Volta Resources Extends Porphyry Copper-Gold Mineralization at Gongondy, Gaoua Cu-Au Project, Burkina Faso
TORONTO, December 12, 2012 /PRNewswire/ --
- Intersects 168.0 meters at 0.57% copper-equivalent -
- And 84.0 meters at 1.01% copper-equivalent -
TSX: VTR
Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the first results from its recently completed 131 hole, 13,528 metres, reverse circulation (RC) and diamond drilling (DD) program on its Gaoua copper-gold project, located in southern Burkina Faso, West Africa.
The program aimed at testing continuity and extensions, both along strike and laterally, of the known copper-gold mineralization at Gongondy and Dienemera (see Figure 1). Gongondy and Dienemera are two of several copper-gold porphyry targets on the Gaoua Project where sufficient drilling has been undertaken to estimate a maiden NI43-101 compliant resource comprising over 1 million ounces of gold and 720 million pounds of copper (see table 4).
This press release includes the results from 68 holes drilled on the Gongondy prospect, from the southernmost section 1138800N to section 1140800N in the northern part of the prospect. These holes, totalling 8,490m of drilling, comprise respectively 24 DD (5,824m) and 44 RC holes (2,666m).
The results confirm that the Gongondy deposit can be traced continuously along its full strike extent of more than 2 kilometers on the western side of a post-mineralization gabbro intrusive (see Figure 2). The drilling also confirmed the presence of two mineralized centres along a north striking breccia body, (the "northern" and the "southern" blocks), separated by a post-mineralization intrusive gabbro body and by an inferred NW-SE trending fault. The drill holes completed in the Northern part of the Gongondy mineralization are also relatively richer in gold. In addition, the southern drill fences show that the Gongondy deposit can be extended for a further 100m to the south and still remains open (see Figure 2). The results from the holes reported in this press release has the potential to considerably increase the size of the existing resource estimated for the Gongondy deposit (Table 4). Highlights from the current reported holes include:
- GRC40 : 50.0m @ 0.54 g/t Au and 0.46% Cu (0.83% CuEQ)
- GRC41 : 38.0m @ 0.48 g/t Au and 0.36% Cu (0.70% CuEQ)
- GRC64 : 21.0m @ 1.68 g/t Au and 0.12% Cu (1.30% CuEQ)
- S65GON : 72.0m @ 0.91 g/t Au and 0.48% Cu (1.12% CuEQ)
- S66GON : 78.0m @ 0.30 g/t Au and 0.29% Cu (0.50% CuEQ)
- S77GON : 84.0m @ 0.85 g/t Au and 0.42% Cu (1.01% CuEQ)
- S79GON : 65.0m @ 0.43 g/t Au and 0.23% Cu (0.53% CuEQ)
- S80GON : 82.0m @ 0.26 g/t Au and 0.24% Cu (0.40% CuEQ)
- S81GON : 168.0m @ 0.43 g/t Au and 0.27% Cu (0.57% CuEQ)
Kevin Bullock, Volta Resources' CEO said, "These results notably increase the scope of the overall Gaoua Project where we have discovered West Africa's only major copper-gold porphyry deposit. By extending the mineralization we have an opportunity to expand the size of the project to the point where we will be in position to formalize a plan to realize full value for the project while we focus on bringing our flagship Kiaka Project to production."
Volta Resources, with SRK Consulting (UK), is scheduled to complete an updated NI 43-101 compliant resource for the Gaoua Project in early Q1, 2013 incorporating all results from holes drilled to date, including the results reported in this press release.
Results for the holes are highlighted in Table 1 and locations shown in Figure 2. Analyses of the Volta Resources samples were undertaken respectively by fire assay on a 50g charge for gold at the Actlabs Laboratories in Ouagadougou, and by Atomic Absorption for copper at the Actlabs Laboratories in Ancaster/Canada. Volta Resources' sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.
