MONTREAL, Feb. 1 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced that a regional exploration program has identified new targets at its Mana Mine in Burkina Faso. Auger drilling conducted in two areas (one located to the west and another to the south of the Nyafé open pit mine) have produced priority exploration targets with gold in-soil values of up to 1,224 ppb.
"This work has identified new zones that could lead to new high grade oxide deposits mineable by open pit," said Michel Crevier, Geology Manager and SEMAFO's Qualified Person, "Geochemical sampling values of 61 ppb Au were recorded and ultimately led to the Wona discovery. We consider all assay values above 100 ppb to be highly significant and worthy of follow-up, in particular when located within an anomaly trend."
The Fofina NW and Fobiri blocks are located northwest and south of the Nyafé Deposit respectively (Figure 1). The Fofina NW block covers a series of parallel geophysical lineaments similar to the Nyafé Deposit, while the Fobiri Block covers the southwest extension of the magnetic lineament associated with the Nyafé deposit over a distance of 8km (Figure 2). Two auger rigs are currently on site with drilling being carried out on both blocks. The program currently underway consists of drilling vertical holes along a specific grid to the saprolite, which represents the altered in-situ rock. Two samples are taken in each hole; one from the saprolite/laterite interface, and a second from the saprolite two metres below the interface. Both blocks have produced linear anomalies parallel to the Nyafé structure. The Fofina NW grid is approximately 95% complete and, thus far three different southwest-trending anomalies measuring up to 1.4 km (anomaly FNW1) have been recognized. Anomaly FNW1 also follows a linear magnetic signature. Additional lines to the southwest have been added to establish the continuity of anomaly FNW3. At Fobiri, 30% of the grid has been completed to date. Anomaly FOB1 can be recognized across the entire grid (1.6km) and is coincident with the southwest extension of the Nyafé magnetic lineament. Auger drilling sample description indicates the presence of quartz fragments suggesting that the FOB2 anomaly could be a vein-type structure similar to the high grade Nyafé Deposit.
Based on these results, a follow-up RC drilling program has been scheduled. Two additional auger rigs are expected to commence drilling on the Mana property within the next few weeks to sample other priority blocks located immediately to the southwest and northeast of the Wona Deposit.
SEMAFO has approved an initial investment of $9.2 million in the 2010 exploration program at Mana, to include approximately 18,000 auger drilling sample points, ground geophysics, geological mapping, 20,000 meters of RC drilling, and 25,000 meters of core drilling. The exploration program remains focussed on the advancement of early stage targets as well as the Wona Deep Deposits.
The exploration programs were designed and managed locally by Dofinta Bondé, Mana Mineral's Exploration Chief Geologist and Richard Roy P Geo, Deputy Geology Manager, and guided and supervised under the direction of Michel Crevier, P.Geo MScA, Geology Manager and SEMAFO's Qualified Person who has reviewed this press release for accuracy and compliance with National Instrument 43-101.
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SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.
Caution Concerning Forward-looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "in addition", "expected", "probe", "will", "trend", "potential", "further", "continue", "trend", "potential", "committed", "evolve", "become" "pursuing", growth" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the timing of the arrival of the second more powerful diamond drill rig and its ability to probe the deeper extension of the Mana Deep Main lens, the ability of further drilling to evaluate the size of the Wona South West Zone, the ability to complete our 2010 exploration program, the ability to find organic and strategic growth opportunities in West Africa, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2008 Annual MD&A, as updated in the 2009 First Quarter MD&A, 2009 Second Quarter MD&A and 2009 Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
SOURCE SEMAFO INC.
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