TORONTO, ONTARIO–(Marketwired – Sept. 3, 2015) – Savary Gold Corp. (TSX VENTURE:SCA) (“Savary” or the “Company”) is pleased to announce the final results of a Q2, 2015 drill program at its Karankasso Joint Venture Project in Burkina Faso. This release presents drill results for five different zones with significant results returned for four of the zones with a best result from this group of 2.09 g/t gold over 13 metres. The tested zones extend along a 33 kilometres north-south trend within an approximately 45 kilometre long corridor of gold enrichment (Savary news release of December 15, 2014).
The final news release, documenting the 2015 spring drill program, presents results for 42 reverse circulation holes totalling 3,240 metres completed over the Kueredougou West, Koure East Sulphide, Kueredougou North, Highway QP and Serakoro 1 West Zones at its Karankasso Joint Venture Project in Burkina Faso, owned 65% by Savary and 35% by Sarama Resources Ltd. (“Sarama”). Highlight drill intercepts for the recent holes drilled in these areas are presented below:
- 1.33 g/t gold over 10 metres in hole 15-29, Kueredougou North Zone
- 2.72 g/t gold over 4 metres in hole 15-33, Koure East Sulphide Zone
- 2.00 g/t gold over 7 metres in hole 15-55, Serakoro 1 West Zone
- 5.33 g/t gold over 1 metre in hole 15-69, Koure East Sulphide Zone
- 2.09 g/t gold over 13 metres in hole 15-88, Kueredougou West Zone
- 1.88 g/t gold over 5 metres in hole 15-89, Kueredougou West/Untested Zone
- 1.23 g/t gold over 8 metres in hole 15-90, Kueredougou West/Untested Zone
Don Dudek, Savary’s President and CEO commented: “The scope and scale of the gold mineralized systems on the Karankasso Property continue to impress the joint venture team. More encouraging results were returned along a 2,000 metre trend at the Kueredougou West-Kueredougou Untested area which lies along a single geophysical feature that links up five areas of gold mineralization along an approximate 10 kilometre strike; this system is still open to the north and south. As well, a new area of gold mineralization, Koure East, was tested for the first time with three, gold-mineralized structures intersected along a 1,400 metre open-ended strike. A third area, Serakoro 1 West, continues to return numerous gold-bearing intercepts across a 1,200 metre-wide area that can be traced via gold-bearing soils and geophysical anomalies for at least 15 kilometres. In management’s opinion, some of the drill tested zones appear to have the potential to delineate a ‘centre of gravity’ type mineralized zone.”
The Karankasso Property (the “Property”) is located approximately 300 kilometres southwest of Ouagadougou, Burkina Faso’s capital city (see Figure), and 60 kilometres east of Bobo Dioulasso, the second largest city in Burkina Faso. The Property can be accessed by a paved highway with both rail and grid power coming within approximately 65 kilometres of the Property.
During the period from April 21, 2015 to June 30, 2015, Savary and Sarama completed approximately 14,514 metres of drilling in 115 reverse circulation holes on the Property. A summary of the holes drilled during this program is presented in Table 1. A map showing the location of the targets areas is presented in the following figure.
|Table 1 – Q2, 2015 Karankasso Drill Program Metreage Summary|
|Target Area||# of
|% of 2015
|Kueredougou West Zone/Untested||22||2,525||17%|
|Kueredougou West Trend||9||1,059||7%|
|Koure East Sulphide||9||1,124||8%|
|Serakoro 1 West||9||1,193||8%|
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1023782-F1.pdf
Kueredougou West – Kueredougou Untested Area
An additional 15 holes totalling 1,788 metres were drilled in the Kueredougou West/Kueredougou Untested area since the initial results presented in the June 15, 2015 new release, with a total of 22 holes totalling 2,525 metres drilled in this area in 2015 (see Figure). This drilling demonstrates the presence of at least eight, modelled, parallel, gold-bearing lenses along a 2,000 meter strike length across a 200 to 300 metre wide area. These gold-bearing lenses are closely associated with a strong, induced polarization chargeability anomaly that appears to represent a sericite-quartz-carbonate-pyrite altered shear zone. Holes along the central mineralized structure are generally spaced from 100 to 300 metres apart horizontally and 25 to 50 metres apart vertically. Highlights from the second round of drilling include an intercept in hole 15-88 of 2.09 g/t gold over 13 metres located 100 metres south of the previously modeled Kueredougou West Zone. The Kueredougou West Zone dips moderately to the east and as such, most intercepts are close to true width.
