Figure 1: Kubi Gold Project Location Plan showing Surrounding Deposits, Figure 2: Kubi Exploration - Gold Geochemical Anomalies resulting from Additional Auger Sampling Results, and Figure 3: Kubi Exploration - ...
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Continued auger sampling defines additional, 1.5 to 2.0km long gold in
soil anomalies on the NE trending Kubi and Ashanti Shears.
The addition of the new anomalies shows that a NE corridor of gold
anomalism at Kubi has been delineated over a 5km strike extent so far.
In the region of "513" Prospect gold anomalies occur on a series of NE
trends indicating that they may be controlled by an array of structures
not identified previously.
Numerous ENE aeromagnetic-based structures, considered as an additional
favourable control for gold mineralization in Ghana, regularly cut
across the soil anomalies.
Auger sampling will continue with follow-up aircore/RAB drilling
scheduled to commence in Q1 2012.
VANCOUVER, Jan. 30, 2012 /CNW/ - PMI Gold Corporation (TSX-V: PMV; ASX:
PVM) is pleased to advise that further anomalous gold results were
received from the auger drilling to the north of the Kubi Forest Zone
on the Kubi Gold Project in Ghana (Figures 1 and 2). The addition of
these results, show that recent auger sampling carried out by PMI has
delineated gold anomalies over a 5 km strike extent of the NE trending
Ashanti and Kubi shears.
Consistent with the results reported further south, around "513"
Prospect (Figures 2 and 3), the new anomalies have maximum gold
concentrations in excess of 2g/t Au in saprolite clays, well-defined NE
trends coinciding with the Ashanti and Kubi shears and extend
semi-continuously over strike extents of up to 2km and widths of 50 to
It is important to note that the auger anomalies around the "513"
Prospect (Figure 3) occur as a multiple series of NE trends within the
corridor bounded by the Ashanti and Kubi shears. In addition,
extensions of auger sample lines indicate that well defined gold
anomalies extend well to the west of the Ashanti Shear. These findings
suggest that gold bearing NE structures may occur as a more complex
array than originally considered, broadening the overall prospectivity.
A series of ENE structural corridors, which are also considered as
another favourable ingredient for controlling gold mineralisation in
Ghana, have been interpreted from aeromagnetic data to regularly cut
across the gold anomalous corridor (Figure 2).
The positive results have provided a series of drill targets that can
now be followed up by a combination of aircore/RAB and RC drilling to
initially explore for shallow gold mineralisation in the bedrock as
sources of the surface Au anomalism. It is anticipated that the
drilling will commence in Q1 2012 and auger sampling will be continued
to delineate further Au anomalies.
Kubi Project Auger Program
The Kubi Gold Project, which represents PMI Gold's second developing
project, is located 65km east of PMI Gold's Obotan Gold Project, 15km
immediately south along strike from the world-class Obuasi gold mining
complex (owned by AngloGold Ashanti), which has a pre-mine resource of
about 60Moz, and 12km north east of the 6.6Moz Edikan Gold Mine (owned
by Perseus Mining).
Previous exploration at Kubi principally focussed on the Kubi Main
Deposit (Measured Resource of 0.66 million tonnes grading 5.30 g/t gold
for 112,000oz; Indicated Resource of 0.66 million tonnes grading
5.65g/t gold for 121,000oz; Inferred Resource of 0.67 million tonnes
grading 5.31 g/t gold for 115,000oz) on the Kubi Shear (Figure 2) and
on geophysical anomalies. Deeper drilling has only been carried out at
isolated locations and has not yet tested the gold anomalous auger
targets. Much of the Ashanti and Kubi Shear Zones remain untested by
The Company's exploration activities in 2011 focussed on carrying out a
10,000 metres auger drilling program over the Ashanti and Kubi shears.
This has proved to be very successful in providing a new targeted focus
to explore for new occurrences of gold mineralisation. The success of
this program justifies its continuation over the remainder of suitable
areas on the project and follow-up aircore/RAB and RC drilling.
The auger drilling program was undertaken on an initial line spacing of
200m, with holes drilled at a 25m on-line spacing to depths of 3-6
metres, depending on the depth of overburden. Additional in-fill auger
drilling was carried out on 100m spaced lines in areas of anomalism.
