Sihayo Gold Limited (Lion 1.9%)
Summary
| Lion shareholding: | 13 million shares (co-investment with Asian Lion) |
| Total investment by Lion: | A$2.0 million @ 16 cents per share average investment price |
| Date of initial investment: | August 2010 |
| ASX Code: | SIH |
| Area of activity: | Gold |
| Website: | www.sihayogold.com |
Company
Sihayo Gold Limited is a mineral exploration company with gold exploration projects in Indonesia.
With recent exploration successes at the company’s Sihayo Gold Project, Sumatra, the company is focused on developing the Sihayo Gold Project to an operational stage.
The recently announced estimate for the Sihayo resource takes the total project JORC compliant resource to 10.7Mt at 2.9 g/t containing 1.01 million ounces. Sihayo is undertaking ongoing drilling adjacent to and along strike of the existing resource and has intersected further zones of gold mineralisation at the main Sihayo resource that are not included in the JORC compliant resource.
The new resource estimate and continued good drilling results set a solid foundation for the ongoing Definitive Feasibility Study (DFS) due for completion in December 2010.
Additionally, the company continues with its exploration program on mineralised targets in the southern part of the Contract of Work area.