Lakota picks up claims west of Bulyanhulu mine

CDNX-listed Lakota Resources (YLA-V) has concluded two agreements that give it conditional control over 12 mining claims just west of the Bulyanhulu gold mine in northern Tanzania.

The claims are inside the boundaries of the Ikina prospecting licence, immediately west of the Bulyanhulu property, currently being mined by Barrick Gold (ABX-T). The Ikina licence is held by Lakota, through a Tanzanian subsidiary, and by two Australian-owned companies.

The claims, which have been worked by small-scale miners, predate and take precedence over the licence, and can be held only by Tanzanian nationals or Tanzanian-domiciled companies. Under the agreement, the claims would be surrendered if and when Lakota takes full ownership of the Ikina licence.

The Ikina property itself covers the northwestern strike extension of the Bulyanhulu structures. Earlier surface sampling by Australian-based Spinifex Gold returned values of up to 23.4 grams gold per tonne, and drilling intersected 9 metres grading 2.8 grams and 13 metres grading 2.3 grams per tonne.