Australian company Terranova Minerals is due to begin the initial phase of prospecting for gold deposits at a concession in Manica, Mozambique, which was recently acquired from Pan African Resources, the company said in a statement.
The mine bought by Terranova Minerals, the name of which will soon be changed to Auroch Minerals, has estimated gold reserves of 3 million ounces, with 1.83 grams of gold for each ton of rock.
The prospecting programme will focus on a 40 kilometre distance in the northern part of the concession, where gold has been confirmed by geo-chemical and magnetic studies and drilling.
The company plans to draw up a detailed map of the land surface between two areas known as Guy Fawkes and Boa Esperança, to collect soil samples and test drill in the Guy Fawkes area.
The concession is located in central Mozambique, approximately 270 kilometres from the port city of Beira. (macauhub)