Delta, British Columbia--(Newsfile Corp. - August 31, 2020) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) ("Desert Gold" or "the Company") is pleased to present the results of a recently completed, 2,138.5 metre drill program comprising 4 core holes and 10 reverse circulation (RC) holes on its SMSZ Project in Western Mali, near the border with Senegal.
The ~410 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 gold 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 (now Allied Gold'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. Exploration targets within 5 km of the Senegal Mali Shear Zone, are considered by management, to be high priority exploration targets.
Desert Gold carried out a 51-hole drill program during June and July, 2020. Model driven targets were tested at the Gourbassi East, Gourbassi West and Barani East Zones (see Figure 2). This news release includes results from 14 RC and core holes completed over these three zones. Results for the 34 AC totalling 1,621 metres and 1,065 auger holes are still pending.
A summary of the drill highlights* are as follows (see Figures 3-6 for more detail and Table 1, at end):
- 4.76 g/t gold (3.81 g/t gold cut to 30 g/t gold) over 13.5 metres and 2.49 g/t gold over 5.1 metres
- 3.09 g/t gold over 25 metres and 2.54 g/t gold over 15 metres
- 1.66 g/t gold over 14 metres
- 1.34 g/t gold over 5 metres
- 1.02 g/t gold over 15 metres
- 1.68 g/t gold over 6 metres
- 0.75 g/t gold over 20 metres
* Estimated true widths for the holes is from 65% to 90% of the intercept width.
Jared Scharf, Desert Gold's CEO comments, "During two drill campaigns in the recent drill season, we completed approximately 40% of approximately 20,000 metres of proposed drilling. This work has resulted in the discovery of at least five new areas of gold mineralization, validation of the updated mineralization models at the Gourbassi and Barani East Zones and further increased the scope of the SMSZ Project. With this exploration base, the Company is prepared to execute the largest exploration program it has ever undertaken, over which, management believes, is some of the most prospective ground in West Africa."
**All gold grades over width, with the exception of the Soa, Berola and Gourbassi prospects, represent drill holes with the true widths, for most holes, ranging from 65 to 95%. Estimated true widths for the Soa and Berola prospects are unknown. Estimated true widths at the Gourbassi Zones are estimated to range from 60% to 90%.
The phase 2 drill program was carried out to test model-driven targets at Gourbassi West, Gourbassi East and Barani East zones. Significant amounts of gold mineralization were intersected at all three zones, which will require additional follow-up drilling.
Five RC and 2 core holes were drilled to test an updated mineralization model at Gourbassi East (Figure 3). Four of the holes intersected significant amounts of gold mineralization. With a highlight of 3.09 g/t Au over 25 metres.
The RC drilling was successful in extending two of the mineralized trends to the south. The best results were returned from RC hole, FR-20-RC-002, which was drilled to the east to test for the southward extension of the main mineralized corridor. This hole, which was is a 75 metre south step out, intersected two intercepts of 2.54 g/t gold over 15 metres starting at 75 metres down hole and 3.09 g/t Au over 25 metres starting at 103 metres down hole. Additional drilling is required to the north and south of this intercept to better define this unexpectedly strong zone of gold mineralization. A second hole, on this drill section, FR-20-RC-003, which was drilled to the west to confirm the updated mineralization model, intersected a third, gold-bearing intercept that returned 0.71 g/t gold over 8 metres, where expected, at a vertical depth of approximately 100 metres.
FR-RC-20-001, which tested the north end of the mineralized trend, was drilled 26 metres below an intercept of 1.71g/t Au over 7 metres. One narrow intercept of 0.75 g/t Au over 1 metre was intersected near the top of the hole. A working theory indicates that this hole was drilled below the plunge of the zone.
