TORONTO, Sept. 17 /CNW/ - Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) announces that its wholly-owned subsidiary, Birim Goldfields Mali SARL, has been granted the new and exclusive 125km(2) Massabougou exploration permit in southeastern Mali.
Kevin Bullock, Volta's President and CEO, said, "The granting of this permit confirms Volta's approach of managing our property portfolio such that the overall quality of our project pipeline is enhanced. Massabougou was highlighted for acquisition following a target generation study undertaken by our experienced West African team. It also initiates our involvement in Mali, which is rapidly gaining a reputation for discovery, development, and production of gold from world class deposits."
The Massabougou permit is underlain by Birimian (PaleoProterozoic) lithologies located in the Bagoe geological subprovince which extends southward from southern Mali into northern Cote d'Ivoire (see Figure 1). This region hosts several world class gold deposits including Resolute's Syama Mine and Randgold's newly developed Tongon deposit in Cote d'Ivoire. Promising exploration projects include Perseus's Tengrela project in Cote d'Ivoire, Etruscan/Resolute's Tabakaroni project and Robex's Nampala project in Mali. The equally prolific Siguiri geological sub-province which hosts Randgold/Anglogold Ashanti's Morila Mine (greater than 5 million ounces) is located to the west across the crustal-scale northeasterly trending Banafing Shear Zone.
Previous regional investigations, carried out by United Nations organizations and mining companies, identified significant gold-in-soil anomalies aligned along a NW-SE cross-cutting corridor at Massabougou. This has been confirmed during preliminary regional orientation sampling, recently undertaken by Volta during the permit application phase under a temporary Prospecting License, where a greater than 10km long NW-trending gold-in-soil anomaly in the southern part of the property was identified (see Figure 2). This broad anomaly includes a number of higher grade areas (greater than 100ppb) that coincide with NE-SW trending faults cross-cutting the major NW-SE oriented shear.
The next phase of work at Massabougou will entail infill soil sampling at these more prospective areas in order to convert the anomalies into drill targets.
Under the guidelines of National Instrument 43-101, the qualified person for the Massabougou gold 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.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
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 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 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.
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SOURCE Volta Resources Inc.
For further information: For further information: please refer to our website www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: (647) 388-1842, Fax: (416) 867-2298, Email: firstname.lastname@example.org