Nyota Resources pins hopes on Alpe di Lighetto project

Nyota Resources was pinning its hopes on a number of old mines within its Italian exploration area, the company revealed in a quarterly report on Friday.

The AIM-traded company said that, during the three months to 31 December 2015, historical exploration data confirmed the prospectivity of the 5km long Alpe di Laghetto project at 70%-owned Ivrea project in the Piemonte Region of Italy.

Nyota Resources said a drill programme would be designed to test the anomaly and the mineralisation around the workings.

"An archive search and data compilation undertaken during the quarter contributed further underground plans for a number of the old mines located within the licence areas, but none for the three in the priority area target", the company's board said in a statement.

"However, reports in fieldwork conducted in the 1980s around the Aple di Laghetto and La Balma workings were collected. Although no drilling was undertaken, a modest ground geophysical survey and extensive geochemical sampling confirm the anomalous trend identified Nyota's work and provide more information on the prospectivity", it continued.

At the period end, Nyota had cash of AUD0.20m (£0.098m).

Post-period end, the firm completed a capital raise of £187,500 in January 2016, and was continuing to review its options for the next stage of the development of the company's business.