PMI Gold Announces More Encouraging Drill Results From the 513 Prospect, Kubi Project
04 Junho 2012 - 1:59PM
Marketwired Canada
PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES
Key Points:
-- Diamond drilling at the 513 Prospect, located 1.2km south-west of the
Kubi Main Deposit, has intersected gold mineralization confirming
previously reported Auger drilling results.
-- The 513 Prospect is situated within PMI's Kubi Project and is located on
the altered eastern margin of the north-east trending Ashanti Shear,
which controls the world-class Ashanti Obuasi Gold Mine, 15km to the
north.
-- A series of cross-cutting east-northeast trending structures have been
identified in the prospect area, which coincide with Perseus Mining's
6.6Moz Edikan Gold Mine 12km to the south-west.
-- A total of 17 diamond drill holes have been completed for a total of
2,311m. Drilling was designed to test and infill the broader strike
extent of a previously defined geochemical anomaly which has now
increased to 500m and to test internal continuity of gold mineralization
within the 513 Prospect.
-- Encouraging results received include:
-- 12m @ 2.4g/t Au from 85m (including 3m @ 5.0g/t Au from 85m)
-- 11.5m @ 1.52g/t Au from 40.5m (including 3m @ 4.59g/t Au from 48m)
-- 9m @ 1.79g/t Au from 78m (including 3m @ 3.22g/t Au from 83m)
PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) is pleased to
announce latest diamond drilling at the 513 Prospect (Kubi Concession; Figure 1)
has intersected multiple zones of gold mineralization. The addition of these
results indicate mineralization at the 513 Prospect is continuous over a strike
length of over 500m (Figure 2), is open along strike to both the north and
south, and also down dip.
The 513 Prospect is located on the altered eastern margin of the Ashanti Shear
which hosts the world class AngloGold Ashanti Obuasi mine (60Moz) located
approx. 10km to the north of the Kubi Gold Project. Mineralization is hosted
within a garnetized metagabbro, near the contact of a sequence of
meta-sedimentary rocks, and strikes north-east, parallel to the Ashanti and Kubi
Shears. A series of east-northeast structures have been identified from airborne
and ground geophysical surveys in conjunction with auger geochemical anomalism.
These structures coincide with Perseus Mining's Edikan Gold Mine (6.6Moz) 12km
to the south-west and are considered favourable hosts for gold mineralization in
Ghana. It has also been recognised that the host rock and alteration are
identical to the Kubi Main deposit to the east, supporting wider potential for
this mineralization style to include the Ashanti shear.
Diamond drilling at the 513 Prospect was designed to infill a 500m strike length
of anomalous gold values intersected in Auger drill holes completed in late
2010, and to also test the down-dip extent of previous intersections. Holes were
drilled on a nominal 100m spacing 25m apart (Figure 3). A total of 17 diamond
drill holes were drilled for 2,311m. Significant results include:
-- KV12-523 9m @ 1.79g/t Au from 78m (including 3m @ 3.22g/t Au from 83m)
-- KV12-524 11.5m @ 1.52g/t Au from 40.5m (including 3m @ 4.59g/t Au from
48m)
-- KV12-526 3m @ 1.68g/t Au from 25.5m
-- KV12-528 3m @ 1.62g/t Au from116.0m
-- KV12-529 2m @ 2.68g/t Au from 138.0m
-- KV12-538 12m @ 2.4g/t Au from 85m (including 3m @ 5g/t Au from 85m)
Eleven of the seventeen drill holes intersected significant gold values, ranging
in true thickness from 1.4m up to 11.5m. The drill holes confirm the broader
extent of the mineralization in the project area and indicate the occurrence of
a higher grade zone within a broad, continuous, lower grade envelope at the
southern extent of the prospect (Figures 4 & 5). Many of the larger gold
deposits in Ghana have a short strike extent with substantial steep plunging
deep roots. The presence of this higher grade shoot provides another valuable
exploration target in the Kubi Project. Table 1 lists all significant
intersections from the drilling program.