The Kueredougou West Zone lies along a geophysical anomaly that connects the Kueredougou North, Kueredougou, Kueredougou West and Diosso South Zones along an approximate 10 kilometre strike. All holes drilled along this trend have intersected gold mineralization and hydrothermally altered rocks. As well, geophysical data indicates that this long strike length mineralized structure, is a good target for the discovery of additional gold mineralization, for kilometres, to the north and south, and in between the already drilled portions of this trend.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1023782-F2.pdf
Kueredougou North Area
Five holes were drilled in the Kueredougou North area (see Figure) totaling 557 metres. Four of the holes were drilled to follow-up on previous intercepts and one hole was drilled to test a conceptual cross-structure. The best intercept was returned from hole 15-29 which intersected 1.33 g/t gold over 10 metres . This hole was drilled approximately 75 metres below a previous intercept that returned 1.06 g/t gold over 10 metres in hole 13-51. The second best intercept returned 0.55 g/t gold over 17 metres in hole 15-30; this hole was drilled 100 metres south of a 2014 drill intercepts that returned 7.26 g/t gold over 3 metres and 2.24 g/t gold over 3 metres in hole 14-15. Two holes were drilled to follow up on an intercept in hole 13-54 which returned 2.94 g/t gold over 15 metres. The first hole, to test this intersection approximately 50 metres down-dip, returned low grades. The second hole, 15-28, drilled 100 metres to the north, returned 1.23 g/t gold over 4 metres.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/1023782-F3.pdf
Koure East Sulphide Zone
A total of nine holes totalling 1,124 metres were drilled in the newly discovered Koure East area. The Koure East area was highlighted in the fall of 2014, when a grab sample of sulphide rich, artisanal mine spoils returned 28.25 g/t gold (December 15, 2014 Savary news release). Subsequent to this discovery, an induced polarization gradient geophysical survey was completed over the area with drilling testing a series of chargeability high geophysical targets. Drilling intersected three narrow gold bearing zones along a 1,400 metre strike, with all holes returning assay composites greater than 0.5 g/t gold over 1 metre. The holes were spaced at no closer than 200 metres apart along strike. The best intercept returned 2.72 g/t gold over 4 metres in hole 15-33; the higher grade core of this intercept contained both pyrite and arsenopyrite mineralization, similar in character to the 2014 high grade grab sample. These zones are interpreted to dip moderately to the northeast and as such drill intercepts are interpreted as close to true width.
One hole was drilled to test the Koure East Trend South Sulphide Zone (see zone location map) where several anomalous grab samples were collected with a highlight grab sample that returned 24.90 g/t gold (December 15, 2014 Savary news release). This hole failed to intersect the target horizon due to adverse topography.
Serakoro 1 West Zone
The Serakoro 1 West Zone is hosted by a weakly foliated, locally sericite-altered, silicified and sulphidized granitic intrusion located along the western edge of the Houndé Greenstone Belt. Previous holes, drilled by Sarama, returned drill intercepts of 3.72 g/t gold over 27 metres (RC), 18.72 g/t gold over 4 metres (RAB), 10.61 g/t gold over 2 metres (RC), 8.74 g/t gold over 6 metres (RAB) and numerous additional intercepts indicating the presence of a large gold system. Follow-up work in 2014 included geological mapping where a moderate- to shallow-east-dipping intrusion contact was recognized, the collection of several well mineralized sub-cropping granitic rocks and a the installation of a detailed 50 metre by 50 metre soil grid. Soil data returned samples containing up to 5,290 ppb gold and demonstrated a correlation between areas of higher gold concentration in soil and induced polarization resistivity highs geophysical anomaly.
A total of six holes, comprising 1,193 metres, were drilled to test the felsic intrusion-hosted mineralization in the Serakoro 1 West Zone (see Figure). Almost all holes returned generally narrow, gold-mineralized intercepts associated with quartz veining, sericite alteration and disseminated pyrite, with the best hole, 15-55 returning 2.00 g/t gold over 7 metres. This hole was drilled approximately 15 metres down dip of an intercept in RAB hole AC569, which had returned an intercept of 8.74 g/t gold over 6 metres. Assuming that these two intercepts correlate, the mineralized zones appear to dip at approximately 30 degrees to the east and strike northerly.
An additional three holes were drilled approximately two kilometres north of the Serakoro 1 West zone. All three holes intersected sheared, sericite-altered, quartz veined and variably pyritic felsic intrusion, but, unfortunately, the best intercept of 0.96 g/t gold over 1 metre did not validate previous intercepts which had returned RAB drill intercepts of up to 2.50 g/t gold over 8 metres. This area of drilling is connected to the Serakoro 1 West zone by a strong induced polarization chargeability high geophysical anomaly.
