TORONTO, April 11, 2013 /PRNewswire/ --
Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) completed a high resolution airborne geophysical survey straddling the highly prospective Markoye Fault Corridor in 2012. The survey covered a number of permits adjacent to and near Volta Resources' flagship Kiaka Gold Project. These permits are the subject of a Permit Exchange Agreement concluded with Randgold Resources ("Randgold") and announced in a press release dated February 15th, 2012, whereby the Company's ground position will be increased from 184km2 to 1,661km2, (Figure 1). The administrative process of transferring title to the permits in full to Volta Resources is currently being attended to by the Burkina Faso authorities.
Drilling at the Company's Kiaka Project over the last three years has outlined a NI43-101 compliant mineral resource estimate that now contains Measured and Indicated Resources of 153.26 Mt @ 0.99 g/t Au for 4,862,000 ounces of gold and Inferred Resources of 33.74 Mt @ 0.93g/t for 1,006,000 ounces of gold. There are several other world-class, multi-million ounce gold deposits that have been discovered along the Markoye Fault Corridor, including Iamgold's Essakane Mine, Orezone's Bombore Project, Nord Gold's Taparko Mine and Channel's Tanlouka Project.
At Kiaka, the Company has concluded that a combination of north-easterly striking greenstone lithologies and sub-parallel structures, cross-cut by northerly trending structures related to the Markoye Fault Corridor, have generated the conditions that best explain the location of the gold deposit. An integrated study, including interpretation of the high resolution geophysical imagery and ASTER imagery, has identified over 20 first class exploration targets on the newly acquired permits corresponding to similar and favourably oriented greenstone lithologies and cross-cutting structures.
The Company is following up these targets on the ground with mapping and evaluating previous exploration data generated by Randgold across these properties. To date, the following targets have been highlighted (Figure2):
- Nakomgo West (Nakomgo License)
- Gold in soil assay results exceeding 1,000 ppb gold
- Hard rock grab sample of 191g/t gold
- 13 trenches with Trench LNT03 yielding 38m @ 1.39g/t gold
- RAB drilling with hole LRB334 returning 24m @ 4.6g/t gold, including 6m @ 17.55g/t gold
- Nakomgo East (Nakomgo License)
- Hard rock grab samples up to 9.96g/t gold within an active artisanal mining area.
- Sinikere (Tanema License)
- Anomolous gold in soil assay results up to 210ppb gold
- Hard rock grab samples with values up to 4.73g/t gold
- Goulanda (Yibogo License)
- >3km long gold in soil anomaly with values exceeding 1,000 ppb gold, coinciding with major structures
- Hard rock grab samples with several significant values up to 65.1g/t gold
- 12 trenches with GLT04 yielding 24m @ 0.89g/t gold including 6m @ 3.21g/t gold, GLT07 yielding 14m @ 0.67g/t gold including 2m @ 3.96g/t gold
- RAB drilling with hole GRB119 returning 30m @ 1.76g/t gold including 6m @ 8.32g/t gold and GRB137 returning 15m @ 1.04g/t gold including 3m @ 4.73g/t gold
- Toula (Basgana License)
- Hard rock grab samples returning values exceeding 200g/t gold within an active artisanal mining area
- Basgana South & Central (Basgana License)
- Discontinuous soil anomaly at 20ppb gold level extending over 6km of strike, coincident with northerly and north-easterly striking structures
- Shallow pits returning values of 2m @ 5.16g/t and 1.5m @ 2.6g/t
- 10 trenches with BAT01 yielding 10m @ 1.6g/t gold including 2m @ 3.54g/t gold
Kevin Bullock, Volta's President and CEO, commented, "The airborne geophysical survey has enabled us to identify a number of quality targets occurring in structurally equivalent areas to what our world class Kiaka gold deposit is located in. Ground follow up of the prioritised targets has yielded very encouraging results thus far and supports previous excellent results obtained by Randgold during their regional exploration over this ground."
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.
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 153.26 Mt @ 0.99 g/t Au for 4,862,000 ounces in the Measured and Indicated categories and 33.74 Mt @ 0.93g/t for 1,006,000 ounces in the Inferred category (Please see VTR press release dated January 10, 2013) 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.
The data hereunder have been reported by Randgold but have not been independently verified by the Company and the Company is not relying upon them. The data is currently being reviewed and assessed by the Company
For further information:
please refer to our website http://www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Andreas Curkovic, Investor Relations
SOURCE Volta Resources Inc.