Table 1: Highlights of Copper and Gold Intersections for the Reported Drill Holes
FROM TO INTERVAL CuEQ Au Cu
HOLE ID (m) (m) (m) (%) (g/t) (%) REMARKS
GRC40 19.00 69.00 50.00 0.83 0.54 0.46
1 Cu assay missing,
80.00 101.00 21.00 0.38 0.25 0.21 ENDED IN MINERALIZATION
GRC41 3.00 41.00 38.00 0.70 0.48 0.36
GRC43 6.00 17.00 11.00 0.31 0.17 0.19
GRC47 43.00 57.00 14.00 0.32 0.29 0.11
GRC50 2.00 22.00 20.00 0.48 0.63 0.04
GRC53 5.00 15.00 10.00 0.35 0.23 0.19
22.00 55.00 33.00 0.42 0.37 0.16
GRC59 9.00 21.00 12.00 0.35 0.32 0.12 1 Cu assay missing
GRC60 15.00 27.00 12.00 0.37 0.40 0.09
ENDED IN MINERALIZATION
GRC64 46.00 67.00 21.00 1.30 1.68 0.12 52.0-53.0m = 19.3g/t Au
GRC69 17.00 52.00 35.00 0.54 0.51 0.19 ENDED IN MINERALIZATION
S65GON 121.00 193.00 72.00 1.12 0.91 0.48
200.70 214.00 13.30 0.37 0.32 0.14
core loss = 25.8-26.5m;
S66GON 19.00 45.00 26.00 0.36 0.16 0.25 28.0-27.3m; 37.2-38.3m
61.00 139.00 78.00 0.50 0.30 0.29
S67GON 24.00 46.00 22.00 0.43 0.15 0.32
62.50 77.00 14.50 0.55 0.19 0.42
S68GON 97.00 112.00 15.00 0.31 0.15 0.21
S69GON 209.00 255.00 46.00 0.50 0.30 0.30
S70GON 84.00 99.00 15.00 0.33 0.43 0.03
114.00 124.00 10.00 0.33 0.38 0.06
S71GON 209.00 238.00 29.00 0.52 0.27 0.33
S72GON 239.00 264.00 25.00 0.56 0.42 0.27
S74GON 285.00 300.00 15.00 0.41 0.31 0.19
S75GON 65.00 79.00 14.00 0.31 0.29 0.10
240.00 250.00 10.00 0.41 0.29 0.20 ENDED IN MINERALIZATION
S76GON 92.20 105.00 12.80 0.33 0.34 0.09
257.00 279.00 22.00 0.46 0.31 0.24
290.00 328.00 38.00 0.56 0.28 0.36 ENDED IN MINERALIZATION
S77GON 85.00 169.00 84.00 1.01 0.85 0.42
364.00 399.00 35.00 0.33 0.20 0.20
S78GON 71.00 100.00 29.00 0.51 0.27 0.33
115.00 145.00 30.00 0.72 0.52 0.36
S79GON 120.00 185.00 65.00 0.53 0.43 0.23
S80GON 3.70 22.00 18.30 0.38 0.19 0.25
Core loss = 99.9-101.0m;
101.9-102.0m;
117.8-118.2m;
118.9-120.0m;
70.00 152.00 82.00 0.43 0.26 0.24 120.6-121.0m
S81GON 62.00 74.00 12.00 0.36 0.25 0.19
81.00 249.00 168.00 0.57 0.43 0.27 Core loss = 205.0-205.7m
S84GON 40.50 59.00 18.50 0.36 0.27 0.17
S85GON 134.00 160.00 26.00 0.85 0.53 0.48
S86GON 202.00 212.00 10.00 0.70 0.68 0.22
S87GON 197.00 210.00 13.00 0.38 0.30 0.16
Table Notes :
1) Intervals are drilled lengths. True width is unknown at this time.
2) Internal dilution (less than 0.3 % CuEQ) has been carried out to a maximum of 5m except for the intervals hole S72GON and S79GON,where the maximum internal dilution (MID) is 6m, and for S80GON where the MID is 7m.
3) Intersections are based on a 0.3% CuEQ cut-off with no top cut applied.
4) The intersections listed in the table represent sections of at least 10m@ 0.3% CuEQ.
5) The intersections represent sections drilled by reverse circulation (RC) and/or core drilling (see Table 3).
6) The RC portions of the drill holes were sampled at 1m intervals. Dry samples were riffle-split to provide 2 kg samples sent to the laboratory. Wet samples were dried in the field, then riffle-split in the same way. The cored portion of the 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.
7) Where core losses were reported in the mineralized intercepts, the width of the entire mineralized intercept is reported at the weighted average grade of the remaining samples. Where assays are missing a zero value was assigned to the sample.
8) Samples were sent to Actlabs in Ouagadougou for standard preparation and gold assaying (FA) and to Actlabs in Ancaster/Canada for Cu assaying by atomic absorption spectrometry.
9) The accuracy of the results was tested through the systematic inclusion of Cu-Au standards and field blanks. Standards were inserted every 15 samples and blanks approximately every 30 samples. The results for the reported holes have passed the Company's QA/QC protocols.
10) Copper equivalent calculated using US$3.00/lb Cu and US$1400/oz. Au and is not adjusted for mining and metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 0.7).
Gold-rich intercepts in the reported drill holes which occur outside of the copper-gold mineralized intervals listed in Table 1, are presented below in Table 2.
