New Discovery at Kaniago Strengthens Satellite Oxide Gold Potential West of Obotan Project
17 Abril 2012 - 10:02PM
PR Newswire (Canada)
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR
TO U.S. NEWS AGENCIES/ TSX Venture Exchange: PMV Australian
Securities Exchange: PVM Frankfurt: PN3N.F VANCOUVER, April 18,
2012 /CNW/ - Highlights: -- Eight new gold zones identified from
first pass reconnaissance Aircore drilling of air magnetic targets
at the Kaniago Prospect, located 15km west of and within trucking
distance of the Obotan Gold Project. -- Mineralisation associated
with the Abore Shear (which hosts the Abore and Keegan's Esaase
deposits) at the intersection of cross-cutting structures. --
+7,000m of a planned 9,000m program of broad-spaced Aircore
drilling completed to date with encouraging results from assays
received to date including: o 9m @ 1.24g/t Au from 30m o 27m @
0.95g/t Au from 1.0m o 16m @ 0.51g/t Au from 55m o 10m @ 0.95g/t Au
from 10m -- Program represents first exploration drilling campaign
undertaken by PMI at Kaniago. -- Results confirm the potential of
the Abore Shear to host significant mineralisation with the
anomalies extending over strike lengths of up to 800m, which remain
open to the north and south. -- A follow up RC drilling program is
planned as part of PMI's major regional exploration push during
2012. PMI Gold Corporation is pleased to advise that it has
generated several significant new oxide gold targets from its
maiden Aircore drilling program at the Kaniago Prospect, located
within a 15km area of influence immediately west of its flagship
Obotan Gold Project in south-west Ghana (Figures 1 and 3) where a
Feasibility Study is underway on a new gold mining operation. The
results have highlighted the potential to delineate satellite
sources of oxide mineralisation, within an economic haulage
distance of the proposed processing facility at Nkran (Figure 1),
to supplement mill feed from the four main Obotan deposits, Nkran,
Asuadai, Adubiaso and Abore. Drill testing of the Kaniago Prospect
represents one of many priority exploration targets for PMI as part
of a major exploration push currently underway across its extensive
ground holdings in the Asankrangwa Gold Belt. Drilling activity
continues to gather momentum as part of this regional exploration
program, in parallel with the Obotan Feasibility Study which is due
for completion in mid-2012. Kaniago Drilling The Kaniago Prospect
is one of a series of exploration targets along the Abore Shear
generated by a low level detailed airborne magnetic survey
previously undertaken by PMI. The prospect is being tested by a
program of broadly spaced reconnaissance Aircore drill traverses
(133 holes on three roadside traverses at 400m intervals) which
commenced in January 2012. To date over 7,000m of drilling has been
completed (Figure 2) out of a total planned initial program of
9,000m. Drilling targeted a brittle greywacke unit at the
intersection of the Abore Shear with cross-cutting east-north-east
striking structures. Results (Figure 2) have so far been received
for 63 holes from MinAnalytical Laboratory in Perth, Australia. --
KAAC12-009 9m @ 1.24g/t Au from 21m -- KAAC12-012 27m @ 0.95g/t Au
from 1.0m -- KAAC12-016 16m @ 0.51g/t Au from 55m -- KAAC12-042 10m
@ 0.95g/t Au from 10m A series of eight narrow sub-parallel
northeast trending anomalies of greater than 0.1g/t Au have been
delineated. The strike lengths of these anomalies range from 400m
to 800m, and all are open to the north and south. Importantly, this
initial work at Kaniago is an encouraging first step by PMI in its
commitment to a major phase of regional gold exploration in the
Asankrangwa Belt. The results clearly confirm the broader gold
potential of the Abore, Nkran and Fromenda Shears to host
significant gold mineralisation. The gold endowment of the
Asankrangwa Gold Belt has recently been reinforced by the
delineation of major mineral resources at Obotan and the
delineation of Keegan Resources Inc's Esaase Gold Deposit (Measured
Resources of 0.19Moz at a grade of 1.2g/t, Indicated Resources of
3.44Moz at a grade of 1.1g/t, and Inferred Resources of 1.55Moz at
a grade of 1.1g/t(1)), located 12.5km north of Obotan on the Abore
shear. Combined, PMI's Obotan and Asanko Projects represent the
largest strategic ground packages to have been successfully
consolidated by a single company in the Asankrangwa Gold Belt. The
total strike length of PMI's holdings in this belt totals some 65km
and extends over an area of 511km(2), covering almost 50 per cent
of the total length of the belt, which measures some 150km overall.
