Chirano right address

STOCKBROKER State One Equities analyst Alan Hill believes the evidence to date suggests the Chirano project offers real “company making” potential.

“In our view, Chirano holds potential hard to match by any other junior company listed on the ASX,” Mr Hill said. “Not only is it located in the gold rich and relatively politically stable Ghana, it also lies on the enriched contact between Birimian sediments and Birimian mafic volcanic rocks.

“Gold deposits totalling some 100 million ounces have already been identified at projects on or in close proximity to this contact.”

Additionally, he said the La Source joint venture of Normandy Mining/BRGM announced discoveries at three adjoining properties — Yamfo, Kenyase and Subenso — totalling 4.35 million ounces of gold.

In February Normandy increased its equity exposure in that project from an indirect 27-29 per cent to a direct 90 per cent stake.

“These discoveries provide further comfort for RBK, as they occur about 68 kilometres north of Chirano in a similar geological setting,” Mr Hill added.

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