The saprolite horizon was sampled to overcome the masking and spurious
effects of the transported overburden. Samples were assayed by
'bottle-roll' technique using up to 2kg samples with a 24-hour
residence time at SGS Laboratories. Results were reported with a
detection limit of 2ppb. Results were contoured using 20, 40 and 80
divisions with several values over 1,000ppb.
A total of 4,230 assays results have been received and a further 521
results are outstanding.
On behalf of the Board,
Managing Director & CEO
Competent Person Statement
SEMS Exploration Services Ltd completed the Kubi Project resource
estimation on behalf of PMI Gold Corporation. SEMS Exploration Services
Ltd has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which they undertook to qualify as a Competent Person as
defined in the 2004 Edition of the 'Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves'. SEMS Limited
consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
The information in this announcement that relates to Exploration Results
is based on information compiled by Collin Ellison, who is employed by
PMI Gold Corporation. Mr Ellison, who is a Member Institute of
Material, Minerals and Mining of UK, a 'Recognised Overseas
Professional Organisation' (ROPO) included in a list promulgated by the
ASX from time to time, has sufficient experience which is relevant to
the style of mineralization and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr
Ellison consents to the inclusion in this report of the matters based
on his information in the form and context in which it appears.
Scientific and technical information contained in this news release has
been reviewed and approved by Collin Ellison, C.Eng. a "qualified
person" as defined under National Instrument 43-101. Field work was
supervised by Thomas Amoah (VP-Exploration). Auger samples were sent to
SGS Laboratory in Tarkwa, and analyzed for gold by bottle-roll
technique using 1 kg sample and a 24 hour residence time. Samples were
assayed for gold (2ppb detection limit) and Arsenic (20ppm detection
limit). Internal QC consisted of inserting both blanks and standards
into the sample stream and multiple re-assays of selected anomalous
samples. Where multiple assays were received for an interval, the final
value reported was the screened metallic assay if available, or in lieu
of that the average of the other results for the interval. Results from
the QC program suggest that the reported results are accurate.
Cautionary Note Regarding Forward-looking Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical fact
included in this release, including, without limitation, statements
relating to the potential mineralization and geological merits of the
Kubi project and the plans, objectives or expectations of the Company
with respect to the advancement of these projects and completion of
scoping and pre-feasibility studies, 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. Important factors that could cause
actual results to differ materially from the Company's plans or
expectations include risks relating to the actual results of current
exploration activities; fluctuating gold prices; possibility of
equipment breakdowns, delays and availability; exploration cost
overruns; availability of capital and financing; general economic,
market or business conditions; regulatory changes; timeliness of
government or regulatory approvals; and other risks detailed herein and
from time to time in the filings made by the Company with securities
regulators, including in the section entitled "Risk Factors" in the
Company's Annual Information Form dated September 20, 2011. Statements
relating to the Company's plans are subject to various factors,
including positive results from ongoing exploration; expansion and
upgrading of existing mineral resources; and completion of favourable
geotechnical drilling programs, metallurgical test work, mine plan
engineering, environmental and community relations assessments, and
preliminary economic assessments. Due to the uncertainty which may
attach to inferred mineral resources, it cannot be assumed that all or
any part of the inferred mineral resources at Kubi will be upgraded to
indicated or measured mineral resources as a result of continued
exploration. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.
Neither the 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.
PDF with caption: "Figure 1: Kubi Gold Project Location Plan showing Surrounding Deposits, Figure 2: Kubi Exploration - Gold Geochemical Anomalies resulting from Additional Auger Sampling Results, and Figure 3: Kubi Exploration - Map 1: Previously Announced Auger Sampling Results". PDF available at: http://stream1.newswire.ca/media/2012/01/30/20120130_C7757_DOC_EN_9426.pdf
SOURCE PMI Gold Corporation
For further information:
| Investor Relations Canada: |
Rebecca Greco, Fig House Communications
P. +1 (416) 822-6483
| Investor Relations Australia: |
Nicholas Read/Paul Armstrong, Read Corporate
P. +61 8 9388 1471
M. +61 419 929 046
| PMI Contact Canada: |
Marion McGrath, Corporate Secretary
P. +1 (604) 684-6264
Toll-Free: 1 (888) 682-8089
| PMI Contact Australia: |
Collin Ellison, Managing Director & CEO
P. +61 8 6188 7900
| or visit the PMI Gold Corporation website at www.pmigoldcorp.com |