TORONTO, January 31, 2012 /PRNewswire/ --
- Intersects 8m at 4.58g/t gold -
Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announces the drill results from a 4 hole RC scout drilling program undertaken by joint venture partner, Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM) ("Newmont") at the Sadjafi Prospect on the Banda Ahenkro JV ground in western Ghana. The Banda Ahenkro JV properties straddle the projected southwestward extension of the Ahafo Shear Zone, which hosts Newmont's >10 million ounce Ahafo Gold Mine (see Figure 1).
The Sadjafi Prospect comprises a northeasterly trending coincident soil geochemistry / ground resistivity geophysical anomaly associated with a structural contact between volcanic and sedimentary lithologies. The target includes two main clusters of anomalism with an aggregate strike length of 5km (see Figure 2). The initial scout drilling program carried out by Newmont comprised only 4 RC holes drilled on a fence straddling the NE anomaly.
The highlights from the scout drilling on this section include:
- SJRC0002 : 10m @ 0.47g/t Au, including 2m @ 1.21g/t Au from 10m
- SJRC0003 : 8m @ 4.58g/t Au, including 2m @ 13.65g/t Au from 30m
Mr Vic King, Volta's COO, said "The drill results at Sadjafi are encouraging at this early stage as they confirm bedrock mineralization over the full 200m width drilled on this section. The coincident geochemistry and geophysical anomaly, straddling the interpreted extension of a regionally important gold bearing structure such as the prolific Ahafo Shear Zone is significant."
Results for the holes are highlighted in Table 1 and in locations shown in Figure 3. Analyses of the samples were undertaken by fire assay on a 50g charge at ALS Chemex Laboratories in Kumasi. Laboratory assay quality has been checked by insertion of certified standards, blanks and duplicate samples.
Table 1: Highlights of gold intersections for the reported boreholes
TO Au BHID FROM (m) (m) INTERVAL (m) (g/t) SJRC0001 38 40 2 0.23 SJRC0002 0 6 6 0.30 AND 10 20 10 0.47 INCL 18 20 2 1.21 AND 86 94 8 0.65 AND 102 104 2 1.01 SJRC0003 8 10 2 0.36 AND 24 28 4 0.49 AND 30 38 8 4.58 INCL 32 34 2 13.65 AND 74 86 12 0.33 AND 98 102 4 0.39 SJRC0004 42 44 2 0.28
Notes on Table 1:
- Intervals are downhole length. True width is unknown at this time.
- No top cut has been applied.
- The intersections quoted above are based on compositing sequential samples where individual grades exceed 0.2g/t.
- The intersections represent sections drilled by RC drilling (see Table 2).
- The RC chips were sampled at one meter intervals and composited to two meter samples.
- Samples were sent to ALS Chemex in Kumasi for standard preparation followed by Fire Assay on a 50g charge.
- Certified standards were randomly inserted, comprising approximately 5% of the samples submitted for analysis. The blanks, certified standards and duplicate assays confirm that all assays used to compile the intersections quoted here have passed Newmont's rigorous QA/QC checks.
TABLE 2: Collar coordinates and orientation parameters for the reported boreholes
Dip Azimuth Hole ID Easting Northing Elevation (m) Depth (m) (degree(s)) (degree(s)) SJRC0001 697812 503949 144 90 -55 315 SJRC0002 697780 503992 149 126 -55 315 SJRC0003 697764 504035 153 102 -55 315 SJRC0004 697733 504073 154 96 -55 315
Follow-up trenches and drilling is planned over the two Sadjafi anomalies for 2012.
All technical data has been provided by Newmont. Under the guidlines of National Instrument 43-101, the data has been verified and the release reviewed and approved by Volta's qualified person, Mr. Guy Franceschi. MrFranceschi is a member of the European Federation of Geologists.
The Banda Ahenkro project is subject to a joint venture agreement concluded on 28th August 2007 between Volta Resources Inc. (previously Birim Goldfields Inc.) and Newmont Ghana Gold Limited. Newmont currently holds a 49% interest in the joint venture properties and can earn an additional 21% interest after expending US$1,500,000 on exploration on the properties. Newmont can also elect to earn an additional 10% (total 80%) by completing a positive feasibility study on the project.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is currently fast-tracking its flagship Kiaka Gold Project, located in Burkina Faso, toward a development decision.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
PDF with caption: "Figure 1: Location of the Banda Ahenkro JV Area relative to the Ahafo Gold Mine.". PDF available at: http://stream1.newswire.ca/media/2012/01/31/20120131_C8009_DOC_EN_9447.pdf
PDF with caption: "Figure 2: Coincident geophysical and geochemical anomaly corresponding to mineralized structure at Sadjafi". PDF available at: http://stream1.newswire.ca/media/2012/01/31/20120131_C8009_DOC_EN_9448.pdf
PDF with caption: "Figure 3: Location and highlights for RC drilling at Sadjafi". PDF available at: http://stream1.newswire.ca/media/2012/01/31/20120131_C8009_DOC_EN_9449.pdf
For further information:
please refer to our website http://www.voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
or Andreas Curkovic, Investor Relations
SOURCE Volta Resources Inc.