Savary Gold Provides Exploration and Operations Update
TORONTO, ONTARIO--(Marketwired - Jan 20, 2014) - SAVARY GOLD
CORP. ("Savary" or the "Company") (TSX-VENTURE:SCA) today provides
an update on its Houndé South property, located in south-western
Burkina Faso. Exploration has returned economic grade intercepts
from each of the four areas that have been drilled as highlighted
below (also see figure):
- Karangosso - 10.14 g/t Au over 10.0 metres and 5.82 g/t Au over
8.0 metres
- Kien - 7.36 g/t Au over 8.0 metres and 2.00 g/t over 21.0
metres
- Kueredougou - 21.13 g/t Au over 3.9 metres*
- Diosso South - 3.44 g/t Au over 14.0 metres*
* Avion Gold Corporation news release January 26, 2010
The gold zones in each of these areas are open both along strike
and to depth. An updated table presenting the results of the 2013
drill program is attached at the end of this release.
Don Dudek, President and CEO states, "My recent visit to the
site has reaffirmed my belief that Savary's property displays
potential for better than average grades and large gold-bearing
systems that have the potential to support a right-sized economic
zone. While at site, a detailed review of the drill results has led
to several highlighted positive observations including the size and
grade potential of the unique, intrusive-hosted Karangosso zone,
the strong similarities of the Kien zone to Endeavour's Vindaloo
zone and the common high grades encountered in the drill programmes
on Savary's property to date. Interest in projects in Burkina Faso
has been rekindled as a result of high grade discoveries by
Roxgold, Semafo and Orbis Gold in addition to the recently
announced mergers of Volta Resources, Ampella Mining and Teck's
strong financial support of True Gold. Savary's goal is to complete
the option earn-in of the Houndé South property by completing a
drill-focused exploration program in the first half of 2014."
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/sca120-F1.pdf.
The Karangosso zone represents a separate mineralized trend (see
figure 2) and an exciting new type of mineralization in the project
area. At Karangosso, drilling returned intercepts of 10.14 g/t Au
over 10.0 metres, 5.82 g/t Au over 8.0 metres and 1.82 g/t Au over
7.0 metres in two holes that clipped the northern end of the
interpreted intrusive body. The mineralization is hosted by a
deeply weathered, sericite-altered, quartz porphyry felsic
intrusion that magnetic data suggests is approximately 1,200 metres
by approximately 350 metres in size. The combination of a large
target area, good grades and deep weathering, (implies robust
metallurgy and cheap mining costs) makes this new occurrence the
highest priority target on the property. Several other magnetic
lows occur along this contact suggesting other felsic intrusions
and new target areas. This contact zone has seen limited to no
exploration in the past even though Semafo's Mana deposit appears
to occur in a similar structural position as does Endeavour's Grand
Espoir zone.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/sca120-F2.pdf.
Savary's other zones Kien, Kueredougou and Diosso South lie
along a well-defined gold enriched structural corridor, as shown in
the compiled soil geochemical data, that extends at least 40
kilometres southward from the Kien zone onto Sarama's Serakoro 1
property (see figure 3). Management believes that it is highly
likely that not only can these current zones be extended along
strike and to depth, but, that other zones will be discovered along
this trend as well.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/sca120-F3.pdf.
Recent drilling at Kien zone displayed gold values associated
with strong sericite, pyrite and fuschite altered, quartz veined
mafic volcanic rocks that are visually similar to the
mineralization style at Endeavour's Vindaloo zone. Drilling has
returned intercepts of 2.0 g/t Au over 21.0 metres and 7.35 g/t Au
over 7.9 metres along 800 metres of a minimum 1,000 meter long
Au-in-soil anomaly which appear to extend to the north and
south.
