Wednesday, 24th September 2008 (357 views)

Zoloto Resources has announced an exploration update on its Ozherelie project, situated in southern Siberia, Russia.

The firm revealed that "significant" gold mineralisation was found in 11 out 12 drill holes that have been assayed.

Significant figures include 2.19 g/t gold over 35 metres, 7.14 g/t gold over three metres and 2.99 g/t gold over 12 metres.

President Tim Petterson commented: "We are very pleased with the initial results in Zone 1. They validate the results from previous drilling."

He added that the discovery of gold-bearing intervals located 300 metres away from the initial bulk sample was an important development.

Results from additional holes drilled at the site are expected to be reported in the final quarter of the financial year.

Meanwhile, Ovoca Gold - a precious metals exploration company that focuses on Russia - has claimed that progress will still be achieved despite making a pre-tax loss.

 

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