Polo Resources Limited ("Polo Resources", "Polo", or the "Company") - Nimini Holding Limited ("Nimini") announces initial results from the 5,000 metre drill programme at Komahun Gold Project, Sierra Leone

TORONTO, Feb. 2, 2012 /CNW/ - Polo is pleased to announce exceptional results from the Q4 2011 diamond drill programme which reaches 3,332 metres in 13 holes at its 100 per cent owned Nimini West Licence in Sierra Leone. Polo increased its interest in Nimini from 51 to 100 per cent in December 2011 and the drill programme is currently ongoing.

The drilling was aimed at a continued investigation of the extension of the main mineralised zone in the Main Zone and in the newly discovered Eastern Extension, Western Extension and Sendekor structures. In 2011, Nimini drilled a total of 8,409 metres in 52 diamond core holes.

Drilling Details

The Main Zone was investigated with ten core holes totaling 2,608 metres, drilled to both tighten the spacing between some of the previous intersections and to continue exploring the eastern strike and down dip extensions of the deposit (See Table 1: Komahun Results).

Three deep holes, NWKD 216, 217 and 218 represent the deepest intersection yet at Komahun and demonstrate that the deposit is still open at depth. Some of the best intersections observed include 19.60 metres of 7.08 g/t Au from 366.55 metres in hole NWKD216 and 14.00 metres of 4.70 g/t Au from 347.4 metres in hole NWKD217. In NWKD218, an interval of 9.05 metres of 11.47 g/t Au from 347.35 metres was noted thickness. All intersections described in this Press Release are core length but are fairly representative of true thickness as drilling is perpendicular to the mineralised zone. Other results are pending.

Infill drilling includes holes NWKD 213 to 215 and 219 to 222. These holes were drilled to tighten the drilling density and bring some of the Inferred Resources into the Measured and Indicated category. Near-surface results include hole NWKD 213, which intersected 7.65 metres of 1.94 g/t Au from 95.8 metres and 17.45 metres of 2.56 g/t Au from 131.90 metres, and confirm and enhance the strong mineralisation observed close to surface.

The Eastern Extension was investigated by three holes totalling 348 metres. Results are pending.

Drilling was also initiated in November over the Sendekor area with a small rig due to access difficulty. A total of 375 metres in five holes were drilled and partial results indicate that anomalous gold values were intersected, although the favourable BIF horizon was not intersected.

2,000 to 3,000 metres of drilling are planned on the Sendekor area once the VTEM survey results have been interpreted.

Other Developments

During the month of December 2011, Nimini initiated a detailed VTEM survey over its Nimini East, West and Matotoka licences. The results of this geophysical survey are due shortly and will allow Nimini to define drill targets on its Nimini and Matotoka Licences.

Nimini also plans to undertake an exploration drilling programme at its 100 per cent owned Matotoka Licence where previous exploration yielded promising results from soil sampling, pitting and trenching, and where a number of combined geophysical and geochemical anomalies have been identified. Matotoka is located in central Sierra Leone on the northern border of Cluff Gold's 1.5 million ounce Baomahun gold deposit. Cluff Gold is planning to start construction at Baomahun in 2012.

Executive Co-Chairman of Polo, Neil Herbert commented,

""The Board of Polo is delighted with results obtained from the diamond drilling programme being undertaken at the Komahun Gold Project by our wholly-owned subsidiary Nimini Holdings. The high gold grades recovered demonstrate the project's potential to host large-scale gold mineralisation at commercial values, in both the Main Zone and in the recent discoveries, the Eastern Extension, Western Extension and Sendekor Structures.

These results provide Nimini with a good platform from which to move forward with the preparations for the next phase of drilling. We look forward to reporting on further progress over the coming months as extensive exploration in Sierra Leone continues."