New holes at the northern end of the Kueredougou zone extended
the mineralized zone for 1,000 metres to 2,500 metres along strike
with good grade intercepts of 2.51 g/t Au over 18.0 metres
including 7.52 g/t Au over 5.0 metres, in hole HS-RC-13-54. The
Kueredougou zone is still open to the north where a high quality
structural target needs drill testing along with follow-up of high
grade drill intercepts.
The assay results reported here represent drill results from
previous programs, the most recent of which, was carried out in
March and April of 2013. To date, Savary has spent approximately
$2.1 of a $3 million work commitment in order to earn a 100%
interest in the property from Endeavour Mining. Savary's goal is to
carry out an approximate $1 million drill program from March to
May, 2014 with a focus on extending, and better defining, the gold
zones at Karangosso, Kien and Kueredougou. The Company's objective
is to work toward publishing a maiden mineral resource estimate as
soon as a threshold mineral resource is defined. Once sufficient
resources have been defined, management believes the logical next
step is to initiate a preliminary economic assessment.
The Houndé South property consists of two exploration licenses,
Diosso and Mandiasso, totalling 375 square kilometres and two
exploration concession applications totalling 125 square
kilometres, and is located in the Birimian age Houndé Greenstone
Belt of West Africa, currently the fastest growing gold producing
area in the world.
Drilling was carried out by Major Drilling Burkina Faso SA.
using a track-mounted, RC drill rig. Sampling of the RC chips was
conducted on one metre intervals from surface. Each sample was
dried, crushed to 85% passing 2mm and then split to 1.5 kg by
riffle splitter. The 1.5 kg, 2 mm split was pulverized to 95%
passing 106mm. 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 (QA/QC) 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 QA/QC 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.
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. Mr. Dudek has been leading exploration activities in the
Houndé belt since 2010 starting with Avion Gold Corp. and more
recently with Endeavour Mining Corp. where he supervised the
completion of a feasibility study on Endeavour's Houndé
property.
About Savary Gold
Savary Gold is a Canadian exploration company focused on
exploring the Houndé South Gold Property in Burkina Faso. The
property is 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 and Sarama's South Houndé Project, which is
adjacent to Savary Gold's property). For additional information
please visit our website at www.savarygold.com and follow us on
Facebook and Twitter: @SavaryGold.
SAVARY GOLD
CORP.
On behalf of the
Board
Don Dudek, President
& 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 details and timing
of 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 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.