Having three known structural trends to explore increases the
strike potential threefold. PMI Gold's Managing Director & CEO,
Mr Collin Ellison, said the results had established multiple
priority drilling targets for oxide gold at Kaniago, confirming
this area as a focal point for planned target drilling commencing
later this year. "This is an exciting development for the Company
as it highlights the potential to generate additional potential
sources of oxide feed to the centrally located processing facility
at Obotan," Mr Ellison said. "Exploration success in this area
would supplement the identified reserves and resources at Obotan
and has the potential to significantly enhance the overall project.
"It also reinforces the prospectivity of our ground position along
the Asankrangwa Belt and the potential for new standalone
discoveries with focused exploration," he added. "In addition to
the Feasibility Study and pre-development work currently underway
at Obotan, we have substantial exploration programs underway across
our tenements which will continue to gather momentum in the coming
months." On behalf of the Board, "Collin Ellison" Managing Director
& CEO Competent Person Statement Exploration Results: The
information in this announcement that relates to Exploration
Results is based on information compiled by Collin Ellison, who is
employed by PMI Gold Corporation. Mr Ellison, who is a Member
Institute of Material, Minerals and Mining of UK, a 'Recognised
Overseas Professional Organisation' (ROPO) included in a list
promulgated by the ASX from time to time, has sufficient experience
which is relevant to the style of mineralization and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting Exploration
Results, Mineral Resources and Ore Reserves'. Mr Ellison
consents to the inclusion in this report of the matters based on
his information in the form and context in which it appears.
Scientific and technical information contained in this news release
has been reviewed and approved by Collin Ellison, C.Eng. a
"qualified person" as defined under National Instrument
43-101. Field work was supervised by Thomas Amoah
(VP-Exploration). Drill cuttings were logged and sampled on site,
with 3kg samples sent to the MinAnalytical prep laboratory on site,
and analyzed for gold by fire assay-AA on a 50 gram sample charge
or by screened metallics AA finish in MinAnalytical laboratory in
Perth. Internal QC consisted of inserting both blanks and
standards into the sample stream and multiple re-assays of selected
anomalous samples. Where multiple assays were received for an
interval, the final value reported was the screened metallic assay
if available, or in lieu of that the average of the other results
for the interval. Results from the QC program suggest that the
reported results are accurate. Intercepts were calculated with a
minimum 0.5 g/t Au cut off at the beginning and the end of the
intercept and allowing for no more than three consecutive metres of
less than 0.5 g/t Au internal dilution. True widths are estimated
at from 60% to 70% of the stated core length. Cautionary Note
Regarding Forward-looking Statements This news release includes
certain forward-looking statements or information. All
statements other than statements of historical fact included in
this release, including, without limitation, statements relating to
the potential mineralization and geological merits of the Obotan
and Asanko Projects and the plans, objectives or expectations of
the Company with respect to the advancement of these projects and
completion of scoping and pre-feasibility studies, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include risks relating to the actual results of current exploration
activities; fluctuating gold prices; possibility of equipment
breakdowns, delays and availability; exploration cost overruns;
availability of capital and financing; general economic, market or
business conditions; regulatory changes; timeliness of government
or regulatory approvals; and other risks detailed herein and from
time to time in the filings made by the Company with securities
regulators, including in the section entitled "Risk Factors" in the
Company's Annual Information Form dated September 20, 2011.
In particular, statements relating to the Company's plans are
subject to various factors, including positive results from ongoing
exploration; expansion and upgrading of existing mineral resources;
and completion of favourable geotechnical drilling programs,
metallurgical test work, mine plan engineering, environmental and
community relations assessments, and preliminary economic
assessments. Due to the uncertainty which may attach to
inferred mineral resources, it cannot be assumed that all or any
part of the inferred mineral resources will be upgraded to
indicated or measured mineral resources as a result of continued
exploration. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities legislation.
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. Table 1 - Significant Gold Intercepts
(0.1g/t Au metres): Note: True widths are approximately 60% to 70%
of the length of the stated intersection lengths.
