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Volta Resources Reports New High-Grade Gold Discovery at its Kiaka Gold Project Within 700 Meters of Current 3 Million Ounce Plus M&I Gold Resource


News provided by

Volta Resources Inc.

15 Feb, 2012, 17:22 GMT

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TORONTO, February 15, 2012 /PRNewswire/ --

- Intersects 25.0m @ 9.22g/t Gold, also 19.0m @ 5.53g/t Gold -

Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the discovery of a new high-grade mineralization situated approximately 700m southwest of its Kiaka Central Area deposit (see Figure 1), which currently contains NI43-101 compliant resources of 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). The new mineralization was identified by Reverse Circulation (RC) drilling carried out during the on-going Phase 3 program at the Company's Kiaka Gold Project. Phase 3 comprises approximately 50,000m of drilling being undertaken to extend resources in the Central Area, to follow up positive results in the South Area, to test several more ground geophysical targets and undertake scout drilling on regional targets on the Kiaka property (see News Release of 13 October 2011).

This recently completed RC drilling campaign in the Kiaka South Area tested a known gold anomaly and comprised 80 holes (4,410 metres) drilled on a 25x25m grid pattern, covering 13 sections (3675N - 4025N).

The RC drill holes intersected high grade mineralization over a strike length of more than 175m, between sections 3850N and 4000N. The mineralization, drilled to a vertical depth of approximately 60m, is oriented Northeast-Southwest and is open to the southwest and at depth (see figure 2). The new mineralized body is characterized by high-grade intercepts, with single meter intervals regularly exceeding 10g/t gold. Highlights from the reported RC holes include:

  • KKRC280 : 19.0m @ 5.53g/t Au, including 12.0m @ 8.42g/t Au AND
  • KKRC280 : 29.0m @ 2.47g/t Au, including 23.0m @ 3.05g/t Au
  • KKRC285 : 37.0m @ 1.55g/t Au, including   9.0m @ 2.14g/t Au
    and 6.0m @ 3.55g/t Au
  • KKRC291 : 25.0m @ 5.15g/t Au, including 12.0m @ 10.43g/t Au
  • KKRC292 : 22.0m @ 2.23g/t Au, including 13.0m @ 3.36g/t Au
  • KKRC299 : 47.0m @ 2.93g/t Au, including 15.0m @ 7.90g/t Au
    and including 3.0m @ 23.35g/t Au
  • KKRC300 : 26.0m @ 3.36g/t Au, including    8.0m @ 9.27g/t Au
  • KKRC315 : 15.0m @ 6.57g/t Au
  • KKRC321 : 25.0m @ 9.22g/t Au, including 10.0m @ 16.64g/t Au

Kevin Bullock, Volta Resources' CEO, said, "These are remarkable results that reveal another dimension of the growing Kiaka project.  Most impressive is that these high grade results are near surface, near existing resources, and that the mineralization remains open at depth.  The close proximity of this new discovery to the existing deposit means that any significant mineralization will become part of the mine planning.  Kiaka already hosts a robust resource but now we have the tantalilzing potential of adding a high grade component that could have a powerful impact on the mine's economics.  We are going to very aggressively explore this new discovery."

The last holes on the southernmost drilled sections (3750N) returned similar high-grade mineralized intervals, confirming the results of nearby located scout drillhole RRL_KDH09, drilled by Randgold in 2006, and suggesting the possibility of the presence of another mineralized lens.

Volta Resources will mobilize, as soon as possible, one or more of the six rigs currently drilling at Kiaka to test the lateral and depth extensions of the newly identified high grade mineralization.

Volta Resources is currently finalizing an updated NI 43-101 Compliant Resource for Kiaka. These Kiaka South results will not be included as the program is ongoing.  Consequently they will not be used in the Pre-Feasibility Study currently being finalized by WardropTetra-Tech. However they will definitely be an important component in the ultimate Feasibility Study.

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 at ALS Chemex Laboratories in Ouagadougou. Volta Resources's sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.