The Serakoro 1 West area remains an enigma with abundant, locally good grade and good width gold- bearing structures. The size of this system indicates significant potential for discovery with a key perhaps locating some form of structural intersection which could focus and strengthen the mineralized structures enough to form a coherent, well mineralized zone.
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/1023782-F4.pdf
Highway QP Zone
A 450 metre by 250 metre wide area of artisanal workings was discovered spanning the highway in the northwest corner of the property. The artisanal mining area is underlain by quartz veined, variably sericitic, weakly-porphyritic felsic quartz porphyry. On a property scale, this area lies within a magnetic low embayment along a magnetic high trend. Individual artisanal workings range up to 30 metre by 10 metre by 15 metre deep. Grab samples of quartz veined quartz porphyry returned up to 2.11 g/t gold. An induced polarization geophysical survey that was completed over the area indicated the presence of several, northerly-trending resistivity anomalies deemed related to increased sulphides and quartz veining within the quartz porphyry (see Figure). Two holes totalling 230 metres were drilled to test the two artisanal mining trends. The best intercept was returned from hole 15-26 which intersected 0.46 g/t gold over 5 metres. Even though these holes did not return economic intercepts, this is a new area of mineralization which had not been previously covered by soil geochemical grids, which is a logical next step.
To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/1023782-F5.pdf
A summary of all assay composites, using a cut-off of 0.5 g/t gold, for all of the remaining 2015 holes, is presented in Table 2.
A follow-up exploration plan is being developed and will be presented to the joint ventures partners in late Q3, 2015. Field exploration is expected to re-start in the latter half of Q4, 2105 after the rainy season. The corporation has sufficient funding to last until early 2017 including supporting another material exploration project.
Savary’s procedures for handling reverse circulation drill chips comprise initial riffle splitting of the rock chips from one metre drill length samples into approximately 2.5 kilogram samples, as well as description and logging into a database. A duplicate 2.5 kilogram sample, prepared at the same time as the assay sample, is kept as a reference for each sample. Assay standards, sample duplicates and assay blanks were inserted sequentially every 14 samples resulting in an assay standard inserted every 42 samples. This sampling procedure was periodically reviewed by Savary’s President and CEO, and the Company QP, Don Dudek, P. Geo. All assay samples were collected at site by SGS Laboratory staff from Ouagadougou, Burkina Faso. Sample preparation and fire assays were performed by SGS Laboratories based in Ouagadougou. 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. 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.
About Savary Gold
Savary Gold, a Canadian exploration company, along with partner, Sarama Resources Limited, are focused on exploring the 750 km2 Karankasso Property in Burkina Faso. The Properties 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, Roxgold’s Yaramoko Project and Sarama’s/Acacia’s South Houndé JV Project, which is adjacent to the Karankasso JV property). For additional information please visit our website at www.savarygold.com.
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.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
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 may contain forward-looking statements. These statements include statements regarding the details of the drill program, the company’s exploration plans, the focus on existing drill targets, potential extensions to the gold zones, new targets and management’s belief in the potential of the project. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
