MDN is actively exploring Tanzania since 1998
Exploration in Tanzania
The Lake Victoria goldfield in Tanzania is the fourth biggest gold producer in Africa, second only to South Africa, Ghana, and Mali. The goldfield is recognized as a world-class gold province and currently boasts over 40 million ounces in proven and probable reserves for the six mines in operation: Geita, Bulyanhulu, North Mara, Golden Pride, Buzwagi, and Tulawaka.
The Lake Victoria goldfield is underlain by greenstone belts, composed predominantly of volcanic and sedimentary rock interspersed with granitic intrusions, and extends from central Tanzania northward into Kenya and Uganda. The greenstone rocks are considered to be of Archean age. The exploration models applicable to Abitibi greenstone can be used in the Lake Victoria region.
In 2011, the company drilled 11,035 meters in Tanzania. Almost all of the holes were drilled on the Ikungu property.
At the same time, MDN also acquired ground near the Tulawaka mine, known as the Nikonga property. Located 40 km southeast of the mine, Nikonga consists of two exploration licenses totaling 50.71 km2. As was the case for the Ikungu property in the beginning, this property has a gold structure that is exploited by artisanal miners.
2012, MDN going forward
Because the Ikungu property could provide greater value for MDN shareholders, most of the drilling was on this property with 8,000 meters completed in the first half of 2011. The objective was to test the east and west extensions of the main 2.6 km structure. Positive results demonstrate the existence of this structure for 1 km to the west and drill hole IKBH-71 (13.43 g / t Au over 2.00 m) gave very promising results in the east. The Ikungu structure is now known to occur for a length of over 4 km. MDN is actively looking for a strategic partner to accelerate drilling on this property.