- intersects 84.4m @ 1.33 g/t gold and -
- 31.85m @ 2.63 g/t gold, including 13.0m @ 5.05 g/t gold -
TORONTO, Jan. 8, 2013 /CNW/ - Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the last remaining results from its completed 2012 drilling program (Phase 4) on the Central Area at its Kiaka Gold Project in Burkina Faso. The Phase 4 program was focused principally on infill drilling those areas where Inferred category resources occur within the open pit shell defined in the pre-feasibility study ("PFS", see News Release of 3 May 2012). The aim is to enhance a portion of these Inferred Resources to the Indicated category, thereby allowing them to be converted to Mineral Reserves so that they report to ore and not waste. This +30,000m drilling program also tested the area between the Kiaka Central Area and the Kiaka South Area. Shallow RC drilling has also been undertaken adjacent to identified mineralization to cover the full extent of the proposed PFS pit.
A Mineral Resource update for the total Kiaka Project is currently being finalised. Volta Resources has already defined NI 43-101 compliant resources in the Kiaka Central Area of 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 (see News Release of March 21, 2012). A positive pre-feasibility study has converted Proven and Probable Mineral Reserves of 126.08 million tonnes at a diluted grade of 0.96 g/t Au for 3.89 million ounces of gold within a single open pit (see News Release of May 3, 2012). In addition, Volta Resources also announced a maiden NI 43-101 compliant Mineral Resource estimate for the Kiaka South deposit, located some 700m southwest of the Company's Kiaka Central Area. The estimate includes 1.84 million tonnes @ 2.0g/t Au for 118,000 ounces in the Measured and Indicated categories (see News Release of September 27, 2012).
The current press release includes the results from 14 core drill holes, totalling 4,733m of drilling, located in the southern half of the Kiaka Central Area (see Figure 1), between Section 4500N and Section 5650N.
The holes have extended the mineralization at depth in the southern part of the deposit, to over 400m vertical depth on the sections drilled North of 4900N and to 100-150m vertical depth south of 4900N. The southernmost holes have intersected mineralization on both sides of a main gabbro intrusion. Intersection highlights (based on uncut assays) from the current reported holes include:
- KDH452 : 31.85m @ 2.63g/t gold, including 13.00m @ 5.05g/t gold AND
- KDH452 : 84.40m @ 1.33g/t gold, including 33.00m @ 1.76g/t gold
- KDH473 : 8.00m @ 7.20g/t gold
- KDH475 : 19.30m @ 2.28g/t gold
- KDH479 : 8.15m @ 1.23g/t gold, including 3.15m @ 2.43g/t gold
Kevin Bullock, Volta Resources' President and CEO, stated "We are very pleased to conclude our 2012 drill program with positive results. We can now finalize the Mineral Resource update for the Kiaka Gold Project within the next few days. The updated Mineral Resource will form an integral part of our Feasibility Study, to be completed in the third quarter of this year."
Results for the holes are highlighted in Table 1 and locations shown in Figure 1. Analyses of the Volta Resources samples were undertaken by fire assay on a 50g charge at ALS Chemex Laboratories in Ouagadougou. Volta Resources' sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.
Table 1: Highlights of Gold Intersections for the Reported Boreholes
|HOLE ID|| FROM
|KDH467||86.70||122.00||35.30||0.52||0.52||Core loss = 86.2m-86.7m; 92.1m-92.8m|
|KDH473||336.00||359.00||23.00||0.63||0.63||Core loss = 427.15m-427.85m|
|AND||392.00||496.00||104.00||0.62||0.62|| Core loss = 473.0m-473.1m; 479.4m-481.0m;
Notes on Table 1:
- Intervals are core length. True width is unknown at this time.
- Intersections are based on a 0.3 g/t gold cut-off with maximum internal dilution (MID) of 5m for the lower grade mineralization envelope, except for hole KDH452 (408.00-439.85m) where it has been increased to 5.8m.
- In order to highlight the continuity of the high grade zone, a 0.8 g/t gold cut-off with maximum internal dilution of 2m has been used.
- Average gold grades (g/t) are presented with and without top cut applied in separate columns. The values with top cut have applied a grade capping of 15g/t Au.
- 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.
- The intersections listed in the table represent sections of at least 3m in excess of 1g/t Au and/or sections of at least 10m in excess of 0.5g/t Au.
- The intersections represent sections drilled by cored drilling. The cored 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.
- Samples were then sent to ALS Chemex in Ouagadougou for Fire Assay on a 50g charge.
- Certified standards were inserted every 15 samples, field duplicates (in the RC portions) about every 25 and blanks about every 10 samples. The blanks, certified standards and duplicate assays confirm that all assays used to compile the intersections quoted here have passed Volta Resources' rigorous QA/QC checks.
TABLE 2 : Collar coordinates and orientation parameters
Under the guidelines of National Instrument 43-101, the qualified person for the Kiaka Gold Project is Mr. Guy Franceschi, Vice President, Exploration for Volta Resources. 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: Kiaka Project Central Area (CNW Group/Volta Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20130108_C4494_PHOTO_EN_22345.jpg
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: (416) 867-2299
Fax: (416) 867-2298
Email: [email protected]
Andreas Curkovic, Investor Relations
Tel: (416) 577-9927