Savary Extends Gold Mineralization Zone at Hounde South, Burkina Faso
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- SAVARY GOLD CORP. ("Savary" or the "Company") (TSX VENTURE: SCA) is pleased to announce the assay results from its initial drilling program on its Hounde South property, located in southwestern Burkina Faso. The program was successful in extending the mineralized zone with gold intersected in 22 of the 26 reverse circulation drill holes. Three holes are reported with highlighted intervals of 17.90 g/t gold over one metre, 17.10 g/t gold over one metre and 10.70 g/t gold over one metre. Additional highlights of the assay results include:
Hole From To Width Grade
Number (m) (m) (m) (g/t)
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HS-RC-12-04 79.00 87.00 8.00 3.41
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including 82.00 86.00 4.00 5.15
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HS-RC-12-11 60.00 71.00 11.00 2.16
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including 64.00 70.00 6.00 3.59
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including 67.00 68.00 1.00 6.81
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HS-RC-12-14 97.00 100.00 3.00 5.23
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including 97.00 99.00 2.00 7.69
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HS-RC-12-16 71.00 79.00 8.00 3.13
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including 73.00 75.00 2.00 11.25
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including 73.00 74.00 1.00 17.10
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HS-RC-12-17 29.00 38.00 9.00 3.64
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including 33.00 35.00 2.00 6.10
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including 37.00 38.00 1.00 17.90
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HS-RC-12-22 68.00 71.00 3.00 5.54
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including 68.00 70.00 2.00 7.70
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and 87.00 93.00 6.00 2.86
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including 87.00 91.00 4.00 3.78
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including 87.00 88.00 1.00 10.70
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"We are very pleased with the results from our initial drilling program at Hounde South," stated Charles Mostert, Savary Gold's President and CEO. "This limited initial program succeeded in bolstering our geologic model, extending the limits of the mineralized zone and clearly supports our confidence in the potential of the property."
Complete assay results, location maps and sections are posted on the Savary Gold website at: http://www.savarygold.com/projects/hounde-south.
The results from the current drilling program will be analysed in conjunction with historical drilling programs, as well as geological mapping and geophysical surveys in order to plan the next phase of exploration.
The Hounde South property consists of two exploration licenses, Diosso and Mandiasso, totaling 375 square kilometres, and is located in the Birimian age Hounde Greenstone Belt of West Africa, currently one of the fastest growing gold producing areas.
Drilling was carried out by Major Drilling Burkina Faso SA. using a track-mounted reverse circulation (RC) drill rig. Sampling of the RC chips was conducted on one metre intervals from surface. Each sample was dried, crushed to 75% passing 2mm and then split to 1.5 kg by riffle splitter. The 1.5 kg, 2 mm split was pulverized to 85% passing 75mm. Fifty grams of the pulverized material was analysed for gold via fire assay with an atomic absorption spectroscopy (AAS) finish. Although not accredited, SGS Burkina Faso SA operates according to ISO 17025 standards and institutes a full Quality Assurance Quality Control (QAQC) program consisting of insertion of blanks, standard reference material, repeats and reject splits which in total account for up to 25% of all determinations conducted. In addition to SGS QAQC procedures, Savary Gold instituted its own QAQC program consisting of blind and random insertion of standard reference material (1 in 20 samples), field duplicates (3 in 100 samples) and blank samples (2 in 100 samples). Both Major Drilling Burkina Faso SA. and SGS Burkina Faso SA. are independent of Savary Gold.
Robin Black, M.Sc., P. Geo., a consulting geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release and has verified the sampling, analytical and test data underlying the assay results disclosed herein. Mr. Black has verified that the results were accurate based on the official assay certificate provided to Savary.
About Savary Gold
Savary Gold is a Canadian company with a tight capital structure and totally focused on exploring the Hounde South Gold Property in Burkina Faso. The property is in the Birimian age Hounde Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits which are presently subject to extensive exploration efforts (including Endeavour Mining's Hounde Project and Sarama's South Hounde Project, and are adjacent to Savary Gold's property).
SAVARY GOLD CORP.
On behalf of the Board
Charles Mostert, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements or information relate to, among other things, the Company's exploration plan, the results of the recently completed drilling and sampling, and the exploration potential of the Company's properties. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with exploration; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and other risks and uncertainties, including those described in the Company's most recent Management Discussion & Analysis report filed with the Canadian Securities Administrators and available at www.sedar.com. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
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.
Contacts:
Savary Gold Corp.
Konstantine Tsakumis
Investor Relations
604-681-8030 x232
604-681-8039 (FAX)
info@savarygold.com
www.savarygold.com