Table 2 – 2015 Drill Results Summary of Remaining Holes
|HS-RC-15-32||93||95||2||2.12||Koure East Sulphide zone|
|HS-RC-15-32||102||103||1||0.65||Koure East Sulphide zone|
|HS-RC-15-32||136||137||2||1.52||Koure East Sulphide zone|
|HS-RC-15-33||48||49||1||1.44||Koure East Sulphide zone|
|HS-RC-15-33||70||74||4||2.72||Koure East Sulphide zone|
|HS-RC-15-34||76||77||1||0.96||Koure East Sulphide zone|
|HS-RC-15-52||NSV*||Koure South – not drilled deep enough|
|HS-RC-15-53||57||61||4||0.23||Serakoro 1 West zone|
|HS-RC-15-53||78||80||1||0.53||Serakoro 1 West zone|
|HS-RC-15-53||85||86||1||0.87||Serakoro 1 West zone|
|HS-RC-15-54||79||89||10||0.80||Serakoro 1 West zone|
|incl||79||82||3||2.04||Serakoro 1 West zone|
|HS-RC-15-54||148||153||5||0.33||Serakoro 1 West zone|
|HS-RC-15-55||42||43||1||0.68||Serakoro 1 West zone|
|HS-RC-15-55||50||57||7||2.00||Serakoro 1 West zone|
|HS-RC-15-55||86||87||1||0.56||Serakoro 1 West zone|
|HS-RC-15-56||13||15||2||1.41||Serakoro 1 West zone|
|HS-RC-15-56||41||42||1||0.57||Serakoro 1 West zone|
|HS-RC-15-56||46||1||5||0.38||Serakoro 1 West zone|
|HS-RC-15-56||107||108||1||1.01||Serakoro 1 West zone|
|HS-RC-15-56||132||133||1||1.11||Serakoro 1 West zone|
|HS-RC-15-56||152||158||6||0.81||Serakoro 1 West zone|
|incl||152||154||2||1.85||Serakoro 1 West zone|
|HS-RC-15-57||28||28||1||1.19||Serakoro 1 West zone|
|HS-RC-15-57||40||41||1||0.52||Serakoro 1 West zone|
|HS-RC-15-57||52||53||1||1.99||Serakoro 1 West zone|
|HS-RC-15-57||100||101||1||0.86||Serakoro 1 West zone|
|HS-RC-15-58||13||14||1||1.04||Serakoro 1 West zone|
|HS-RC-15-58||42||43||1||0.53||Serakoro 1 West zone|
|HS-RC-15-59||NSV*||Serakoro 1 West North|
|HS-RC-15-60||123||124||1||0.48||Serakoro 1 West North|
|HS-RC-15-61||26||27||1||0.96||Serakoro 1 West North|
|HS-RC-15-68||48||49||1||0.6||Koure East Sulphide zone|
|HS-RC-15-69||70||71||1||5.33||Koure East Sulphide zone|
|HS-RC-15-70||22||26||4||0.67||Koure East Sulphide zone|
|HS-RC-15-70||68||70||2||1.51||Koure East Sulphide zone|
|HS-RC-15-71||38||39||1||2.65||Koure East Sulphide zone|
|HS-RC-15-71||51||53||2||1.04||Koure East Sulphide zone|
|HS-RC-15-72||13||16||3||0.89||Koure East Sulphide zone|
|HS-RC-15-73||NSV*||Kueredougou, south end, hole not completed|
|HS-RC-15-74||75||76||1||2.76||Kueredougou, south end|
|HS-RC-15-85||127||129||2||0.95||Kueredougou West Zone|
|HS-RC-15-86||18||24||6||0.70||Kueredougou West Zone|
|HS-RC-15-86||35||36||1||4.09||Kueredougou West Zone|
|HS-RC-15-87||28||30||2||3.30||Kueredougou West Zone|
|HS-RC-15-87||42||49||7||0.49||Kueredougou West Zone|
|incl||43||45||2||1.05||Kueredougou West Zone|
|HS-RC-15-87||48||49||1||0.67||Kueredougou West Zone|
|HS-RC-15-88||85||90||5||0.72||Kueredougou West Zone|
|HS-RC-15-88||100||113||13||2.09||Kueredougou West Zone|
|incl||100||109||9||2.77||Kueredougou West Zone|
|HS-RC-15-106||20||21||1||0.73||Kueredougou West Zone|
|HS-RC-15-106||28||30||2||1.35||Kueredougou West Zone|
|HS-RC-15-106||43||51||8||1.44||Kueredougou West Zone|
|HS-RC-15-106||59||60||1||0.65||Kueredougou West Zone|
|HS-RC-15-106||97||102||5||0.73||Kueredougou West Zone|
|HS-RC-15-107||6||17||11||0.37||Kueredougou West Zone|
|HS-RC-15-107||32||33||1||1.16||Kueredougou West Zone|
|HS-RC-15-107||39||41||2||4.17||Kueredougou West Zone|
|HS-RC-15-107||46||47||1||0.65||Kueredougou West Zone|
|HS-RC-15-107||55||57||2||1.69||Kueredougou West Zone|
|HS-RC-15-108||48||53||1||0.82||Kueredougou West Zone|
|HS-RC-15-108||63||37||4||0.88||Kueredougou West Zone|
|HS-RC-15-108||73||74||1||0.57||Kueredougou West Zone|
|HS-RC-15-109||32||33||1||0.66||Kueredougou West Zone|
|HS-RC-15-109||85||89||4||0.73||Kueredougou West Zone|
|HS-RC-15-109||95||103||8||0.39||Kueredougou West Zone|
|*||No Significant Values.|
|**||True widths are estimated at 70% to 100% of drilled length. This Table presents all composite assay values returning greater than 0.5 g/t gold over 1 metre, those holes where no assays greater than 0.5 g/t gold over 1 metre were received and occasional composites of less than 0.5 g/t Gold to document extensions of mineralized trends.|