Table 1: Komahun Results

*Does not represent true unit thickness


Hole EOH Dip Azimuth From To Interval* Gold
(m) (deg) (deg) (m) (m) (m) (g/t Au)
NWKD213 182.00 -45 320 95.80 103.45 7.65 1.94
               
        131.90 149.35 17.45 2.56
      including 132.90 136.60 3.70 7.06
               
               
NWKD214 266.24 -62 320 143.90 153.90 10.00 5.93
      including 146.20 151.30 5.10 10.94
               
      and 172.80 175.35 2.55 2.67
               
      and 184.80 186.90 2.10 10.73
               
      and 206.00 215.00 9.00 1.91
               
NWKD 215 290.42 -70 320 183.25 199.00 15.75 5.52
      including 187.80 189.20 1.40 34.69
        194.00 196.85 2.85 10.73
               
      and 236.50 238.05 1.55 4.66
               
      and 257.00 270.20 13.20 2.89
      including 258.50 261.00 2.50 5.40
               
NWKD216 416.00 -65 325 327.00 345.30 18.30 1.48
               
      and 345.30 347.70 2.40 1.94
               
      and 366.55 386.15 19.60 7.08
      including 373.4 376.75 3.35 24.60
        382.10 385.15 3.05 9.54
               
      and 395.10 398.45 3.35 5.15
               
      and 399.35 401.90 2.55 3.08
               
NWKD217 421.00 -70 320 296.50 316.70 20.20 3.54
      including 299.60 308.50 8.90 5.16
               
      and 347.40 361.40 14.00 4.70
      including 347.40 351.70 4.30 8.93
        355.85 360.95 5.10 4.84
               
      and 379.50 382.25 2.75 6.64
               
NWKD218 377.00 -64 320 317.50 319.30 1.80 3.57
               
      and 329.70 331.80 2.10 3.14
               
      and 333.55 336.30 2.75 3.00
               
      and 347.35 356.40 9.05 11.47
      including 350.90 353.50 2.60 16.26
        354.75 356.40 1.65 22.34
               
NWKD219 155.00 -50 320 42.70 45.50 2.80 2.92
               
      and 63.85 64.75 0.90 4.48
               
      and 67.75 71.90 4.15 2.53
               
      and 101.55 102.60 1.05 7.15
               
NWKD220 173.00 -50 320 59.00 62.90 3.90 8.84
      including 59.00 60.00 1.00 23.80
               
NWKD221 236.00 -72 320 191.80 196.00 4.20 1.98
               
      and 198.00 199.00 1.00 3.82
               
NWKD222 92.00 -48 320 34.50 36.45 1.95 4.22
               
NWKD223 144.50 -58 337 120.35 123.20 2.85 9.26
               

Table 2: Drilling by Zone


HOLE ID PERMIT PROJECT PROSPECT TOTAL DEPTH (m)
NWKD211 Nimini West Komahun Eastern Structure 104.10
NWKD212 Nimini West Komahun Eastern Structure 100.00
NWKD223 Nimini West Komahun Eastern Structure 144.50
      Total Eastern Structure 348.60
NWKD213 Nimini West Komahun Main Zone 182.00
NWKD214 Nimini West Komahun Main Zone 266.24
NWKD215 Nimini West Komahun Main Zone 290.42
NWKD216 Nimini West Komahun Main Zone 416.00
NWKD217 Nimini West Komahun Main Zone 421.00
NWKD218 Nimini West Komahun Main Zone 377.00
NWKD219 Nimini West Komahun Main Zone 155.00
NWKD220 Nimini West Komahun Main Zone 173.00
NWKD221 Nimini West Komahun Main Zone 236.00
NWKD222 Nimini West Komahun Main Zone 92.00
      Total Main Zone 2,608.66
NWSD001 Nimini West Nimini Sendekor 100.00
NWSD002 Nimini West Nimini Sendekor 75.55
NWSD003 Nimini West Nimini Sendekor 100.55
NWSD004 Nimini West Nimini Sendekor 49.90
NWSD005 Nimini West Nimini Sendekor 49.00
      Total Sendekor 375.00
TOTAL DRILLED September - December 2011 3,332.26
 

About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo Resources: www.poloresources.com.

This press release has been reviewed by François Auclair, PGeo, MSc., a Director of Nimini Holdings Limited, member of the Ordre des Géologues du Québec and Fellow of the Geological Association of Canada, and a "qualified person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

SOURCE Polo Resources Limited

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