______________________________________________________________________________________________
| | | | | | | | | | |Weighted| | | | | | | | |Depth|Depth| | Avg. |
| | | Easting_ | Northing_ | | | |From | To |Interval| Grade |
|Prospect| Hole ID | UTM | UTM |RL_ UTM |Dip|Azimuth| (m) | (m) |
(m) | (g/t) |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-001|605632.7167|702396.9247|181.8979|-50| 135
|22.0 |26.0 | 4.0 | 1.25 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-003|605557.4756|702463.9326|190.3114|-50| 135 |
8.0 |15.0 | 7.0 | 0.73 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-004|605523.1432|702513.8611|193.1578|-50| 135
|23.0 |26.0 | 3.0 | 0.26 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-005|605498.2971|702554.3935|186.0882|-50| 135 |
3.0 | 8.0 | 5.0 | 0.27 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |37.0 |39.0 | 2.0 | 0.28 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-007|605410.9388|702620.3598|181.6027|-50| 135 |
5.0 |19.0 | 14.0 | 0.61 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-008|605565.7808|702301.5006|176.3687|-50| 135
|30.0 |44.0 | 14.0 | 0.32 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-009|605519.0816|702210.3233|175.7895|-50| 135
|21.0 |30.0 | 9.0 | 1.24 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-012|605573.5667|701916.0615|178.0048|-50| 135 |
1.0 |28.0 | 27.0 | 0.95 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |37.0 |43.0 | 6.0 | 0.85 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-015|605534.434 |701831.457 |187.266 |-50| 135 |
0.0 | 9.0 | 9.0 | 0.39 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |30.0 |32.0 | 2.0 | 0.53 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-016|605482.926 |701832.571 |189.221 |-50| 135
|48.0 |50.0 | 2.0 | 0.92 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |55.0 |71.0 | 16.0 | 0.51 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-024|605340.9005|702052.257 |189.9032|-54| 135
|28.0 |32.0 | 4.0 | 0.13 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |47.0 |51.0 | 4.0 | 0.42 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-027|605288.1517|702162.7782|211.6806|-50| 135
|15.0 |19.0 | 4.0 | 1.02 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |24.0 |31.0 | 7.0 | 0.18 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-028|605205.9867|702200.8237|182.9274|-50| 135
|10.0 |18.0 | 8.0 | 0.16 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
| And |33.0 |38.0 | 5.0 | 0.32 |
|________________________________________________________________|_____|_____|________|________|
|Kaniago |KAAC12-042|605901.691 |702717.879 |150.638 |-50| 135
|10.0 |20.0 | 10.0 | 0.95 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-044|606013.5261|702604.2758|149.5368|-50| 135 |
1.0 | 3.0 | 2.0 | 0.13 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-046|606187.3975|702612.7637|169.0572|-50| 135
|31.0 |33.0 | 2.0 | 0.16 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
|Kaniago |KAAC12-059|606135.0748|702638.6871|160.8123|-50| 135
|21.0 |31.0 | 10.0 | 0.24 |
|________|__________|___________|___________|________|___|_______|_____|_____|________|________|
_________________________________ (1) Source: Keegan Resources
NI43-101 Technical Report for the Esaase Gold Project, Ghana,
effective date 22 September 2011, prepared by Coffey Mining Pty
Ltd. Available on Keegan's website www.keeganresources.com
SOURCE PMI Gold Corporation PDF with caption: "Figure 1: Asanko
Project Tenement Plan Showing Kaniago Prospect Area of Drilling ".
PDF available at:
http://stream1.newswire.ca/media/2012/04/18/20120418_C6888_DOC_EN_12491.pdf
PDF with caption: "Figure 2: Kaniago Prospect Drillhole Location
Plan". PDF available at:
http://stream1.newswire.ca/media/2012/04/18/20120418_C6888_DOC_EN_12492.pdf
PDF with caption: "Figure 3: PMI Gold Projects in Ghana Location
Plan". PDF available at:
http://stream1.newswire.ca/media/2012/04/18/20120418_C6888_DOC_EN_12493.pdf
PMI Gold Corporation CONTACT: Investor Relations Canada:Rebecca
Greco, Fig House Communications P. +1 (416) 822-6483 E.
fighouse@yahoo.comInvestor Relations Australia:Nicholas Read/Paul
Armstrong, Read CorporateP. +61 8 9388 1474M. +61 419 929 046PMI
Contact Canada:Marion McGrath, Corporate Secretary P. +1 (604)
684-6264Toll-Free: 1 (888) 682-8089PMI Contact Australia: Collin
Ellison, Managing Director & CEOP. +61 8 6188 7900or visit the
PMI Gold Corporation website at www.pmigoldcorp.com
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