The first geological survey covering all of the property confirms the extension towards the east of the host volcanic rocks of the mineralized zone of Ikungu.
MDN Inc. (TSX: T.MDN, Stock Forum) said it has received the first results from its prospecting program on the Ikungu East property in Tanzania.
In central Tanzania, MDN has a 30% participating interest in the Tulawaka gold mine, which produced over 84,000 ounces of gold in 2011, as well as two promising gold projects, Ikungu and Nikonga.
According to the press release, the prospecting results confirm the presence of a volcanic belt, on the eastern mineralized zone extension of Ikungu of more than 15 kilometres.
On March 14, 2012, MDN acquired mining properties located to the east of its Ikungu property. The new property is 100% owned by MDN and covers a huge territory for gold exploration with an area of 133.33 kilometres squared.
A geochemistry survey of the ground is currently in progress and will result in identification of drilling targets that will test the presence of gold mineralization alongside the belt.
MDN is a mining exploration and development company with properties in Quebec and Tanzania.
On Tuesday, MDN was trading at $0.17 a share. The company has a market cap of $17.3 million, based on 101.7 million shares outstanding. The 52-week high and low was $0.305 and $0.15 respectively.