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Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to announce that it has completed a satellite data interpretation study (the "Study") covering the Alasala target of the Company's Todi Gold Project, which builds on the regional interpretation completed by A.C.A Howe International Limited ("ACA Howe") in 2021. The Study focused on a 72 km2 area including the 2 km long mineralized trend from Mandingo Hill to Lion Hill (see Map 1 below), delineated by soil sampling, trenching, channel sampling, auger drilling, and extensive artisanal workings with visible gold.
Management Commentary
David Kol, CEO, commented, "Completing this satellite data interpretation study marks a significant step forward in our exploration efforts at the Alasala target. The detailed insights into the geological setting and the identification of new structural trends improve our understanding of the controls on mineralization and enhance our confidence in the potential for high-grade gold mineralization. We are excited to advance to the next phase of our drill program and further unlock the value of the Todi Gold Project."
Highlights
The Study was completed by ACA Howe in advance of Zodiac Gold's upcoming drill program at Alasala and serves to improve the understanding of the geological setting and history of the area, as well as providing information on potential controls on mineralization. Specifically, the Study has revealed the following key points:
- The 2 km mineralized trend broadly follows a topographical high shown in radar data (see Map 2 below). A series of scarps has been identified on this trend and these continue along strike to the north and south. Initial follow-up on the ground by Zodiac Gold's geological team has identified weathered amphibolites and gneisses aligned with the north-northeast trending feature.
- A number of previously unknown cross-cutting east-northeast trending structures have been interpreted and it has been determined that a higher intensity structural corridor coincides with highly anomalous soil sample results at Mandingo Hill and Mamie Field (see Map 2 below). Notably, Zodiac Gold's recent rock chip samples of 32 and 33 g/t Au from Mandingo Hill (reported in Zodiac's press release dated May 28th, 2024), are in close proximity to interpreted cross-cutting east-northeast trending structures.
- High grade soil samples and the Man Field artisanal pit are also located on an interpreted cross-cutting east-northeast trending structure (see Map 2 below).
- Several northwest trending structures were also interpreted and the foliation and banding in the metamorphic rocks of the area is confirmed as being predominantly to the northwest and dipping to the southwest (see Map 2 below), in line with the regional scale Todi shear zone.
- The follow up drill program is expected to begin on the Todi Gold Project in roughly 2 weeks.
Zodiac Gold believes the interaction of these structural features, as well as the presence of favorable host rocks, provides potential for high grade gold mineralization as demonstrated by the recent rock chip samples and historical drilling results (reported in Zodiac's press release dated May 28th, 2024).
Map 1: Satellite data interpretation for the Alasala Target
Map 2: Correlation of soil anomalism with topographical feature shown on SRTM data at Alasala. A) Soil sample results with satellite data interpretation. B) SRTM data with artisanal mining areas.
Investor Relations Engagement
The Company is pleased to announce that it has retained the services of Peak Investor Marketing Corp. ("Peak") a full-service marketing and consulting services focused on the junior mining sector. Peak is an independent arms-length entity and will assist Zodiac Gold with marketing strategy and planning, corporate communications and public relations, with the goal of increasing market awareness for the company. Under the terms of the Agreement, the Company will compensate Peak $12,000 per month for an initial term of six months, will grant Peak 200,000 stock options pursuant to the Company's Omnibus Equity Incentive Plan and are subject to the approval of the TSXV. Following the initial term, the Company will pay Peak $12,000 per month. The options will have an exercise price of $0.18 per share and vest in four stages over a period of 12 months, with ¼ of the options vesting three months after the date they are granted and every three months thereafter. The options will remain exercisable until 90 days after the termination of the agreement with Peak, to a maximum of two years from the date the options are granted.
Qualified Person
Efdal Olcer, Vice President of Exploration at Zodiac Gold, is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, the Society of Geology Applied to Mineral Deposits, and the Turkish Association of Economics Geologists and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
For further information, please visit the ZodiacGold website at www.zodiac-gold.com or contact:
David Kol, CEO
info@zodiac-gold.com
Neither 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.
Forward Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
Award of Exploration Incentive Scheme (EIS) Co-funding
Highlights
- The Company has been awarded a co-funded drilling grant for Round 31 of the Western Australian Government’s EIS program for the Ganymede Gold prospect
- Government EIS co-funding will facilitate drill testing of an Induced Polarisation (IP) anomaly of Ganymede located to the east of the Butchers Creek deposit
- The application highlighted the similarities between the IP signature of the Ganymede Prospect and that of the Butchers Creek gold deposit
- Drilling is planned in the 2025 field season with PoW and Heritage Surveys complete
Ganymede is thought to represent a folded repeat and extension to the Butchers Creek gold deposit (Figure 1) and forms part of the wider Butchers Creek Gold Project located in the East Kimberley region of Western Australia.
The grant will cover 50% of the direct drilling costs up to a maximum refund of $57,500. An initial two (2) diamond drillholes are planned to test the Ganymede IP geophysical anomaly previously identified but left undrilled by Meteoric Resources in 20221. Notably Ganymede has an IP signature equivalent to the Butchers Creek gold deposit. Drilling is planned to commence this 2025 field season with assay results scheduled approximately 6 weeks thereafter.
WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented:
“We welcome the financial support of the Western Australian government via the 31st round of EIS grant funding.
This target represents a compelling opportunity to enhance the already significant Butchers Creek gold project. Without government support this target may well have remained untested.
Success with this would potentially be a step change for underpinning the economics of the project.
This support will fast track testing and we look forward to seeing what may be at Ganymede.”
Background
The Ganymede gold target is located to the south-east of the Butchers Creek open pit and Mt Bradley gold mines illustrated in Figure 1. Meteoric’s 2022 IP geophysical survey identified Ganymede to have a similar geophysical signature to the known Butchers Creek gold deposit. It is believed the Ganymede target is a potential fold repeat of the Butchers Creek gold deposit that has yet to be drill tested as is illustrated in Figure 2 below.
Figure 1: Ganymede location with reference to Butchers Creek and Mt Bradley gold mines
Figure 2: Schematic geology cross section and associated IP anomaly of the Butchers Creek gold deposit and Ganymede gold target
Click here for the full ASX Release
This article includes content from Win Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
