Desert Gold Ventures Inc. (“Desert Gold” or “the Company”) (TSXV:DAU) is pleased to announce that it has successfully renewed its 100% owned Farabantourou permit for an initial 3-year term.
Desert Gold Ventures Inc. (“Desert Gold” or “the Company”) (TSXV:DAU) is pleased to announce that it has successfully renewed its 100% owned Farabantourou permit for an initial 3-year term. Furthermore, the license terms grant Desert Gold the option to renew the permit for two additional 3-year terms giving the Company control of Farabantourou until November 2027.
The permit is 122km2 and spans the Senegal-Mali Shear Zone (“SMSZ”) which is related to 30 million + oz gold of production and resources(1). The permit contains 7 known gold zones with many material drill intercepts including:
- 40 g/t gold over 10 metres
- 28 g/t gold over 13 metres
- 29 g/t gold over 20 metres
- 99 g/t gold over 4 metres
- 07 g/t gold over 8 metres
In addition to the numerous known gold zones, property-scale soil sampling demonstrates a significant amount of gold-in-soil anomalies and anomalous gold-in-soil anomaly trends that have not yet been fully evaluated. The newly discovered Frikidi trend was one of these anomalous areas. There are in excess of 45 untested gold-in-soil anomalies containing greater than 200 ppb gold with values ranging up to 7,589 ppb gold. These anomalies, which occur both east and west of the SMSZ, suggesting significant exploration potential in a variety of geological settings, appear to show a 10 km long anomalous trend located on or adjacent to the SMSZ (see Figure 1).
Fieldwork at Farabantourou is scheduled to start in December 2018 and continue into 2019. The Company is planning an ambitious exploration program at all three of its properties in Mali. At Farabantourou, drilling is planned to follow up known gold zones. At Farabantourou and Segala West, auger drilling will be carried out over select laterite-covered zones in conjunction with geological mapping, prospecting and systematic evaluation and prioritization of strong gold-in-soil targets. At Djimbala, which is contiguous to Hummingbird’s Yanfolila mine permit, previously collected soil samples will be analyzed with follow-up field evaluation and property-scale mapping. This work, in conjunction with drilling, is expected to lead to the development of a significant number of new priority drill targets at all three properties.
Desert Gold holds three gold projects in Mali (Farabantourou, Segala Ouest and Djimbala), of which, Farabantourou and Segala West are located within the Kenieba Inlier of western Mali. The Farabantourou project lies 40 km to the south of AngloGold Ashanti’s/Iamgold’s Sadiola gold mine and 50 km to the north of Randgold’s Loulo-Gounkoto complex gold mines (see Figure 2).
(1) Randgold’s Loulo-Gounkoto mine complex to the west with ore reserves of 32 Mt average at 4.6 g.t for 3.7 million oz Au in the Proven and Probably category. Endeavour Mining’s Tabakoto and Segala mines which hosts ~3 million oz Au (18.5 Mt at 3.5 g/t for 1.8 million oz Au measured and indicated, 9 Mt at 3.6 g/t for 1 million oz Au inferred and 6.4 Mt at 3.5 g/t for 0.7 million oz Au proven and probable. B2Gold Fekola mine to the south with ore reserves of 48.3 million Mt average at 2.37 g/t gold for 3.34 million oz Au in the Proven and Probably category and 65.8 million Mt average at 2.13 g/t gold for 4.5 million oz Au. To the north Sadiola/Yatela mine contains ore reserves of 38 million Mt at 1.57 g/t gold for 2 million oz Au and 87 million Mt at 1.58 g/t gold for 6 million oz Au in the measured and indicated category.
ON BEHALF OF THE BOARD
For further information please contact Jared Scharf, President, at +1 (858) 247-8195 or visit www.desertgold.ca
This note was reviewed by Dr. Luc Antoine who is a director of the Company and is registered as a Member of the Geological Society of South Africa (MGSSA 967397). He approves the scientific and technical disclosure in the news release and has the necessary experience relevant to the style of mineralization and types of deposits under consideration and to the activity as a Qualified Person as defined in the National Instrument 43-101.
Additional information can also be viewed at www.SEDAR.com under the company’s profile.
This news release contains forward-looking statements respecting the Company’s ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company’s business are more fully discussed in the company’s disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.