Table 2: Gold Intersections Not Directly Associated With Copper Mineralization
FROM* TO* INTERVAL*
HOLE ID (m) (m) (m) Au (g/t)
GRC33 47.00 48.00 1.00 4.17
GRC39 8.00 9.00 1.00 4.34
GRC44 20.00 21.00 1.00 2.81
GRC55 52.00 53.00 1.00 2.97
GRC56 57.00 58.00 1.00 2.67
GRC72 2.00 3.00 1.00 5.72
GRC73 9.00 10.00 1.00 3.53
GRC75 7.00 8.00 1.00 4.85
S68GON 138.00 139.00 1.00 3.54
S69GON 110.00 111.00 1.00 8.61
194.00 195.00 1.00 5.00
S70GON 14.00 16.80 2.80 2.75
S76GON 168.00 171.00 3.00 4.30
223.00 224.00 1.00 3.12
S80GON 183.00 184.00 1.00 3.20
S80GON 184.00 185.00 1.00 13.90
S83GON 143.00 144.00 1.00 4.67
149.00 150.00 1.00 5.16
S86GON 24.00 25.00 1.00 2.67
S87GON 23.00 24.00 1.00 3.49
* core length-not true width.
Table Notes:
- The Au intersections above are based on a 0.5g/t Au cut-off with no top cut applied.
- No sample within the reported intersections includes grades lower than 0.5g/t Au.
- The intersections listed in the table represent sections of at least 1m @ >2.5g/t Au or 2.5m >1g/t Au .
- The above assay results were obtained by identical processes as those described for the Cu-Au intervals and the accuracy of the results was tested through the systematic inclusion of Cu-Au standards and field blanks as described in the notes under table 1. The results for the reported holes have passed the Company's QA/QC protocols.
TABLE 3: Collar Coordinates and Orientation Parameters
DEPTH DIP AZIMUTH
SECTION HOLEID UTM_X UTM_Y UTM_Z (m) DrillType (degrees) (degrees)
1138800N GRC34 498723 1138798 303 39.0 RC -60 90
GRC35 498774 1138798 301 38.0 RC -60 90
GRC33 498676 1138799 305 61.0 RC -60 90
GRC75 499119 1138800 299 19.0 RC -60 90
GRC37 498875 1138801 302 38.0 RC -60 90
GRC39 498971 1138801 299 44.0 RC -60 90
GRC76 499277 1138801 294 16.0 RC -60 90
GRC36 498825 1138802 299 53.0 RC -60 90
GRC72 499050 1138802 300 52.0 RC -60 90
GRC38 498924 1138803 303 62.0 RC -60 90
GRC71 499022 1138803 301 67.0 RC -60 90
GRC74 499098 1138803 295 40.0 RC -60 90
GRC73 499077 1138804 298 46.0 RC -60 90
1138950N S67GON 499024 1138950 302 198.0 DD -60 90
S69GON 499124 1138950 302 256.1 DD -60 90
S74GON 498727 1138951 299 301.1 DD -60 90
S68GON 498926 1138960 302 193.0 DD -60 90
1139250N S76GON 498719 1139250 301 328.0 DD -60 90
1139350N S78GON 498822 1139349 308 175.0 DD -60 90
1139450N S80GON 499274 1139451 299 201.0 DD -60 90
S88GON 498150 1139470 313 162.0 DD -45 270
1139550N S79GON 498776 1139555 306 202.0 DD -60 90
1139650N GRC40 499333 1139651 308 101.0 RC -60 90
GRC41 4999385 1139651 307 68.0 RC -60 90
1139700N S81GON 498776 1139700 304 250.0 DD -60 90
1139750N S84GON 498881 1139750 312 137.0 DD -60 90
1139900N S70GON 498598 1139900 308 160.0 DD -60 90
S66GON 498923 1139900 300 166.0 DD -60 90
S71GON 498775 1139902 307 298.0 DD -60 90
1140150N S83GON 498625 1140148 314 271.0 DD -60 90
GRC42 499227 1140148 314 44.0 RC -60 90
S82GON 498779 1140150 312 300.0 DD -60 90
GRC70 498900 1140150 308 52.0 RC -60 90
GRC47 499176 1140150 321 100.0 RC -60 90
GRC43 499274 1140150 315 46.0 RC -60 90
GRC44 499325 1140151 316 54.0 RC -60 90
GRC45 499375 1140151 318 40.0 RC -60 90
GRC46 499427 1140151 317 40.0 RC -60 90
S86GON 498951 1140154 312 250.5 DD -60 90
1140300N S87GON 498626 1140300 308 266.0 DD -60 90
1140350N GRC51 499374 1140348 317 73.0 RC -60 90
GRC48 499226 1140349 321 100.0 RC -60 90
GRC49 499275 1140349 324 76.0 RC -60 90
GRC50 499323 1140350 319 46.0 RC -60 90
GRC52 499423 1140350 319 100.0 RC -60 90
GRC58 499476 1140350 321 81.0 RC -60 90
1140400N GRC68 498879 1140397 322 55.0 RC -60 90
GRC69 498929 1140398 322 52.0 RC -60 90
