Volta Resources Reports New High-Grade Gold Discovery at its Kiaka Gold Project Within 700 Meters of Current 3 Million Ounce Plus M&I Gold Resource
Feb 14, 2012, 13:14 ET
- Intersects 25.0m @ 9.22g/t Gold, also 19.0m @ 5.53g/t Gold -
TORONTO, Feb. 14, 2012 /CNW/ - Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the discovery of a new high-grade mineralization situated approximately 700m southwest of its Kiaka Central Area deposit (see Figure 1), which currently contains NI43-101 compliant resources of 90.29 million tonnes @ 1.04 g/t Au for 3,018,000 ounces in the Measured and Indicated categories and 38.52 million tonnes @ 1.00 g/t Au for 1,260,000 ounces in the Inferred category (Please see VTR press release dated June 29, 2011). The new mineralization was identified by Reverse Circulation (RC) drilling carried out during the on-going Phase 3 program at the Company's Kiaka Gold Project. Phase 3 comprises approximately 50,000m of drilling being undertaken to extend resources in the Central Area, to follow up positive results in the South Area, to test several more ground geophysical targets and undertake scout drilling on regional targets on the Kiaka property (see News Release of 13 October 2011).
This recently completed RC drilling campaign in the Kiaka South Area tested a known gold anomaly and comprised 80 holes (4,410 metres) drilled on a 25x25m grid pattern, covering 13 sections (3675N - 4025N).
The RC drill holes intersected high grade mineralization over a strike length of more than 175m, between sections 3850N and 4000N. The mineralization, drilled to a vertical depth of approximately 60m, is oriented Northeast-Southwest and is open to the southwest and at depth (see figure 2). The new mineralized body is characterized by high-grade intercepts, with single meter intervals regularly exceeding 10g/t gold. Highlights from the reported RC holes include:
- KKRC280 : 19.0m @ 5.53g/t Au, including 12.0m @ 8.42g/t Au AND
- KKRC280 : 29.0m @ 2.47g/t Au, including 23.0m @ 3.05g/t Au
- KKRC285 : 37.0m @ 1.55g/t Au, including 9.0m @ 2.14g/t Au
and 6.0m @ 3.55g/t Au
- KKRC291 : 25.0m @ 5.15g/t Au, including 12.0m @ 10.43g/t Au
- KKRC292 : 22.0m @ 2.23g/t Au, including 13.0m @ 3.36g/t Au
- KKRC299 : 47.0m @ 2.93g/t Au, including 15.0m @ 7.90g/t Au
and including 3.0m @ 23.35g/t Au
- KKRC300 : 26.0m @ 3.36g/t Au, including 8.0m @ 9.27g/t Au
- KKRC315 : 15.0m @ 6.57g/t Au
- KKRC321 : 25.0m @ 9.22g/t Au, including 10.0m @ 16.64g/t Au
Kevin Bullock, Volta Resources' CEO, said, "These are remarkable results that reveal another dimension of the growing Kiaka project. Most impressive is that these high grade results are near surface, near existing resources, and that the mineralization remains open at depth. The close proximity of this new discovery to the existing deposit means that any significant mineralization will become part of the mine planning. Kiaka already hosts a robust resource but now we have the tantalilzing potential of adding a high grade component that could have a powerful impact on the mine's economics. We are going to very aggressively explore this new discovery."
The last holes on the southernmost drilled sections (3750N) returned similar high-grade mineralized intervals, confirming the results of nearby located scout drillhole RRL_KDH09, drilled by Randgold in 2006, and suggesting the possibility of the presence of another mineralized lens.
Volta Resources will mobilize, as soon as possible, one or more of the six rigs currently drilling at Kiaka to test the lateral and depth extensions of the newly identified high grade mineralization.
Volta Resources is currently finalizing an updated NI 43-101 Compliant Resource for Kiaka. These Kiaka South results will not be included as the program is ongoing. Consequently they will not be used in the Pre-Feasibility Study currently being finalized by WardropTetra-Tech. However they will definitely be an important component in the ultimate Feasibility Study.