Savary 2013 Drill Program Assay Composite summary |
Hole # |
From |
To |
Width |
Au g/t |
Comment |
HS-RC-13-27 |
1.0 |
5.0 |
4.0 |
1.15 |
Kien Area |
HS-RC-13-27 |
13.0 |
22.0 |
9.0 |
1.24 |
Kien Area |
HS-RC-13-28 |
49.0 |
53.0 |
4.0 |
3.61 |
Kien Area |
HS-RC-13-28 |
79.0 |
82.0 |
3.0 |
0.99 |
Kien Area |
HS-RC-13-29 |
50.0 |
52.0 |
2.0 |
0.85 |
Kien Area |
HS-RC-13-30 |
0.0 |
9.0 |
8.0 |
2.48 |
Kien Area |
HS-RC-13-30 |
13.0 |
16.0 |
3.0 |
0.55 |
Kien Area |
HS-RC-13-30 |
27.0 |
28.0 |
1.0 |
0.89 |
Kien Area |
HS-RC-13-30 |
74.0 |
75.0 |
1.0 |
0.85 |
Kien Area |
HS-RC-13-31 |
54.0 |
75.0 |
21.0 |
2.00 |
Kien Area |
HS-RC-13-31 |
79.0 |
80.0 |
1.0 |
0.90 |
Kien Area |
HS-RC-13-31 |
94.0 |
95.0 |
1.0 |
1.11 |
Kien Area |
HS-RC-13-32 |
3.0 |
11.0 |
8.0 |
7.36 |
Kien Area |
HS-RC-13-32 |
18.0 |
19.0 |
1.0 |
0.79 |
Kien Area |
HS-RC-13-32 |
98.0 |
104.0 |
6.0 |
1.28 |
Kien Area |
HS-RC-13-33 |
8.0 |
9.0 |
1.0 |
0.80 |
Kien Area |
HS-RC-13-33 |
12.0 |
13.0 |
1.0 |
0.55 |
Kien Area |
HS-RC-13-33 |
16.0 |
20.0 |
4.0 |
0.65 |
Kien Area |
HS-RC-13-33 |
31.0 |
32.0 |
1.0 |
1.41 |
Kien Area |
HS-RC-13-34 |
|
|
NSV |
|
|
HS-RC-13-35 |
52.0 |
57.0 |
5.0 |
0.88 |
Kien Area |
HS-RC-13-36 |
|
|
NSV |
|
|
HS-RC-13-37 |
|
|
NSV |
|
|
HS-RC-13-38 |
49.0 |
52.0 |
3.0 |
0.64 |
Kien Area |
HS-RC-13-38 |
85.0 |
86.0 |
1.0 |
0.90 |
Kien Area |
HS-RC-13-42 |
61.0 |
62.0 |
1.0 |
1.43 |
Keuredougou area |
HS-RC-13-43 |
13.0 |
14.0 |
1.0 |
0.50 |
Keuredougou area |
HS-RC-13-43 |
36.0 |
37.0 |
1.0 |
0.81 |
Keuredougou area |
HS-RC-13-43 |
53.0 |
54.0 |
1.0 |
0.88 |
Keuredougou area |
HS-RC-13-44 |
88.0 |
89.0 |
1.0 |
0.86 |
Keuredougou area |
HS-RC-13-46 |
10.0 |
12.0 |
2.0 |
4.50 |
Keuredougou area |
HS-RC-13-46 |
64.0 |
65.0 |
1.0 |
3.82 |
Keuredougou area |
HS-RC-13-47 |
41.0 |
42.0 |
1.0 |
0.66 |
Keuredougou area |
HS-RC-13-47 |
101.0 |
102.0 |
1.0 |
2.00 |
Keuredougou area |
HS-RC-13-49 |
107.0 |
108.0 |
1.0 |
0.71 |
Keuredougou area |
HS-RC-13-49 |
112.0 |
113.0 |
1.0 |
0.62 |
Keuredougou area |
HS-RC-13-51 |
5.0 |
15.0 |
10.0 |
1.06 |
Keuredougou area |
HS-RC-13-52 |
87.0 |
88.0 |
1.0 |
17.00 |
Keuredougou area |
HS-RC-13-54 |
13.0 |
31.0 |
18.0 |
2.51 |
Keuredougou area |
includes |
26.0 |
31.0 |
5.0 |
7.52 |
Keuredougou area |
HS-RC-13-54 |
51.0 |
52.0 |
1.0 |
1.78 |
Keuredougou area |
HS-RC-13-55 |
83.0 |
87.0 |
4.0 |
0.84 |
Keuredougou area |
HS-RC-13-60 |
37.0 |
38.0 |
1.0 |
0.52 |
Karangosso area |
HS-RC-13-63 |
53.0 |
61.0 |
8.0 |
5.77 |
Karangosso area |
HS-RC-13-63 |
84.0 |
94.0 |
10.0 |
10.14 |
4.23 g/t capped at 30 g/t Au |
HS-RC-13-63 |
93.0 |
94.0 |
1.0 |
1.37 |
Karangosso area |
HS-RC-13-64 |
19.0 |
26.0 |
7.0 |
1.82 |
Karangosso area |
HS-RC-13-72 |
89.0 |
90.0 |
1.0 |
0.77 |
Kueredougou area |
HS-RC-13-73 |
|
|
|
NSV |
Kueredougou area |
Savary Gold Corp.Michael McAllisterManager, Investor
Relations416-309-2134info@savarygold.comwww.savarygold.com
Savary Gold Corp. (TSXV:SCA)
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