Obtala Resources Plc (OBT.L: Quote) said on Monday it had identified a new gold zone at the Buckreef licence in Northern Tanzania as results from soil sampling tests resolved a considerably larger target than defined by the original sampling in 2008.
The licence is positioned ideally in a world-class gold producing region, with operations including Anglogold Ashanti (ANGJ.J: Quote) being close by, the AIM-listed minerals explorer said.
Obtala, which has identified a 4-km-long gold-in-soil geochemical anomaly, said the results represented an exciting new zone of mineralisation that had not been previously tested or discovered by either trenching or drilling.
The company said it remained fully funded to continue its exploration programme over all its licence areas for 2009 and thereafter.
Obtala shares were up 3.6 percent at 28.75 pence at 0850 GMT. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Gopakumar Warrier)
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