Volta Resources Confirms High-Grade Gold Mineralization at its Kiaka South Target, Kiaka Gold Project
12 Jun, 2012, 15:15 BST
TORONTO, June 12, 2012 /PRNewswire/ --
- 10.0m @ 13.01g/t Gold, 9.8m @ 4.48g/t Gold, 20.0m @ 3.26g/t Gold -
TSX:VTR
Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the next round of results from its on-going drilling program at the Kiaka South Area, on its Kiaka Gold property. These comprise the results from 12 core holes and 22 reverse circulation ("RC") holes, totaling 4,402.98m of drilling, which confirm the presence of high-grade gold mineralization at depth and along strike.
The high-grade mineralization at the Kiaka South Area is situated approximately 700m southwest of the Company's Kiaka Central Area where a positive pre-feasibility study has already defined proven and probable mineral reserves of 126.08 million tonnes at a diluted grade of 0.96 g/t Au for 3.89 million ounces of gold within a single open pit (see News Release of 3 May 2012). The Kiaka South Area mineralization was initially identified by RC drilling carried out during the Phase 3 program at the Company's Kiaka Gold Project, in late 2011 (see News Release of 14 February 2012) .
The Kiaka South Area mineralization occurs from surface and is characterized by high-grade intercepts with single meter intervals regularly exceeding 10g/t gold. Most drill holes intersecting the orebody have returned high grade values over narrow to moderate widths confirming the continuity of the high-grade mineralization. Ongoing drilling is being targeted to delineate, and better define, a series of interpreted parallel "en echelon" northeast striking lenses contained within a broader northerly trending anomalous envelope. A moderate northerly plunge to the individual lenses is currently being inferred. To date the mineralization has been drilled over a strike length of more than 350m, between sections 3750N and 4100N, and to a vertical depth exceeding 150m. Highlights from the current reported holes include:
- KDH360 : 9.8m @ 4.48g/t Au AND 3.0m @ 5.15g/t Au
- KDH362 : 2.6m @ 8.10g/t Au
- KDH363 : 20.0m @ 3.26g/t Au
- KDH364 : 3.0m @ 2.95g/t Au
- KDH367 : 6.8m @ 5.21g/t Au
- KDH369 : 4.0m @ 16.38g/t Au
- KDH372 : 6.2m @ 4.33g/t Au
- KDH373 : 16.0m @ 2.36g/t Au
- KKRC485 : 10.0m @ 13.01g/t Au
Kevin Bullock, Volta Resources CEO, said, "These results bolster our expectations of additional high grade results at Kiaka South demonstrating potential for grade and resource augmentation for the Kiaka Project as a whole. We are particularly pleased that these results start at surface and now have an expanded strike zone."
Results for the holes are highlighted in Table 1 and in locations shown in Figure 1. Analyses of the Volta Resources samples were undertaken by fire assay on a 50g charge at ALS Chemex Laboratories in Ouagadougou. Volta Resources sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.
Table 1: Highlights of gold intersections for the reported boreholes
Au
HOLE ID FROM TO INTERVAL g/t COMMENT
KDH360 33.00 37.80 4.80 1.16
AND 126.90 136.70 9.80 4.48 130.9-131.5m = 64.3g/t
AND 147.00 150.00 3.00 5.15 147.0-148.0m = 14.65g/t
AND 184.00 187.00 3.00 3.30
KDH361 63.00 65.00 2.00 8.10 63.7-64.3m = 18.65g/t
KDH362 98.00 100.60 2.60 8.44
AND 142.00 149.00 7.00 0.77 98.0-98.95m = 22.1g/t
KDH363 30.00 50.00 20.00 3.26 MID = 4m
incl. 30.00 33.00 3.00 10.13 32.0-33.0m = 23.2g/t
incl. 37.00 50.00 13.00 2.64 41.0-42.0m = 19.95g/t
AND 118.00 120.00 2.00 3.47
KDH364 45.80 48.80 3.00 2.95
AND 66.50 77.80 11.30 1.59
incl. 71.00 77.80 6.80 2.35
AND 156.00 158.00 2.00 15.43 156.0-157.0m = 29.8g/t
KDH365 116.00 123.00 7.00 0.56
AND 128.80 132.00 3.20 2.32
AND 141.00 148.00 7.00 1.20
KDH367 102.30 109.00 6.80 5.21 108.0-109.0m = 22.1g/t
KDH369 81.00 85.00 4.00 16.38 81.0-82.0m = 60.8g/t
KDH372 61.00 64.00 3.00 42.50 61.0-62.0m = 119g/t
AND 95.00 97.70 2.70 1.09
AND 108.00 112.00 4.00 1.63
AND 221.00 227.20 6.20 4.33 221.0-222.0m = 21.0g/t
KDH373 94.00 110.00 16.00 2.36 96.1-97.0m = 29.0g/t
AND 128.00 136.50 8.50 1.52
KDH377 105.00 118.00 13.00 0.89
AND 127.70 136.00 8.30 0.82
AND 220.00 223.00 3.00 1.33
KKRC485 26.00 28.00 2.00 4.48
42.0-43.0m = 97.0g/t AND 43.0-44.0m
AND 41.00 51.00 10.00 13.01 = 27.0g/t
KKRC486 54.00 56.00 2.00 3.26
KKRC487 34.00 40.00 6.00 1.45
AND 48.00 58.00 10.00 0.55
AND 86.00 89.00 3.00 2.28
AND 99.00 100.00 1.00 5.23 ended in mineralization
KKRC489 0.00 3.00 3.00 0.96
KKRC493 1.00 3.00 2.00 1.69
Notes on Table 1:
- Intervals are core length. True width is unknown at this time.