RC hole, FR-20-RC-004, intersected 1.66 g/t gold over 14 metres starting at 42 metres and a 2nd, deeper intercept of 1.34 g/t Au over 5 metres starting from 154 metres down hole. This west facing hole was drilled to cut across a previous hole that appeared to drill partially down dip and to test a 2nd parallel lens of mineralization with a 75 metre south step out. This hole was deemed a success as it both extends and validates a parallel system of gold mineralization to the west of the initial Gourbassi East Zone discovery.
FR-RC-20-009 was drilled to test the northern strike extension of the western most Gourbassi East gold lenses. It intersected two narrow gold zones, where expected, that returned 0.78 g/t Au and 0.66 g/t Au each over 1 metre.
Hole FR-20-DD-001, tested approximately 58 metres below intercepts of 1.96 g/t Au over 8 metres and 0.77 g/t Au over 11 metres. This hole succeeded in intersecting the two zones with weaker intercepts of 1.25 g/t Au over 1.5 metres and 0.19 g/t Au over 15 meters. This hole again supports the theory that individual gold lenses have a flat plunge and that the hole was drilled below the plunge of the higher grade portion of the zone.
Hole FR-20-DD-002, was drilled to test for parallel mineralized lenses located to the east of the main gold-bearing lens. This 280-metre long hole intersected 10 mineralized intervals with 4 of the lenses returning assay composites greater than 0.5 g/t Au. The initial intercept returned 1.46 g/t Au over 9.3 metres (estimated 6.5 metres true thickness) from 89.9 metres. This intercept correlates with nearby intercepts of 7.29 g/t Au over 3 metres and 1.54 g/t Au over 7 metres in holes 25 metres to the north and south, respectively. This lens of gold mineralization has been traced for 175 metres along strike and is open to the north. It appears to represent a northerly-trending splay off of the central part of the north-northwest-trending Gourbassi East Zone. The 2nd strong intercept in this hole returned 2.38 g/t Au over 5.2 metres (estimated 3.6 metres true thickness) from 175.5 metres. This intercept correlates with an intercept of 5.48 g/t Au located approximately 40 meters up dip. This lens has been traced for approximately 150 metres along strike and is open to the north. The 3rd material intercept returned 1.26 g/t Au over 2.6 metres. This gold mineralization has not been modelled. The 4th intercept returned 0.91 g/t Au over 3 metres. It correlates with nearby intercepts of 2.84 g/t Au over 6 metres located 15 metres above and 2.45 g/t Au over 5 metres located 45 metres below. This mineralization appears to be part of the central part of the Gourbassi East Zone.
Four RC holes and 1 core hole, were drilled at Gourbassi West during the recent drill program (see Figure 4 - for locations). Three of the five holes intersected significant gold mineralization with a best intercept of 1.02 g/t Au over 15 metres.
Two of the holes FR-20-RC-005 and 006 where drilled to test the strike extension of a drill intercept that returned 3.52 g/t Au over 33 metres in hole GWRC305. Hole 006 intersected four intervals grading better than 0.5 g/t Au with the best interval returning 0.75 g/t Au over 20 metres, at a deeper than expected depth of approximately 70 meters vertical. This interval is assumed to correlate with the strong, at surface intercept in hole GWRC305. Assuming this interpretation is correct, then hole FR-RC-20-005, may have been collared too far to the east and overshot the target and hole FR-RC20-006, may have drilled below the assumed, flat-plunging, best part of the zone. Holes will be planned to test behind FR-RC-20-005 and in front of FR-RC-20-006, to intersect the zone closer to surface, to test these inferences.
Hole FR-20-RC-007 was drilled to confirm the updated geological model and to cut across a previous, assumed down-dip intercept of 1.05 g/t Au over 63 metres. This hole intersected a near surface interval that returned 1.23 g/t Au over 15 metres, where predicted on the contact of a 75-metre wide, granitic intrusion.
