TORONTO, ONTARIO--(Marketwired - April 23, 2013) - Desert Gold Ventures Inc. (TSX VENTURE:DAU) (the "Company" or "Desert Gold") is pleased to publish a NI43-101 compliant mineral resource statement following the successful completion of a drilling program at the Barani East Gold Project ("the project") on its Farabantourou permit in Mali. Farabantourou is located in Western Mali on the Senegal-Mali Fault Zone (SMFZ), 40km south of the IAMGOLD/AngloGold Anshanti Sadiola Mine and 50km north of Randgold's Loulou Mine. Both these mines are on the SMFZ.
Barani East is the first of 6 prospects with proven gold mineralization to be developed by Desert Gold on the permit. The project was drilled to a depth of 120m and is open to depth in the southern part of the deposit.
Highlights include the following:
- An indicated mineral resource of 514,000 tonnes at 2.46 grams per tonne for 40,600 ounces of gold.
- An inferred mineral resource of 828,000 tonnes at 2.53 grams per tonne for 67,300 ounces of gold.
- The mineral resource lends itself to an opencast mining operation.
- Gold mineralization extends down from surface with high grade intersections made at shallow depths e.g.
- BERC12-002 13m at a gold grade of 7.81g/t from 17m to 30m. Estimated true width 11.5m
- BERC12-003 10m at a gold grade of 8.40g/t from 26m to 36m. Estimated true width 8.8m
- BERC12-005 8m at a gold grade of 3.54g/t from 1m to 9m. Estimated true width 7m
- Continuous gold mineralization over a lateral extend of 400m
|Table 1: Barani East Mineral Resource Statement.
|Tonnes||Grade (g/t)||Gold Ounces|
|Indicated Mineral Resources||514,000||2.46||40,600|
|Inferred Mineral Resources||828,000||2.53||67,500|
|* Reported at cut-off grade of 1.0 grams of gold per tonne assuming an open pit extraction scenario, a gold price of US$1,300 per ounce, and metallurgical recoveries of 90%. Mineral resources are not mineral reserves and do not have a demonstrated economic viability.|
The Barani East indicated mineral resource has been defined to a maximum depth of 120m below surface and over a strike length of 400m. The orientation of the mineralized zone is NNE to SSW with mineralization occurring from surface, dipping SSE at 45°. Gold mineralization is associated with quartz hematite rocks and kaolinite veins. Thickness of the mineralized zone varies with an average thickness of 4.5m and a maximum width of up to 15m. As with these types of deposits, gold grades vary significantly along strike and down dip.
Desert Gold's Farabantourou permit strategy is to develop the other 5 gold prospects to a mineral resource definition stage similar to what has been achieved at Barani East. Funding for drilling on the other 5 prospects may well be provided out of mining revenue from a low cost opencast mining operation on Barani East to extract the resource identified from surface to 120m depth. A preliminary feasibility study is underway to define the capex and cost associated with a potential mining operation to extract the resource as defined from surface.
High grade Au intersections of 9.99g/t over 4m and 8.60g/t over 3.5m at 120m vertical depth show potential for developing an underground resource at Barani East following the exploitation of the open pit resource.
Historic drill intersections on other gold prospects on the Farabantourou permit include:
- Barani: 2m at 7.00g/t of gold, 3m at 3.2g/t of gold.
- Keniegoulou: 4m at 5.9g/t of gold, 3m at 5.0g/t of gold and 20m at 1.6g/t of gold.
- Linnguekoto: 2m at 3.75g/t of gold, 5m at 1.93g/t of gold
- Dambamba: 3m at 4.80g/t of gold, 12m at 1.90g/t of gold
- Kousilli: 4m at 6.20g/t of gold, 18m at 1.29g/t of gold
Drilling was conducted over 50m line spacing with holes 25m apart. Results are based on 5954m of reverse circulation drilling in 58 holes and 452m of diamond drilling in 5 holes. Historic drill results were verified by 12 reverse circulation and 5 diamond drill holes in a twinning drill program. Drill chip samples from the 2012 drilling campaign were assayed by ALS Chemex in Bamako, an ISO approved facility. Core samples were assayed by SGS laboratories in Johannesburg, South Africa. Quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Samples were analysed by gold fire assay with an atomic absorption finish.
The Mineral resource for the Barani East Deposit was estimated by Minxcon (Pty) Ltd, a South African based exploration, resource estimation and mining consulting company. The mineral resource was estimated using a geostatistical block modelling approach with blocks of 20 by 20 by 3m and were constrained by mineralization wireframes. The resource statement mentioned is based on a 1g/t Au cut-off.
To view the maps associated with this press release, please view the following link: http://media3.marketwire.com/docs/DAU-Maps-423.pdf.
About Desert Gold
Desert Gold Ventures Inc. is an advanced exploration and development company which holds mining assets in Mali, Rwanda and Senegal.
For further information concerning Desert Gold Ventures Inc. and the TransAfrika material properties, please refer to Desert Gold's SEDAR profile at www.sedar.com or visit our website at www.desertgold.ca.
The information in this report that relates to an indicated and inferred mineral resource has been reviewed by CJ Muller, registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Qualified Person as defined in National Instrument 43-101.
This news release has been prepared on behalf of the board of directors of Desert Gold, which accepts full responsibility for its contents.
For further information concerning Desert Gold and the TransAfrika material properties, please refer to Desert Gold's SEDAR profile at www.sedar.com.
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Roeland van Kerckhoven
President and CEO
1 (604) 408-9301
1 (604) 566-9240
Desert Gold Ventures Inc.
1 (604) 408-9301
1 (416) 662-3971