- Intersections are based on a 0.3 g/t gold cut-off with maximum internal dilution (MID) of 3m, except for KDH363, 30.0-50.0m, where it has been increased to 4m.
- No top cut has been applied.
- The intersections listed in the table represent sections of at least 2m in excess of 3g/t Au, 3m in excess of 1g/t Au and/or sections of at least 7m in excess of 0.5g/t Au.
- The intersections represent sections drilled by Cored and/or Rerverse Circulation drilling (see Table 2).
- The cored drill holes were sampled at one meter intervals and cut in half using a diamond saw. Half-core is archived at the core storage facility on site while the other half was sent to the laboratory.
- The RC drill holes were generally sampled at 1-m intervals. Samples were riffle-split to provide 2 kg samples which were submitted to the laboratory (either ALS Chemex or the Bureau des Mines et de la Géologie du Burkina (BUMIGEB) under Company's supervision) for standard preparation (dry, crush, split, pulverize).
- All samples were analysed by ALS Chemex in Ouagadougou by Fire Assay on a 50g charge.
- Certified standards were inserted every 15 samples, field duplicates (in the RC portions) about every 25 and blanks about every 10 samples. The blanks, certified standards and duplicate assays confirm that all assays used to compile the intersections quoted here have passed Volta's rigorous QA/QC checks.
Five core rigs and one RC rig are currently drilling at Kiaka South to further delineate the orebody.
TABLE 2 : Collar coordinates and orientation parameters
Elevation Depth Dip Azimuth RC DD
SECTION Hole ID Easting Northing (m) (m) (deg) (deg) (m) (m)
4000N KDH360 738288 1288564 273 230.45 -57 135 0.00 230.45
KDH361 738323 1288529 274 142.04 -55 135 0.00 142.04
3950N KDH362 738269 1288512 274 256.05 -57 135 0.00 256.05
KDH363 738305 1288476 274 154.03 -55 135 0.00 154.03
3900N KDH364 738270 1288441 275 166.04 -55 135 0.00 166.04
KDH365 738236 1288474 274 251.00 -57 135 0.00 251.00
KDH377 738377 1288333 276 250.00 -57 315 0.00 250.00
3850N KDH367 738201 1288439 274 200.30 -57 135 0.00 200.30
KDH373 738289 1288351 276 150.95 -55 315 0.00 150.95
3750N KDH369 738280 1288219 277 151.10 -55 135 0.00 151.10
KDH372 738185 1288313 275 350.02 -58 135 0.00 350.02
KDH375 738377 1288121 277 302.00 -55 315 0.00 302.00
4175N KKRC358 738325 1288775 272 50.00 -55 135 50.00 0.00
KKRC359 738342 1288757 273 50.00 -55 135 50.00 0.00
KKRC360 738360 1288739 273 50.00 -55 135 50.00 0.00
KKRC361 738378 1288722 273 49.00 -55 135 49.00 0.00
4225N KKRC362 738360 1288810 272 49.00 -55 135 49.00 0.00
KKRC363 738378 1288792 272 49.00 -55 135 49.00 0.00
KKRC364 738395 1288775 273 47.00 -55 135 47.00 0.00
KKRC365 738413 1288757 273 49.00 -55 135 49.00 0.00
4125N KKRC357 738360 1288669 274 50.00 -55 135 50.00 0.00
4050N KKRC484 738340 1288583 274 96.00 -55 135 96.00 0.00
KKRC485 738325 1288598 274 90.00 -55 135 90.00 0.00
KKRC486 738289 1288633 273 125.00 -55 135 125.00 0.00
3975N KKRC487 738325 1288491 274 100.00 -55 135 100.00 0.00
3875N KKRC488 738235 1288439 274 120.00 -55 135 120.00 0.00
3825N KKRC489 738225 1288379 274 125.00 -55 135 125.00 0.00
KKRC490 738197 1288408 275 100.00 -55 135 100.00 0.00
KKRC491 738169 1288436 274 100.00 -55 135 100.00 0.00
KKRC492 738140 1288464 274 100.00 -55 135 100.00 0.00
3800N KKRC493 738207 1288362 275 100.00 -55 135 100.00 0.00
KKRC494 738179 1288390 275 100.00 -55 135 100.00 0.00
KKRC495 738150 1288419 275 100.00 -55 135 100.00 0.00
KKRC496 738123 1288446 274 100.00 -55 135 100.00 0.00
Under the guidelines of National Instrument 43-101, the qualified person for the Kiaka Gold Project is Mr. Guy Franceschi, Vice President, Exploration for Volta Resources. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
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 90.29 million tonnes @ 1.04 g/t Au for 3,018,000 ounces in the Measured and Indicated categories and 38.52 million tonnes @ 1.00 g/t Au for 1,260,000 ounces in the Inferred category [Please see VTR press release dated June 29, 2011] 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 Q1, 2013. Recent acquisition of properties around Kiaka have 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.
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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-(647)-388-1842
Fax: +1-(416)-867-2298
Email: kbullock@Voltaresources.com
or
Andreas Curkovic, Investor Relations
Tel: +1-(416)-577-9927
SOURCE Volta Resources Inc.