Handeni Gold Inc (OTCMKTS:HNDI) reported that its exploration activities are primarily concentrated on demarcating a hard-rock based economic deposit. However, it also covers measures to mark an economically viable alluvial gold deposit/s.
Handeni stated in Form 10-Q that a restricted alluvial mining assessment program was started in 2012 and is still underway to know the prospect to economically mine alluvial gold on the potential licenses. Highlighting the results, the company stated that the findings of the soil sampling plan on Target 5 obtained to date are highly promising with yellow metal in soil values of up to 200 ppb recorded.
Au assay results obtained for 2331 samples matches with a electro-magnetic and magnetic geophysical variance on surface over a region of almost 1.8 km N-S by 900 m E-W. High Au values meet with topographic highs. The assessment of this target will be made by pitting, trenching and ground IP.
Handeni Gold Inc (OTCMKTS:HNDI) reported the achievements made during the 2013-2014 period. The company collected 5,050 soil samples including standards and blanks from targets in PL6743 that as of now are being assessed by XRF and primed for submission to assay labs. A soil sampling plan on Target 6 in association with the Tanzania Geological Survey has been completed.
The company selected a site to the east of Magambazi hill as a first target pilot study area to assess the gold distribution in several secondary geological systems in the Handeni terrain. Handeni Gold stated that the fluvial environment demonstrates largest scope for the extraction of coarse grained yellow metal. A large part of gold is enclosed as fine grained gold.
In last trading session, the stock price of jumped 150% to close the trading session at $0.00550. The gains came at a share volume of 3.55 million compared to average share volume of 81,804.