Volta Resources Announces New Porphyry Copper-Gold Mineralization at Dienemera, Gaoua Project, Burkina Faso
19 Dec, 2012, 19:03 GMT
TORONTO, December 19, 2012 /PRNewswire/ --
- Intersects 100.0 meters at 0.47% copper-equivalent -
- And 61.0 meters at 0.52% copper-equivalent -
Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces additional results from its recently completed 131 hole, 13,528 metres, reverse circulation (RC) and diamond drilling (DD) program on its Gaoua copper-gold project, located in southern Burkina Faso, West Africa (see Figure 1). The program aimed at testing for continuity and extensions, both along strike and laterally, of the known copper-gold mineralization at Gongondy and Dienemera. Gongondy and Dienemera are two of several copper-gold porphyry targets on the Gaoua Project where sufficient drilling has been undertaken to estimate a maiden NI43-101 compliant resource comprising more than 1 million ounces of gold and 720 million pounds of copper (see table 3).
This press release includes the results from 62 reverse circulation holes, totalling 5,039m of drilling, drilled on the Dienemera prospect, from Section 1147200N to Section 1148550N. The drilling campaign at Dienemera aimed specifically at testing an area located some 500m east of the main orebody where previous scout drilling had intersected copper-gold mineralization, at searching for extensions along strike and along the eastern margin of the main orebody and at infilling areas of previous wide-space drilling.
The drilling traced the copper-gold mineralization, located 500 m east of the main deposit, for over more than 250m along strike, parallel to the main orebody (see Figure 2). This new mineralized body remains open along strike. In addition, the drilling extended the main orebody further to the east and to the north and still remains open in all directions. Highlights from the current reported holes include:
DRC27: 78.0m @ 0.30 % Cu and 0.20g/t Au (0.44% CuEQ)
DRC29: 39.0m @ 0.28 % Cu and 0.30g/t Au (0.49% CuEQ)
DRC47: 34.0m @ 0.35 % Cu and 0.15g/t Au (0.45% CuEQ)
DRC48: 23.0m @ 0.37 % Cu and 0.25g/t Au (0.55% CuEQ) AND
DRC48: 11.0m @ 0.62 % Cu and 0.22g/t Au (0.77% CuEQ)
DRC50: 100.0m @ 0.34 % Cu and 0.18g/t Au (0.47% CuEQ)
DRC54: 58.0m @ 0.30 % Cu and 0.15g/t Au (0.41% CuEQ)
DRC71: 57.0m @ 0.37 % Cu and 0.15g/t Au (0.47% CuEQ)
DRC72: 19.0m @ 0.53 % Cu and 0.19g/t Au (0.67% CuEQ)
DRC73: 61.0m @ 0.38 % Cu and 0.20g/t Au (0.52% CuEQ)
Kevin Bullock, Volta Resources' CEO, said, "The latest results at Dienemera clearly illustrate a significant extension of mineralization in this deposit. Together with the extension of the Gongondy deposit (announced last week), the potential for resource growth on the Gaoua Project has been enhanced. Volta is currently working with independent consultants to update the NI43-101 compliant resource estimate for the Gaoua Copper-Gold Project."
Volta Resources, with SRK Consulting (UK), is scheduled to complete an updated NI 43-101 compliant resource for the Gaoua Project in early Q1, 2013 incorporating all results from holes drilled to date, including the results reported in this press release.
Significant results for the holes are highlighted in Table 1 and locations shown in Figure 2. Analyses of the Volta Resources samples were undertaken by fire assay on a 50g charge for gold at the Actlabs Laboratories in Ouagadougou, and by Atomic Absorption for copper at the Actlabs Laboratories in Ancaster/Canada. Volta Resources' sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.