The recently completed drill holes at the 513 Prospect are an integral part of
PMI's regional exploration push aimed at completing +100,000m of RAB, RC and
diamond drilling at priority targets within their extensive tenement holding in
the south-west of Ghana during the first half of 2012. The drilling at Kubi
follows-up earlier geochemical and geophysical exploration programs and
demonstrates the effectiveness of the techniques providing confidence regarding
the veracity of the numerous anomalies delineated to date. The strategic
efficiency measures that PMI have implemented in recent months, including the
installation of a portable sample preparation facility, have resulted in
significantly reducing core processing and assay turn-around times. This will
enable timely detailed geological interpretations to be conducted on the 513
Prospect, with a decision to be made on further progress in the second half of
2012.
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). HQ and NQ core was logged, sawn and sampled on site, with half
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, Kubi 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 to complete a feasibility study on the Obotan Gold Project
by the end of June 2012 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.
To view the figures accompanying this release please click on the following
link: http://media3.marketwire.com/docs/0604pmv.pdf
Table 1 - Significant Gold Intercepts (greater than 0.5g/t Au):
Note: True widths are approximately 60% to 70% of the length of the stated
intersection lengths.
----------------------------------------------------------------------------
Weighted
Depth Depth Avg.
Easting Northing RL From To Interval Grade
Hole ID (UTM) (UTM) (UTM) Dip Azimuth (m) (m) (m) (g/t)
----------------------------------------------------------------------------
KV12-523 639204.8 663064.5 163.4 -50 290 78.0 87.0 9.0 1.79
----------------------------------------------------------------------------
Including 83.0 86.0 3.0 3.22
----------------------------------------------------------------------------
KV12-524 639165.8 663073.5 182.0 -50 290 28.5 31.5 3.0 1.09
------------------------------
40.5 52.0 11.5 1.52
----------------------------------------------------------------------------
Including 48.0 51.0 3.0 4.59
----------------------------------------------------------------------------
KV12-525 639187.2 663121.8 189.0 -50 290 43.5 46.5 3.0 0.96
----------------------------------------------------------------------------
KV12-526 639205.8 663179.2 188.2 -50 290 25.5 42.0 16.5 0.70
----------------------------------------------------------------------------
Including 25.5 28.5 3.0 1.68
----------------------------------------------------------------------------
74.0 81.0 7.0 0.79
----------------------------------------------------------------------------
KV12-527 639327.4 663545.0 130.9 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-528 639379.4 663525.4 140.7 -50 290 107.0 109.0 2.0 1.33
------------------------------
116.0 119.0 3.0 1.62
----------------------------------------------------------------------------
KV12-529 639344.7 663419.7 154.4 -50 290 138.0 140.0 2.0 2.68
----------------------------------------------------------------------------
KV12-530 639325.9 663426.9 156.7 -50 290 121.0 123.0 2.0 0.51
------------------------------
125.0 127.0 2.0 0.37
----------------------------------------------------------------------------
KV12-531 639290.4 663491.1 145.8 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-532 639308.4 663484.3 144.7 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-533 639260.7 663328.7 133.1 -50 290 77.0 79.0 2.0 0.84
------------------------------
81.0 82.0 1.0 0.70
------------------------------
87.0 89.0 2.0 0.53
----------------------------------------------------------------------------
KV12-533A 639260.7 663328.7 133.1 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-534 639249.1 663210.7 158.4 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-535 639227.0 663217.8 163.7 -50 290 39.0 40.5 1.5 1.50
----------------------------------------------------------------------------
KV12-536 639206.7 663222.8 168.0 -50 290 No Significant Result
----------------------------------------------------------------------------
KV12-537 639186.7 663185.6 191.2 -50 290 24.00 27 3 0.52
------------------------------
47.0 48.0 1.0 1.85
----------------------------------------------------------------------------
KV12-538 639221.4 663109.4 172.9 -50 290 78.0 80.0 2.0 2.50
------------------------------
85.0 97.0 12.0 2.40
----------------------------------------------------------------------------
Including 85.0 88.0 3.0 5.00
----------------------------------------------------------------------------
KV12-539 639283.8 663320.3 132.3 -50 290 104.0 106.0 2.0 0.84
----------------------------------------------------------------------------
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