Desert Gold Commences 3,750 Meter Phase 2 Exploration Drill Program, SMSZ Project, Mali
Desert Gold Ventures has initiated the second phase of its 2024 exploration drilling program at the SMSZ Project in Mali. The program will cover 3,750 meters and target extensions to known gold zones at Mogoyafara South, Barani East, and other areas. The company aims to identify new gold zones and extend existing ones. CEO Jared Scharf is optimistic about discovering additional gold resources. The project includes testing high-priority gold-in-auger anomaly areas and conducting a Preliminary Economic Assessment (PEA) study on the oxide gold resources at Barani East and Gourbassi West. Key technical updates include details on mineral resources and gold recovery rates at various deposits.
- Initiation of a 3,750-meter drilling program.
- Exploration targets include extending known gold zones at Mogoyafara South and Barani East.
- Potential discovery of new gold zones at three target areas.
- Ongoing PEA study on oxide gold resources.
- High gold recoveries reported in bottle roll tests: 92.4% to 94.3%.
- Measured and indicated resources at multiple deposits: Barani East (53,700 oz Au at 2.09 g/t Au) and Gourbassi West (77,200 oz Au at 0.93 g/t Au).
- Fresh rock gold mineralization at Barani East shows promising gold recovery rates (83% to 98.7%).
- No specific financial projections or revenue impacts mentioned.
- Pending assay results for four core holes at Mogoyafara South and Frikidi Zones.
- Inferred mineral resources are lower in grade compared to measured and indicated resources.
- Potential risks associated with exploration and drilling activities.
Surrey, British Columbia--(Newsfile Corp. - May 14, 2024) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (the "Company") is pleased to announce the initiation of the second phase of it 2024 drill program. A total of 3,750 meters of exploration drilling is planned on its SMSZ Project in Mali, West Africa (see Figure 1 for reginal setting).
Company CEO, Jared Scharf, commented, "Desert Gold continues to advance the SMSZ project, both through an ongoing PEA study of the oxide gold resources at 2 deposits and continued exploration, proximal to the oxide gold zones. This second phase program will test for extensions to two resource gold zones, a previously drilled gold occurrence and two high priority Au-in- auger anomaly areas. We strongly believe that this work will result in extensions to the Mogoyafara South zone, additional potential oxide gold resources at Barani East and the discovery of new gold zones at three exploration target areas."
Technical Details of Phase 2 Drill Program
The company plans to drill test for extensions of the gold mineralization at Mogoyafara South, Barani East and Soa Zones (see Table below). Mineral resources have been estimated at Mogoyafara South and Barani East.
| Target (see Figure 2 for zone locations) | # of holes | Meters planned | Target Highlights |
| Mogoyafara South | 8 | 925 | Extend known 12.39 million tonnes gold resource containing 412,800 ounces*. Specific targets include:
|
| Barani East | 15 | 750 | Extend oxide gold resources to south |
| Frikidi | 9 | 450 | Test 8,650, 462 and 440 ppb Au-in-auger anomalies (see picture below of gold panned from 8,650 ppb Au site) |
| Soa area | 12 | 725 | Follow-up on 2.04 g/t Au over 30 meres** |
| Keniegoulou | 3 | 150 | Test 1,527 ppb gold-in-auger***, proximal to a km-long tourmaline alteration zone and area of structural rotation |
Technical Study Update (The "PEA")
Core sampling is in progress. Samples of ¼ cut core will be sent to SGS in Bamako for gold analysis to determine the limits of the gold zones at Barani East, Gourbassi West and Gourbassi West North. Once the gold zones have been defined, the remaining ¾ cut core will be sent to Maelgwyn South Africa to model the heap leach gold recoveries by zone. This information will form a key part of the ongoing Preliminary Economic Assessment study of the oxide gold resources at Barani East and Gourbassi West.
Barani East and Barani Gap Deposits
Oxide and transition mineral resources at Barani East and Barani Gap comprise measured and indicated mineral resources of 53,700* ozs Au grading 2.09 g/t Au and inferred mineral resources of 40,700* ounces grading 1.33 g/t Au (see Figure 2 for location).
At Barani East, in 2014, 2-tonne metallurgical sample of oxide mineralization, ground to
The Barani East oxide and transition resources lie above the Barani East deposit which contains fresh rock measured and indicated mineral resource totaling 37,500 ounces grading 1.78 g/t Au and an additional inferred mineral resource of 33,700 ozs grading 1.66 g/t Au*.
Bottle roll leach tests of the fresh rock Barani East gold mineralization, ground to
Gourbassi West Deposit
Oxide and transition mineral resources at Gourbassi West comprises measured and indicated mineral resources of 77,200* ozs Au grading 0.93 g/t Au and inferred mineral resources of 14,600* ounces grading 0.91 g/t Au (see Figure 2 for location).
Three samples of oxide gold mineralization, grading 0.33, 0.67 and 1.05 g/t Au, were ground to
Gourbassi West North Deposit
The 1.6 km long Gourbassi West North Deposit lies 500 metres north of the Gourbassi West Deposit (Figure 2). The upper 25-30 metres of this deposit is oxidized and is expected, as per other oxide gold zones on the property and region, to have gold recoveries in excess of
Exploration - Core Drilling
Four core holes were completed at the Mogoyafara South and Frikidi Zones. Assays for these holes are pending.
* Desert Gold NI 43-101 compliant mineral resource report filed on March 3, 2022 and available on Sedar+.
** Desert Gold news release March 25, 2019.
*** Desert Gold news release October 1, 2019.
**** Desert Gold new release February 24, 2020.
Figure 1 - SMSZ Project Location and Major Deposits in Western Mali and Eastern Senegal (* see deposit resources disclosures at end)
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4954/208984_11d6ef90848c0b83_004full.jpg
Figure 2. SMSZ Property scale Summary and Zone location plan
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4954/208984_11d6ef90848c0b83_005full.jpg
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.
On Behalf of the Board
"Jared Scharf"
___________________________
Jared Scharf
President & Director
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca
Contact
Jared Scharf, President and CEO
Email: jared.scharf@desertgold.ca
Tel. No.: +1 (858) 247-8195
This news release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which Mineral Resource estimates are reflective of actual Mineral Resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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.
* Figure 1 disclosure
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4954/208984_notes.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208984
FAQ
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