1g/t (including 2m 5.5g/t), 1.5m at 5g/t, 1m at 4.62g/t and 3m at 3.8g/t gold.
Confident with the 2017 drill results, Mr Akin Ipek, Chairman of Koza Ltd, has now approved ongoing exploration and a significant drill programme of 4000m, to be conducted in 2018, after his site visit to Ayrshire. The $1million spend is to further define the style of mineralisation and targets for continued exploration.
Koza has the option to earn 80 per cent of the Ayrshire project, for a $1.95million spend.
Mr Akin Ipek, Chairman of Koza Ltd, said: “We are delighted to continue working with GreenOre on this very exciting project. We look forward to seeing the results of our further exploration.”
Gavin Berkenheger, Managing Director of GreenOre, said: “This is a significant milestone for GreenOre, having been actively exploring Scotland for gold for over 5 years. We look forward to continued success with Koza Ltd.”