As part of an additional check, 368 high-grade mineralized samples were re-assayed independently by the BIGS laboratory in Ouagadougou. The results fully confirmed the ALS Chemex Laboratories assays. The re-assays, carried out on duplicate samples stored initially at Volta Resources's Kiaka premises, returned similar results for the high-grade intervals (>10g/t Au), suggesting that the nugget effect may potentially be limited.

Table 1: Highlights of gold intersections for the reported boreholes

                                TO  INTERVAL Au (g/t)
    SECTION   BHID    FROM (m) (m)    (m)     UNCUT           COMMENTS
                                                      24.0 - 25.0m = 14.50g/t
     3800N  KKRC262       24.0 30.0    6.0     2.79   Au
            AND           43.0 55.0   12.0     1.99   ENDED IN MINERALIZATION
                 INCL     44.0 55.0   11.0     2.11
             KKRC264      40.0 50.0   10.0     0.83
             KKRC266      26.0 30.0    4.0     1.14
             KKRC269      46.0 49.0    3.0     1.67
             KKRC276      45.0 55.0   10.0     1.49
                 INCL     45.0 48.0    3.0     4.52
     3750N  KKRC278         5.0 8.0    3.0     1.17
            AND           16.0 19.0    3.0     1.03
                                                      4.0 - 5.0m = 51.50g/t
                                                      Au; 5.0 - 6.0m =
            KKRC280        4.0 23.0   19.0     5.53   28.80g/t Au
                 INCL      4.0 16.0   12.0     8.42
                                                      ENDED IN MINERALIZATION;
                                                      61.0 - 62.0m = 32.00g/t
            AND           46.0 75.0   29.0     2.47   Au
                 INCL     52.0 75.0   23.0     3.05
     3675N  KKRC282       16.0 30.0   14.0     0.53
     3850N  KKRC285       19.0 56.0   37.0     1.55
                 INCL     24.0 33.0    9.0     2.41
                 INCL     49.0 55.0    6.0     3.55
                                                      ENDED IN MINERALIZATION;
                                                      66.0 - 67.0m = 19.10g/t
            AND           63.0 70.0    7.0     3.24   Au
                 INCL     65.0 68.0    3.0     6.96
                                                      ENDED IN MINERALIZATION;
                                                      42.0 - 43.0m = 74.00g/t
                                                      Au; 43.0 - 44.0m =
     3875N  KKRC291       33.0 58.0   25.0     5.15   33.50g/t Au
                 INCL     42.0 54.0   12.0    10.43
                                                      10.0 - 11.0m = 13.80g/t
                                                      Au; 11.0 - 12.0m =
             KKRC292       6.0 28.0   22.0     2.23   14.25g/t Au
                 INCL      6.0 19.0   13.0     3.36
             KKRC294      36.0 40.0    4.0     1.58
     3900N  KKRC298       42.0 46.0    4.0     1.16
                 INCL     42.0 45.0    3.0     1.41
            AND           55.0 61.0    6.0     1.62   ENDED IN MINERALIZATION
                 INCL     56.0 61.0    5.0     1.81
                                                      ENDED IN MINERALIZATION;
                                                      26.0 - 27.0m = 19.65g/t
                                                      Au; 27.0 - 28.0m =
                                                      25.50g/t Au; 28.0 -
                                                      29.0m = 24.90g/t Au;
                                                      31.0 - 32.0m = 16.00g/t
            KKRC299        3.0 50.0   47.0     2.93   Au
                 INCL     19.0 34.0   15.0     7.90
            AND INCL.     26.0 29.0    3.0    23.35
             KKRC300       1.0 19.0   18.0     1.05
                 INCL     14.0 19.0    5.0     2.58
                                                      68.0 - 69.0m = 61.90g/t
            AND           48.0 74.0   26.0     3.36   Au
                 INCL     62.0 70.0    8.0     9.27
             KKRC301      31.0 41.0   10.0     0.71
     3925N  KKRC307       33.0 49.0   16.0     1.11
                 INCL     33.0 41.0    8.0     1.29
                 INCL     44.0 48.0    4.0     1.38
             KKRC308      26.0 33.0    7.0     1.11
             KKRC310      32.0 38.0    6.0     1.21
                                                      ENDED IN MINERALIZATION;
                                                      29.0 - 30.0 = 26.40g/t
     3950N  KKRC313       27.0 50.0   23.0     3.19   Au
                 INCL     27.0 42.0   15.0     4.48
             KKRC314       4.0 50.0   46.0     0.70   ENDED IN MINERALIZATION
                 INCL     33.0 50.0   17.0     1.19
                                                      ENDED IN MINERALIZATION;
                                                      30.0 - 31.0m = 32.50g/t
             KKRC315      30.0 45.0   15.0     6.57   Au
             KKRC317      21.0 30.0    9.0     1.41
                 INCL     26.0 30.0    4.0     2.98
     3975N  KKRC320       27.0 38.0   11.0     0.55
             KKRC321       1.0 14.0   13.0     0.93
            AND           25.0 50.0   25.0     9.22   ENDED IN MINERALIZATION
                 INCL     26.0 36.0   10.0    16.64
     4000N  KKRC325       14.0 27.0   13.0     0.57
             KKRC328      32.0 35.0    3.0     2.02
             KKRC329       6.0 14.0    8.0     1.63
            AND           22.0 40.0   18.0     0.79   ENDED IN MINERALSIATION
                 INCL     31.0 40.0    9.0     1.41
     4025N  KKRC337       31.0 34.0    3.0     1.11

