Amigo Resources (LSE:AMGO) announced it will fund a structured drilling campaign across nine identified Primary Mining Licence (PML) areas at the Mojimoto Project in the Lake Victoria goldfield and intends to form joint ventures on resulting Mining Licences where it may hold up to an 80% participating interest.
The London-listed explorer said its phased exploration programme, combining proprietary micro‑seismic surveys with AI-assisted subsurface modelling, systematic geochemical soil sampling, trenching and 624 laboratory assays, generated anomalous gold and pathfinder element signatures and identified residual gold in historical tailings, the company said.
Afri Core Resources, the Group's Tanzanian subsidiary, has begun engagement with holders of the identified PMLs to progress formal agreements that will underpin the planned drilling and development activity.
Any joint ventures on Mining Licences derived from the PMLs are conditional on satisfactory exploration results and receipt of requisite regulatory approvals, and may give Amigo a participating interest of up to 80%.
Amigo is also advancing a pilot processing facility to re-treat artisanal material and tailings, support metallurgical test work and generate early operational data and revenue, incorporating a proprietary gravity-based concentration module to enhance fine and ultra-fine gold recovery.
The company emphasised these are preliminary surface results that do not demonstrate subsurface continuity or economic mineralisation and that further drilling and metallurgical testing are required.
The next milestone is the commencement of the structured drilling campaign once agreements with PML holders are finalised and approvals obtained.