Table 1: Highlights of Copper and Gold Intersections for the Reported Drill Holes
FROM TO INTERVAL CuEQ Cu
HOLE ID (m) (m) (m) (%) Au (g/t) (%) REMARKS
DRC22 70.00 95.00 25.00 0.31 0.14 0.21
DRC23 0.00 27.00 27.00 0.40 0.13 0.30
DRC26 2.00 18.00 16.00 0.35 0.25 0.17
DRC27 3.00 81.00 78.00 0.44 0.20 0.30
DRC28 62.00 75.00 13.00 0.44 0.19 0.31
DRC29 0.00 39.00 39.00 0.49 0.30 0.28
78.00 97.00 19.00 0.47 0.16 0.36
DRC36 54.00 82.00 28.00 0.32 0.07 0.27
DRC37 15.00 28.00 13.00 0.32 0.10 0.26
DRC40 28.00 66.00 38.00 0.36 0.11 0.28
DRC42 8.00 27.00 19.00 0.47 0.19 0.33
46.00 70.00 24.00 0.44 0.15 0.34
DRC43 17.00 30.00 13.00 0.34 0.11 0.26
DRC44 6.00 31.00 25.00 0.38 0.14 0.28
DRC47 16.00 50.00 34.00 0.45 0.15 0.35
DRC48 0.00 23.00 23.00 0.55 0.25 0.37
30.00 41.00 11.00 0.77 0.22 0.62
54.00 78.00 24.00 0.32 0.11 0.24
ENDED IN
DRC50 0.00 100.00 100.00 0.47 0.18 0.34 MINERALIZATION
DRC51 4.00 52.00 48.00 0.39 0.13 0.29
DRC52 31.00 54.00 23.00 0.39 0.16 0.27
60.00 70.00 10.00 0.38 0.13 0.29
ENDED IN
DRC53 1.00 50.00 49.00 0.39 0.16 0.28 MINERALIZATION
ENDED IN
DRC54 2.00 60.00 58.00 0.41 0.15 0.30 MINERALIZATION
DRC55 0.00 12.00 12.00 0.36 0.15 0.25
35.00 50.00 15.00 0.37 0.14 0.27
DRC60 18.00 49.00 31.00 0.41 0.18 0.29
ENDED IN
DRC60 74.00 99.00 25.00 0.43 0.12 0.34 MINERALIZATION
DRC63 0.00 11.00 11.00 0.38 0.14 0.28
DRC67 16.00 26.00 10.00 0.38 0.18 0.25
ENDED IN
DRC71 10.00 67.00 57.00 0.47 0.15 0.37 MINERALIZATION
DRC72 1.00 15.00 14.00 0.45 0.21 0.31
ENDED IN
59.00 78.00 19.00 0.67 0.19 0.53 MINERALIZATION
DRC73 0.00 61.00 61.00 0.52 0.20 0.38
Table Notes:
1) Intervals are drilled lengths. True width is unknown at this time.
2) Internal dilution (less than 0.3 % CuEQ) has been carried out to a maximum of 5m except for the intervals in hole DRC44,where the maximum internal dilution (MID) is 6m.
3) Intersections are based on a 0.3% CuEQ cut-off with no top cut applied.
4) The intersections listed in the table represent sections of at least 10m@ 0.3% CuEQ.
5) The intersections represent sections drilled by reverse circulation (RC). The drill holes were sampled at 1m intervals. Dry samples were riffle-split to provide 2 kg samples sent to the laboratory. Wet samples were dried in the field, then riffle-split in the same way.
6) Samples were sent to Actlabs in Ouagadougou for standard preparation and gold assaying (FA) and to Actlabs in Ancaster/Canada for Cu assaying by atomic absorption spectrometry.
7) The accuracy of the results was tested through the systematic inclusion of Cu-Au standards and field blanks. Standards were inserted every 15 samples and blanks approximately every 30 samples. The results for the reported holes have passed the Company's QA/QC protocols.
8) Copper equivalent grade was calculated using US$3.00/lb Cu and US$1400/oz. Au and is not adjusted for mining and metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 0.7).
TABLE 2: Collar Coordinates and Orientation Parameters
DEPTH DIP AZIMUTH
SECTION HOLEID UTM_X UTM_Y UTM_Z (m) (degrees) (degrees)
1147200N DRC56 497948 1147211 328 53 -60 90
DRC57 497974 1147197 333 62 -60 90
DRC58 498008 1147197 334 38 -60 90
DRC59 498027 1147201 334 40 -60 90
1147500N DRC63 498501 1147498 338 42 -60 90
DRC64 498522 1147503 331 55 -60 90
DRC62 498451 1147500 331 49 -60 90
DRC65 498450 1147497 334 95 -60 90
DRC66 498550 1147503 331 70 -60 90
DRC67 498585 1147500 333 100 -60 90
DRC68 498635 1147500 332 100 -60 90
DRC69 498685 1147500 332 70 -60 90
1147625N DRC26 498050 1147625 323 100 -60 90
DRC27 498100 1147620 320 100 -60 90
DRC28 498150 1147625 322 100 -60 90
DRC29 498451 1147624 330 100 -60 90
DRC30 498600 1147625 320 100 -60 90
DRC31 498650 1147625 320 91 -60 90
DRC60 498396 1147623 329 99 -60 90
DRC61 498552 1147634 332 100 -60 90
1147750N DRC70 498425 1147750 334 100 -60 90
DRC71 498480 1147750 333 67 -60 90
DRC72 498513 1147750 331 78 -60 90
DRC73 498552 1147750 332 91 -60 90
DRC74 498598 1147750 332 100 -60 90
DRC75 498648 1147749 336 80 -60 90
1147850N DRC22 498500 1147850 328 100 -60 90
DRC23 498550 1147850 330 100 -60 90
DRC24 498596 1147849 331 100 -60 90
DRC25 498650 1147850 332 100 -60 90
1148025N DRC45 497825 1148025 313 55 -60 90
DRC46 497852 1148025 321 71 -60 90
DRC47 497887 1148025 322 53 -60 90
DRC48 497916 1148025 316 100 -60 90
DRC49 497966 1148025 323 80 -60 90
DRC50 498013 1148025 330 100 -60 90
DRC51 498134 1148023 332 61 -60 90
DRC52 498104 1148020 331 70 -60 90
DRC53 498065 1148010 330 50 -60 90
DRC54 498087 1148016 325 60 -60 90
DRC55 498161 1148048 334 94 -60 90
1148300N DRC32 497778 1148301 315 80 -60 90
DRC33 497808 1148300 314 37 -60 90