Notes on Table 1:

  1. Intervals are core length. True width is unknown at this time.
  2. Intersections are based on a 0.3 g/t gold cut-off with maximum internal dilution (MID) of 5m for the lower grade mineralization envelope, except for KKRC325, 14.0-27.0m,  where it has been increased to 6m.
  3. In order to highlight the continuity of the high grade zone, a 0.8 g/t gold cut-off with maximum internal dilution of 2m has been used.
  4. No top cut has been applied.
  5. The intersections listed in the table represent sections of at least 3m in excess of 1g/t Au and/or sections of at least 10m in excess of 0.5g/t Au.
  6. The intersections represent sections drilled by Rerverse Circulation drilling (see Table 2).
  7. 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 of the Bureau des Mines et de la Géologie du Burkina (BUMIGEB) for standard preparation (dry, crush, split, pulverize) under Company's supervision.
  8. Samples were then sent to ALS Chemex in Ouagadougou for Fire Assay on a 50g charge.
  9. 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 Resources's rigorous QA/QC checks.
  10. Duplicate samples from selected high-grade mineralized intervals were assayed by BIGS laboratory in Ougadougou.

TABLE 2 : Collar coordinates and orientation parameters.

    SECTION Hole ID Easting Northing Elevation Depth    Dip     Azimuth
                                        (m)     (m)  (degrees) (degrees)
    3675N   KKRC281 738184  1288208    275.8    58      -55       135
            KKRC282 738202  1288191   276.26    50      -55       135
            KKRC283 738220  1288173   276.54    65      -55       135
            KKRC284 738255  1288138   276.88    70      -55       135
    3750N   KKRC277 738237  1288262   276.21    52      -55       135
            KKRC278 738255  1288244   276.68    55      -55       135
            KKRC279 738273  1288226    276.8    75      -55       135
            KKRC280 738308  1288191   277.15    75      -55       135
    3775N   KKRC272 738219  1288315   275.23    58      -55       135
            KKRC273 738240  1288294    275.8    50      -55       135
            KKRC274 738255  1288279   276.32    73      -55       135
            KKRC275 738290  1288244   276.67    72      -55       135
            KKRC276 738326  1288209   277.25    64      -55       135
    3800N   KKRC268 738237  1288332   275.57    75      -55       135
            KKRC269 738272  1288297   276.02    75      -55       135
            KKRC270 738308  1288262   276.83    70      -55       135
            KKRC271 738343  1288227   277.19    61      -55       135
    3825N   KKRC262 738255  1288350   275.18    55      -55       135
            KKRC263 738272  1288333   276.21    61      -55       135
            KKRC264 738294  1288311   276.24    64      -55       135
            KKRC265 738315  1288291   276.82    61      -55       135
            KKRC266 738336  1288270   277.47    70      -55       135
            KKRC267 738361  1288244   277.19    75      -55       135
    3850N   KKRC285 738237  1288403   273.92    70      -55       135
            KKRC286 738272  1288368   274.81    60      -55       135
            KKRC287 738290  1288350   275.66    50      -55       135
            KKRC288 738308  1288333   276.32    57      -55       135
            KKRC289 738325  1288315    276.6    50      -55       135
            KKRC290 738343  1288297   277.03    70      -55       135
    3875N   KKRC291 738254  1288421   275.47    60      -55       135
            KKRC292 738272  1288403   274.41    50      -55       135
            KKRC293 738290  1288386   275.31    49      -55       135
            KKRC294 738308  1288368   275.81    50      -55       135
            KKRC295 738325  1288350   275.99    50      -55       135
