Assay Results Expected in the Next Two to Four Weeks
Delta, British Columbia--(Newsfile Corp. - January 29, 2020) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) ("Desert Gold" or "the Company") is pleased to announce the completion of a 74-hole drill program over the Company's SMSZ Project in Western Mali, near the border with Senegal.
The ~400 km2 SMSZ Project is both named after and overlies a 38 km section of the Senegal Mali Shear Zone (see Figure 1), which is related to 5 large mines located both to the north and south, along strike, including B2 Gold's Fekola Mine, Barrick's Gounkoto and Loulo Mines and AngloGold Ashanti/Iamgold's Sadiola and Yatela Mines1. To the Company's knowledge, the SMSZ Project is the largest contiguous, non-producer land package over this very prospective structural feature.
The drill hole program was completed in early January with 74 holes totalling 3,507 metres drilled. All holes targeted previously untested gold-in-auger anomalies, artisanal open pits, soil anomalies and IP geophysical anomalies. Two of the 74 holes, totalling 200 metres, were reverse circulation ("RC") holes with the remainder being air core ("AC") holes with targeted depths of 50 metres per hole. AC drilling is a cost-effective way to test targets in deeply weathered terrains and can be used in resource estimations if drilling is sampled in the same way as RC drilling. All samples have been in the laboratory for a couple of weeks with assay results starting to be received.
Ongoing exploration and data review has resulted in an increase in the number of target areas from 47 to 59 (see Figure 2) and in the adjustment to some of the planned target and work areas.
The recently completed program tested targets over target areas 16, 41, 45 and 56 (see Figure 2). All of the holes represent first pass testing of new targets. Follow-up drilling, at known previously drilled gold zones, material new discoveries and new targets, is expected to commence in Q1, 2020. A summary of the recently tested target areas follows:
- Target area 16 - 1,200 by 500 metre, laterite covered gold-in-auger targets in an area where three gold zones are interpreted to intersect.
- Target area 41 - previously untested 2,000 metre by 500 metre area of artisanal open pits to 150 metres long, numerous mine shafts and shallow workings that returned grab samples to 10.5 g/t gold
- Target area 45 - new, 400 metre by 150 metre artisanal shaft mining area that may represent a bulk mining-type exploration target.
- Target area 56 - new, 3,200 metre long IP chargeability anomaly with both coincident and flanking resistivity highs. Surface mapping noted abundant quartz veining and hematite-altered rocks.
Jared Scharf, Desert Gold's CEO, comments, "Ongoing exploration is increasing the number of target areas proximal to the Senegal Mali Shear Zone where it appears that the regional geological environment is right for the potential discovery of a large gold deposit. I look forward to publishing results from the recently completed drill program as soon as possible and continuing immediately thereafter with additional drilling over some of the most prospective targets on this regional scale gold project."
Target area 16 (see Figure 2), is a series of five, interpreted, gold-in auger anomalous trends, with values to 1,840 ppb gold, that lie over the intersection zone between the northeast-trending Barani East Zone and the north-northwest trending Barani and Keniegoulou gold Zones. One of these gold-in-auger anomalies is roughly 150 metres wide. This area was never adequately tested as it lies under laterite cover. There is good correlation with drilled mineralization and auger anomalies in this area with an intercept of 1.97 g/t gold over 7 metres (~90% true width) associated with an auger-in-soil anomaly of 1,020 ppb gold. A total of 50 AC holes totalling 2,211 metres, were drilled to test the gold-in-auger anomalies.
Target area 41 (see Figure 2), Soa Prospect area, represents a large, approximately 2,000 metre by 500 metre, area of shallow to deep artisanal mine workings varying from open pits up to 150 metres long to lines of 10 to 20 metre deep shafts aligned along specific structures, to widespread shallow pits designed to collect gold in alluvium and shallow laterite cover. The pits and shaft zones vary from northerly to northwest trending with a northeast-trending structural corridor that connects back to the Barani East Zone. Twenty AC holes totalling 1,000 metres are planned to test some of the more obvious targets that have never been drilled before. Grab samples from the area, returned up to 10.5 g/t gold. One trench returned an interval of 0.89 g/t gold over 28 metres. This trench appears to have been excavated near the intersection of northerly- and northwest-trending structures; true width is unknown. A total of 18 holes totalling 896 metres tested 6 of >12 target areas.
Target area 45, is a new, 400 metre by 150 metre, area of 2 to 15 metre deep shafts discovered by mapping. The shafts sometimes appear to follow north to north-northeast-trending features and are quite widespread, suggesting potential for a bulk tonnage target. Saprolite derived from the mineshafts, suggests the presence of oxidized sulphides. Soil anomalies in the area are modest in strength. This target was initially tested by four AC holes totalling 200 metres.
Target area 56, shows up as a coincident, 3,200-metre long, chargeability high and resistivity flank to high-induced polarization (IP) anomaly. This anomaly lies along the western side of a granodiorite intrusion, located immediately north of the Barani East Deposit, with the anomaly trend potentially cutting the southwest extension of the Barani East host shear zone. Two 100 m long RC holes were drilled to test a portion of the anomaly lying near the southwest corner of the granodiorite intrusion. Surface mapping noted abundant quartz veining and hematitic sedimentary rocks.
Mapping by two dedicated teams has been ongoing for more than two months, with an initial focus on the recent drill target areas and target areas extending outward from the Barani East Deposit. The Barani East Zone is a gold-bearing, carbonate-hosted, sulphide replacement zone that has returned intercepts to 7.82 g/t gold over 13 metres*. A recent review of drill core, displays widespread silicification, secondary calc-silicate alteration and widespread gold enrichment associated with disseminated sulphides and occasional sulphide-rich stringers. Additional drill testing of this prospect is planned in 1H, 2020. As well, the core and chips from this zone will be re-logged with a goal to develop a 3D alteration model and mineralization vector.
In early 2020, exploration activities, including roughly 20,000 metres of combined RC and diamond drilling, soil sampling and geophysical surveys, on the remaining 55 target areas is expected to commence. Ongoing data review, including IP geophysical data has resulted in the addition of 12 new target areas located proximal to the Senegal Mali Shear Zone, with ten of the target areas located to the east of the shear zone. This IP data exhibits a strong positive correlation with existing mineralization resulting in high expectations for additional discoveries. Additional details reading these new target areas will be presented in a subsequent news release.
To view an enhanced version of Figure 1, please visit:
*All gold grades over width, with the exception of the Soa prospect, represent drill holes with the true widths, for most holes, ranging from 70 to 95%. **The Soa Prospect result is from a trench with true widths unknown. Estimated true widths for the Berola Prospect are unknown. True widths at the Gourbassi Zones range are estimated to range from 60% to 90%.
To view an enhanced version of Figure 2, please visit:
This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company that holds 3 gold exploration projects in Western Mali (SMSZ, Segala West and Djimbala) and its Rutare gold project in central Rwanda. The Company's current focus is its 391 km2 SMSZ Project that spans approximately 38 km of the prolific Senegal Mali Shear Zone.
On Behalf of the Board of Directors
Jared Scharf, President & CEO
Tel. No.: +1 (858) 247-8195
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the united states. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.
1 Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company's SMSZ Property.
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