DRC34 497825 1148300 314 37 -60 90
DRC35 497846 1148294 320 34 -60 90
DRC36 497860 1148290 316 85 -60 90
DRC37 497901 1148302 313 85 -60 90
DRC38 497945 1148308 313 88 -60 90
DRC39 497997 1148301 318 94 -60 90
DRC40 498049 1148302 331 100 -60 90
DRC41 498107 1148303 330 100 -60 90
DRC42 498155 1148300 336 82 -60 90
DRC43 498194 1148298 334 98 -60 90
DRC44 498246 1148246 330 100 -60 90
1148550N DRC13 497775 1148550 314 88 -60 90
DRC14 497825 1148550 309 79 -60 90
DRC15 497870 1148550 312 100 -60 90
DRC16 497924 1148549 321 100 -60 90
DRC17 497976 1148550 327 100 -60 90
DRC18 498026 1148545 326 100 -60 90
DRC19 498075 1148549 332 44 -60 90
DRC20 498123 1148565 343 70 -60 90
DRC21 498164 1148565 336 64 -60 90
On February 5, 2009, the Company announced an independent NI 43-101 compliant inferred resource estimate for the Gongondy and Dienemera deposits on the Gaoua project (See Volta press release dated February 5 2009). The resource estimate was calculated by SRK Consulting (UK) Ltd. At a 0.45% copper equivalent cut-off grade, the Dienemera and Gongondy deposits host an initial Inferred Resource of 82,600,000 tonnes grading 0.40% copper and 0.40 g/t gold for a total of 724,880,000 lbs. of copper and 1,072,900 ounces of gold. The individual resource estimate for each deposit is provided in the table below. Copper Equivalent ("CuEQ") was calculated from assumed revenues of USD 3,000 per tonne of copper and USD 700 per ounce of gold with metallurgical recovery assumed to be 85% and 70% respectively based on initial QEMSCAN results. Gold grade was multiplied by 0.6 and added to the copper grade to provide CuEQ grade. The cut-off grade further assumed typical costs of USD 2 per tonne for mining and USD 10 per tonne for processing and general administration costs.
Table 3: NI 43-101 compliant Inferred Resource estimate
Cut-off
DEPOSIT Grade Tonnage Copper Gold Copper Equivalent
(CuEQ
%) (tonnes) % lbs. g/t Oz % lbs.
Dienemera 0.45 23,000,000 0.50 255,075,000 0.21 155,300 0.63 319,009,000
Gongondy 0.45 59,600,000 0.36 469,805,000 0.48 917,600 0.65 847,236,000
TOTAL 0.45 82,600,000 0.40 724,880,000 0.40 1,072,900 0.64 1,166,245,000
Estimation by SRK Consulting (UK) Ltd. out of Cardiff, at a 0.45% copper equivalent cut-off grade at Dienemera and Gongondy - see News Release of 5 February 2009.
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua project is Mr. Guy Franceschi, Vice President, Exploration for Volta. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
About Volta Resources:
Volta Resources has a portfolio of quality gold exploration projects in Burkina Faso and Ghana, both mining-friendly West African jurisdictions with proven world-class gold deposits. VTR will focus on fast-tracking its flagship Kiaka Gold Project (NI-43-101 compliant resources include 117.42 million tonnes @ 1.07 g/t Au for 4,029,000 ounces in the Measured and Indicated categories and 29.96 million tonnes @ 1.00 g/t Au for 1,000,000 ounces in the Inferred category [Please see VTR press release dated March 21, 2012] including 34.38 million tonnes @ 1.04 g/t Au for 1,145,969 ounces of gold in the Proven category and 91.70 million tonnes @ 0.93 g/t Au for 2,742,353 ounces of gold in the Probable category (Please see VTR press release dated May 3, 2012) towards a development decision, aiming to complete a Feasibility Study in Q3, 2013. Recent acquisition of properties around the Kiaka Gold Project has provided VTR with an extensive ground position along the highly prospective Markoye Fault Corridor in an important emerging gold province.
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 Resources 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 Resources 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.
Image with caption: "Figure 1: Location of the Gaoua Project and the Dienemera Deposit (CNW Group/Volta Resources Inc.)". Image available at: http://40rhel5streamview01.newswire.ca/media/2012/12/19/20121219-647511-22108-05f1231e-c1fb-4464-ac46-80911bba74ce.jpg
Image with caption: "Figure 2: Drill hole collars and current highlights for the Dienemera Cu-Au Porphyry Deposit (CNW Group/Volta Resources Inc.)". Image available at: http://40rhel5streamview01.newswire.ca/media/2012/12/19/20121219-647511-22109-05f1231e-c1fb-4464-ac46-80911bba74ce.jpg
For further information:
For further information, please refer to our website http://www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: +1-416-867-2299
Fax: +1-416-867-2298
Email: kbullock@Voltaresources.com
or
Andreas Curkovic, Investor Relations
Tel: +1-416-577-9927
SOURCE Volta Resources Inc.