Results for the holes are highlighted in Table 1 and locations shown in Figure 2. Analyses of the Volta Resources samples were undertaken by fire assay on a 50g charge at ALS Chemex Laboratories in Ouagadougou. Volta Resources's sampling and assay procedures included rigorous QA/QC elements that employed the inclusion of certified standards and blanks.
As part of an additional check, 368 high-grade mineralized samples were re-assayed independently by the BIGS laboratory in Ouagadougou. The results fully confirmed the ALS Chemex Laboratories assays. The re-assays, carried out on duplicate samples stored initially at Volta Resources's Kiaka premises, returned similar results for the high-grade intervals (>10g/t Au), suggesting that the nugget effect may potentially be limited.
Table 1: Highlights of gold intersections for the reported boreholes
|SECTION||BHID||FROM (m)|| TO
| Au (g/t)
|3800N||KKRC262||24.0||30.0||6.0||2.79||24.0 - 25.0m = 14.50g/t Au|
|AND||43.0||55.0||12.0||1.99||ENDED IN MINERALIZATION|
|KKRC280||4.0||23.0||19.0||5.53||4.0 - 5.0m = 51.50g/t Au; 5.0 - 6.0m = 28.80g/t Au|
|AND||46.0||75.0||29.0||2.47||ENDED IN MINERALIZATION; 61.0 - 62.0m = 32.00g/t Au|
|AND||63.0||70.0||7.0||3.24||ENDED IN MINERALIZATION; 66.0 - 67.0m = 19.10g/t Au|
|3875N||KKRC291||33.0||58.0||25.0||5.15||ENDED IN MINERALIZATION; 42.0 - 43.0m = 74.00g/t Au; 43.0 - 44.0m = 33.50g/t Au|
|KKRC292||6.0||28.0||22.0||2.23||10.0 - 11.0m = 13.80g/t Au; 11.0 - 12.0m = 14.25g/t Au|
|AND||55.0||61.0||6.0||1.62||ENDED IN MINERALIZATION|
|KKRC299||3.0||50.0||47.0||2.93||ENDED IN MINERALIZATION; 26.0 - 27.0m = 19.65g/t Au; 27.0 - 28.0m = 25.50g/t Au; 28.0 - 29.0m = 24.90g/t Au; 31.0 - 32.0m = 16.00g/t Au|
|AND||48.0||74.0||26.0||3.36||68.0 - 69.0m = 61.90g/t Au|
|3950N||KKRC313||27.0||50.0||23.0||3.19||ENDED IN MINERALIZATION; 29.0 - 30.0 = 26.40g/t Au|
|KKRC314||4.0||50.0||46.0||0.70||ENDED IN MINERALIZATION|
|KKRC315||30.0||45.0||15.0||6.57||ENDED IN MINERALIZATION; 30.0 - 31.0m = 32.50g/t Au|
|AND||25.0||50.0||25.0||9.22||ENDED IN MINERALIZATION|
|AND||22.0||40.0||18.0||0.79||ENDED IN MINERALSIATION|
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 KKRC325, 14.0-27.0m, where it has been increased to 6m.
- 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.
- No top cut has been applied.
- 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 Rerverse Circulation drilling (see Table 2).
- The RC drill holes were generally sampled at 1-m intervals. Samples were riffle-split to provide 2 kg samples which were submitted to the laboratory of the Bureau des Mines et de la Géologie du Burkina (BUMIGEB) for standard preparation (dry, crush, split, pulverize) under Company's supervision.
- 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's rigorous QA/QC checks.
- Duplicate samples from selected high-grade mineralized intervals were assayed by BIGS laboratory in Ougadougou.
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.
Volta Resources 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 currently fast-tracking its flagship Kiaka Gold Project, located in Burkina Faso, toward a development decision.
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 Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
PDF with caption: "Figure 1: Location of the Kiaka South Area relative to the defined resource in the Kiaka Central Area.". PDF available at: http://stream1.newswire.ca/media/2012/02/14/20120214_C4090_DOC_EN_10077.pdf
PDF with caption: "Figure 2: Highlights from the Kiaka South Area.". PDF available at: http://stream1.newswire.ca/media/2012/02/14/20120214_C4090_DOC_EN_10078.pdf
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: [email protected]
Andreas Curkovic, Investor Relations
Tel: (416) 577-9927
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