S73GON 498448.84 1140398.7 312 83.9 DD -60 90
GRC67 498815 1140399 319 58.0 RC -60 90
S72GON 498500 1140400 308 302.5 DD -60 90
S65GON 498627 1140400 309 422.7 DD -60 90
GRC66 498780 1140400 314 47.0 RC -60 90
1140600N S85GON 498575 1140575 320 250.0 DD -60 90
S75GON 498879 1140595 323 250.0 DD -60 90
GRC54 499272 1140598 322 67.0 RC -60 90
GRC55 499325 1140598 320 65.0 RC -60 90
GRC53 499224 1140599 324 70.0 RC -60 90
GRC56 499373 1140601 325 100.0 RC -60 90
GRC57 499424 1140604 323 100.0 RC -60 90
1140701N S77GON 498620 1140701 320 400.0 DD -60 90
1140800N GRC59 498776 1140799 319 70.0 RC -60 90
GRC63 498973 1140799 325 64.0 RC -60 90
GRC62 498926 1140800 321 57.0 RC -60 90
GRC64 499025 1140800 325 67.0 RC -60 90
GRC65 499075 1140800 325 79.0 RC -60 90
GRC60 498829 1140801 318 61.0 RC -60 90
GRC61 498877 1140801 323 58.0 RC -60 90
On February 5, 2009, the Company announced an independent NI 43-101 compliant inferred resource estimate for the Gongondy and Dienemera deposits on the Gaoua project (See Volta press release dated February 5 2009). The resource estimate was calculated by SRK Consulting (UK) Ltd. at a 0.45% copper equivalent cut-off grade, the Dienemera and Gongondy deposits host an initial Inferred Resource of 82,600,000 tonnes grading 0.40% copper and 0.40 g/t gold for a total of 724,880,000 lbs of copper and 1,072,900 ounces of gold. The individual resource estimate for each deposit is provided in the table below. Copper Equivalent ("CuEQ") has been calculated from assumed revenues of USD 3,000 per tonne of copper and USD 700 per ounce of gold with metallurgical recovery assumed to be 85% and 70% respectively based on initial QEMSCAN results. Gold grade was multiplied by 0.6 and added to the copper grade to provide CuEQ grade. The cut-off grade further assumed typical costs of USD 2 per tonne for mining and USD 10 per tonne for processing and general administration costs.
Table 4: NI 43-101 compliant Inferred Resource estimate
Calculated by SRK Consulting (UK) Ltd. out of Cardiff, at a 0.45% copper equivalent cut-off grade at Dienemera and Gongondy - see News Release of 5 February 2009).
Cut-off
DEPOSIT Grade Tonnage Copper Gold Copper Equivalent
(CuEQ
%) (tonnes) % lbs g/t Oz % lbs
Dienemera 0.45 23,000,000 0.50 255,075,000 0.21 155,300 0.63 319,009,000
Gongondy 0.45 59,600,000 0.36 469,805,000 0.48 917,600 0.65 847,236,000
TOTAL 0.45 82,600,000 0.40 724,880,000 0.40 1,072,900 0.64 1,166,245,000
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua project is Mr. Guy Franceschi, Vice President, Exploration for Volta. 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 117.42 million tonnes @ 1.07 g/t Au for 4,029,000 ounces in the Measured and Indicated categories and 29.96 million tonnes @ 1.00 g/t Au for 1,000,000 ounces in the Inferred category [Please see VTR press release dated March 21, 2012] 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.
Image with caption: "Figure 1: Location of Gaoua Cu-Au Porphyry Prospects (CNW Group/Volta Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121212_C8334_PHOTO_EN_21887.jpg
Image with caption: "Figure 2: Current Drilling Highlights From the Gongondy Cu-Au Prospect (CNW Group/Volta Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121212_C8334_PHOTO_EN_21888.jpg
For further information:
For further information, please refer to our website http://www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: +1-416-867-2299
Fax: +1-416-867-2298
Email: kbullock@Voltaresources.com
or
Andreas Curkovic, Investor Relations
Tel: +1-416-577-9927
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