            KKRC296 738343  1288332   276.21    46      -55       135
            KKRC297 738361  1288315   276.55    52      -55       135
    3900N   KKRC298 738272  1288438   275.47    61      -55       135
            KKRC299 738290  1288421   275.16    50      -55       135
            KKRC300 738308  1288403    275.3    75      -55       135
            KKRC301 738343  1288368   275.82    52      -55       135
            KKRC302 738360  1288350   275.97    50      -55       135
            KKRC303 738378  1288333   276.31    60      -55       135
    3925N   KKRC304 738255  1288491   273.78    50      -55       135
            KKRC305 738272  1288474   275.14    40      -55       135
            KKRC306 738291  1288455   275.14    50      -55       135
            KKRC307 738308  1288438   275.19    50      -55       135
            KKRC308 738325  1288421   275.28    50      -55       135
            KKRC309 738343  1288403   275.12    50      -55       135
            KKRC310 738360  1288385   275.58    61      -55       135
    3950N   KKRC311 738272  1288509   274.36    40      -55       135
            KKRC312 738290  1288492   274.59    40      -55       135
            KKRC313 738307  1288474   274.73    50      -55       135
            KKRC314 738325  1288456    274.6    50      -55       135
            KKRC315 738342  1288439   274.98    45      -55       135
            KKRC316 738360  1288421   274.78    50      -55       135
            KKRC317 738378  1288403   275.42    75      -55       135
    3975N   KKRC318 738290  1288527   274.07    40      -55       135
            KKRC319 738307  1288509    274.3    40      -55       135
            KKRC320 738325  1288492   274.31    40      -55       135
            KKRC321 738343  1288474   274.27    50      -55       135
            KKRC322 738361  1288456   274.87    75      -55       135
            KKRC323 738396  1288421   275.29    61      -55       135
    4000N   KKRC324 738272  1288580   273.59    46      -55       135
            KKRC325 738290  1288562   273.57    43      -55       135
            KKRC326 738307  1288545   274.07    45      -55       135
            KKRC327 738325  1288527   274.24    43      -55       135
            KKRC328 738343  1288509   274.67    41      -55       135
            KKRC329 738358  1288497   274.38    40      -55       135
            KKRC330 738378  1288474   275.32    50      -55       135
            KKRC331 738396  1288456   275.54    50      -55       135
            KKRC332 738414  1288439   275.47    75      -55       135
    4025N   KKRC333 738290  1288598   273.71    52      -55       135
            KKRC334 738307  1288580   274.06    40      -55       135
            KKRC335 738325  1288562   274.32    50      -55       135
            KKRC336 738343  1288545   274.57    50      -55       135
            KKRC337 738361  1288527   274.71    51      -55       135
            KKRC338 738378  1288509   274.97    36      -55       135
            KKRC339 738396  1288492    275.2    40      -55       135
            KKRC340 738414  1288474   275.04    50      -55       135
            KKRC341 738431  1288456   275.38    55      -55       135

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 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 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 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 Kiaka South Area relative to the defined resource in the Kiaka Central Area.". PDF available at: http://stream1.newswire.ca/media/2012/02/14/20120214_C4090_DOC_EN_10077.pdf

PDF with caption: "Figure 2: Highlights from the Kiaka South Area.". PDF available at: http://stream1.newswire.ca/media/2012/02/14/20120214_C4090_DOC_EN_10078.pdf

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

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