Savary Gold Commences 15,000 Metre Drill Program in the Hounde Gold Belt, Burkina Faso
TORONTO, ONTARIO--(Marketwired - April 23, 2015) - Savary Gold Corp. (TSX VENTURE:SCA) ("Savary" or the "Company") has commenced a 15,000 metre drill program at its Karankasso JV project ("JV Project") in Burkina Faso, owned 65% by Savary and 35% by Sarama Resources Ltd. ("Sarama"). Following approval of the program, Savary mobilized a drill contractor and geological and service personnel and commenced drilling on April 21, 2015. The program will follow-up ore-grade intercepts with the aim of extending the strike at five modelled zones and to also test nine newly developed targets with the overall objective of developing a material inferred resource.
The first phase of the drill program consists of 63 Reverse Circulation (RC) drill holes totaling 6,600 metres. Additional RC drill holes will be planned and executed once these initial holes are completed and supporting assay results are received or if a strong mineralizing system is apparent.
Don Dudek, Savary's President and CEO commented: "We have embarked on an exciting drill program that was only possible following the overwhelming support from our shareholders during our recent financing. The current drill plan allows the JV Project the flexibility to follow-up within the program, those areas which exhibit the greatest potential to become a centre of gravity. Kien displays the greatest potential to become a centre of gravity deposit with an apparent strike length of close to three kilometres. As a result, drilling has already begun at Kien and will progressively drill test the other zones and targets as the drill moves southward. Once the first pass of drilling is completed, assay and drill chip observations will allow for follow-up of the best zones identified to date."
The drill program has been designed to follow up on previously modeled zones (shown in Figure 1) at Kien (to 2.00 g/t Au over 21.0 metres), Kueredougou North (2.95 g/t Au over 15.0 metres), Kueregoudogu West (2.90 g/t Au over 22.0 metres) and Karangosso (to 3.12 g/t Au over 21.3 metres) all of which were identified during previous exploration programs. The felsic intrusion hosted Serakoro 1 West zone (to 3.72 g/t Au over 27.0 metres) was identified by exploration drilling completed by Sarama before the joint venture announcement in 2014.
The drill program will also follow up on nine new targets prioritized from the identification of 24 new gold occurrences after the successful surface exploration program in the fall of 2014. The program will test the following zones:
- Highway QP zone - 450m by 250 m area of quartz veined quartz porphyritic felsic intrusion with grab samples to 2.11 g/t Au
- Koure East Trend Sulphide zone - grab samples to 28.25 g/t Au
- Koure East Trend South Sulphide zone - grab samples to 24.8 g/t Au in an up to 45 metre wide artisanal mining area
- Untested Kueredougou trend - two closely spaced artisanal mining areas in a 450 metres by 150 metre area that show intersecting vein structures and grab sample grades to 6.17 g/t Au
- Kueredougou cross-structure target - concept target based on geophysical IP data
- Kueredougou West Trend - untested 8 km long trend to 30 metres wide with grab samples to 2.11 g/t Au
- Kueredougou West cross-structure target - concept target based on geophysical IP data
- NW Serakoro QV zone - Quartz veined intermediate volcanic that returned a grab sample to 13.5 g/t Au
- Serakoro QP zone - 100 metre by 50 metre by 15 metre deep artisanal open pit dug into quartz veined quartz porphyry felsic intrusion
Geophysical induced polarization gradient (IP) surveys have been completed over the Highway QP and Koure Trend East Sulphide zones and the results will be used to assist in drill hole targeting. An IP survey is still in progress along a seven kilometre portion of the Serakoro 1 West trend from the Serakoro 1 West zone through to the Serakoro 1 NW QV zone (see Figure 1).
Don Dudek, Savary's President and CEO added: "Significant scope remains for the addition of new drill target areas as not all of the identified artisanal mining sites have been examined. More work is also required to evaluate the 25 km portion of the central gold-bearing trend on the Serakoro 1 concession where a significant amount of gold-in-soil anomalies have not been evaluated. Our philosophy is to continually add value on the ground to create another Houndé belt success story that will catch the market's attention and reward our shareholders."
About Savary Gold
Savary Gold, a Canadian exploration company, along with partner, Sarama Resources Ltd., are focused on exploring the 750 km2 Karanakasso Property in Burkina Faso. The properties are in the Birimian age Houndé Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining's Houndé Project, Roxgold's Yaramoko Project and Sarama's/Acacia's South Houndé JV Project, which is adjacent to the Karankasso JV property). For additional information please visit our website at www.savarygold.com and follow us on Facebook, Linkedin and Twitter.
Qualified Person
Don Dudek, P.Geo., President and CEO of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
Cautionary Notes
Neither 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.
This news release may contain forward-looking statements. These statements include statements regarding the details of the drill program, the company's exploration plans, the focus on existing drill targets and new targets. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
To view Figure 1, visit the following link: http://media3.marketwire.com/docs/SavaryGold_Fig1.jpg
Contact
Savary Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@savarygold.com
www.savarygold.com