Hole FR-20-RC-008 was drilled to test the southern strike extent of a modelled western lens of gold mineralization. This hole intersected two mineralized intervals which returned 1.91 g/t Au over 3 metres from 61 metres and 1.68 g/t Au over 6 metres from 110 metres. These two intercepts correlate with two sets of moderate-west-dipping mineralized lenses located 50 metres to the north. There are no holes to the south. These two lenses trend northeast and appear to be parallel to a geological structure immediately to the west of these zones.
One core hole, FR-20-DD-003 was drilled to test the northern strike extension of the central part of the Gourbassi Zone. This hole intersected a near surface zone that returned 1.23 g/t Au over 5.7 metres, but did not intersected three other modeled lenses. It is suspected that the hole was drilled below the plunge of the zones.
A single core hole and an RC hole, were drilled to further test the Barani East Zone (see Figures 5 and 6). Both holes intersected significant amounts of gold mineralization with the core hole returning three, closely spaced intercepts of 0.86 g/t Au over 4 metres, 4.76 g/t Au (3.81 g/t Au cut to 30 g/t Au) over 13.4 metres and 2.49 g/t Au over 5.1 metres (true widths are estimated to be 85-90% of drilled length). These intercepts are located approximately 100 metres down-plunge of an intercept of 6.28 g/t Au over 13 metres and 50 metres up-dip of an intercept of 1.13 g/t Au over 7.5 metres (see long section Figure 6).
This limestone-hosted gold zone has been traced for approximately 450 metres down a shallow, southwest plunge and is open down plunge. Additional plunging lenses of gold mineralization are being targeted along strike of this central lens. This mineralized system appears to be related to near surface, limestone-hosted, AC hole, gold intercepts of 1.36 g/t Au over 6 metres and 3.03 g/t Au over 10 metres (Figure 5), which could extend the Barani East Zone another 800 metres to the south. More drilling is required both along strike and down-plunge of the Barani East zone.
An RC hole, BERC0015, was drilled to test down plunge of an en-echelon gold-bearing lens. It intersected 0.75 g/t Au over 4 metres (Figure 5 and 6). Based on modelling, this hole just clipped the lower edge of the gold lens. Follow-up drilling is planned.
The results for 34 air core (AC) holes are still outstanding, along with the results for 1,065 auger holes. These results are expected within the next month.
Planning for a 43-101 compliant technical report is in progress. Updated modelling of mineralized zones is in progress with an assumed flat plunging bias for most of the gold zones. Assuming no technical issues, this report is scheduled to be completed before the resumption of drilling in November.
A drilling program, comprising at least 15,000 metres of drilling, will commence in November, 2020 and continue, campaign style, through to early July, 2021. The goal of the program will be to test previously planned targets, and, to follow up, in real time, the results of the drilling program. The initial work program will start at the Gourbassi Zones and Barani East Zone, to complete previous planned holes and then continue throughout the project area to test the numerous current targets. As results come in, the drill targets will be re-prioritized.
All AC, and RC samples were geologically logged following Desert Gold's established standard operating procedures.
For AC and RC drilling, all individual samples represent approximately one-meter in length of rock chips homogenized and riffle-split to an approximately 2kg sub-samples which were sent by truck from the project site, for preparation and gold assaying at the SGS laboratories in Bamako, Mali.
Each sample (AC, and RC) is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method, which is a 50g fire assay fusion with AAS instrument finish. In addition to SGS's own QA/QC (Quality Assurance/Quality Control) program, Desert Gold's internal quality control and quality assurance procedures included the use of certified standards (1:20-30), sample duplicates (1 :20) and blanks (1 :20). Sample batches that fail QAQC review, especially those with significant gold intercepts, are re-assayed with the insertion of new standards.
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 2 gold exploration projects in Western Mali (SMSZ 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
Sonny Janda, Chairman
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.
Table 1 - Summary of Significant Drill Intercepts
|Cut to 30 g/t Au||171.3||184.75||13.45||3.81|
Table 1 - Detailed Drill Hole Assay Summary
1 Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company's SMSZ Property.