PMI outlines major West African exploration push with +100,000m of drilling planned in Ghana during first half of 2012
14 Avril 2012 - 5:35PM
PR Newswire (Canada)
Major exploration drive underway within highly prospective ground
holdings which cover 195km strike length of the major gold-bearing
shear zones of SW Ghana Highlights: -- Programs of +100,000m of
RAB, Aircore, RC and diamond drilling planned for the first half of
2012 are well underway. -- Drilling capacity, flexibility and
productivity for mounting a major exploration push has been
significantly enhanced with the fleet now comprising two
multi-purpose RC/Diamond rigs, two RAB/Aircore rigs, and a
dedicated diamond rig. -- Assay turnaround issues have been
substantially improved with the installation of an
AMS/MinAnalytical sample preparation facility, dedicated for PMI's
exclusive use, at Obotan. -- The 2012 exploration strategy on PMI's
extensive and broadly mineralised land holdings in SW Ghana
comprises three strategic elements to enhance discovery
opportunities: Asankrangwa Belt: o Evaluate targets for additional
sources of open pit oxide and primary feed on the Obotan Project; o
Explore a series of targets and gold occurrences, including shallow
historical drill intersections, on the Asanko tenements covering
some 45km of strike extensions south of the Obotan Project; and
Kubi: o Explore the numerous, recently announced, gold geochemical
targets on the Kubi and Ashanti shears as well as extensions to the
Kubi Main deposit. TSX Venture Exchange: PMV Australian Securities
Exchange: PVM Frankfurt: PN3N.F /THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/
VANCOUVER, April 16, 2012 /CNW/ - PMI Gold Corporation is pleased
to provide an update on its 2012 regional exploration strategy and
progress on implementing the expanded drilling activities currently
underway within the extensive ground holdings at its world-class
gold projects in south-west Ghana (Figure 1). Following the
delineation of significant resource extensions at its flagship
Obotan Gold Project and the recent completion of a highly
successful Pre-Feasibility Study, PMI has positioned itself to
implement a vigorous and sustained regional gold exploration
program in south-west Ghana, which commenced in the first Quarter
of 2012. This exploration program - which comprises over 100,000m
of RAB, RC, Aircore and diamond drilling in the first half of 2012
- will be directed on three project fronts: -- Obotan Project-which
covers some 20km of strike on three regional shear zones, the Abore
shear (which hosts the Abore Deposit plus Keegan Resources 'Esaase'
Deposit), the Nkran shear (which hosts the Nkran and Asuadai
deposits) and the Fromenda shear (which hosts several gold
prospects in the Asanko Project),providing a total prospective
strike of 60km.Beyond the known deposits only superficial
historical drilling has been undertaken and the PMI program will
explore for additional oxide and primary mineralization (Figure 2);
-- Asanko Project(previously referred to as the Asankrangwa and
Ashanti II projects) - which is located immediately south of Obotan
Project, covering some 45km of additional strike of the
gold-bearing Asankrangwa Belt and in particular strike extensions
of the Abore, Nkran and Fromenda shearsproviding a total
prospective strike of 135km.Asanko is characterized by numerous
structural and geochemical targets plus previously drilled gold
prospects outlined by 1990s exploration which have yet to be
followed up (Figure 2); and -- Kubi Gold Project- which is located
15km south of and along strike from AngloGold Ashanti's 60Moz
Obuasi Mine and 60km east of the Obotan Project. The Kubi tenements
cover the intersection of two major regional geological structures
- the north-south trending Ashanti shear zone and the east-west
trending structures associated with Perseus Mining's 6.6Moz
Ayanfuri deposit, located 12km to the south-west. Announcements
have already been made in relation to the delineation of a multiple
series of gold in auger anomalies at Kubi and will not be covered
here. Combined, the Obotan and Asanko Projects (Figure 2) represent
the largest strategic ground package to have been successfully
consolidated by a single company in the Asankrangwa Belt. Since the
late 1990s and early 2000s this belt has only undergone
limited/superficial exploration in confined areas and has not yet
benefited from a sustained exploration effort carried out in a more
favourable gold price environment and incorporating new
developments in gold exploration knowledge. The total strike length
of PMI's holdings in this belt is 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. Increased Drilling
Capacity and Strategic Efficiencies In recent months, PMI has
implemented a number of strategic efficiencies to enable it to
accelerate its regional gold exploration activities at Obotan,
Asanko and Kubi. These include: -- contracting additional drill
rigs to address the shortage of drill rigs in Ghana, including a
multi-purpose Reverse Circulation Percussion (RCP)/diamond rig and
a combined Rotary Air Blast (RAB)/Aircore rig fabricated by
Ausdrill Limited of Australia (African Mining Services) at no
capital cost to PMI. A further multi-purpose RCP/diamond rig from
Drill Lease (Reflex) and a RAB/Aircore rig from PAMiCOR have been
added to the exploration drill fleet; -- installation of a
portable, containerized sample preparation facility, constructed by
Ausdrill (AMS)/MinAnalytical Laboratory Services Australia Limited,
to address the slow laboratory turnaround of analytical results
which has impacted negatively on the gold exploration industry in
Ghana; -- boosting the Company's in-country geological capacity
through the recruitment of dedicated regional exploration teams;
and -- the development of regional exploration strategies
leveraging off the excellent databases provided by previous
explorers and independent evaluations of the gold potential by
specialist consultants. PMI Gold's President and CEO, Mr. Collin
Ellison, said the additional drilling capacity had increased the
Company's drilling fleet to five, enabling it to undertake the most
expansive and focused exploration campaign in its history. "2012
will be a very busy and formative year in a number respects, with
this landmark exploration initiative building on the strong
foundations of the recently completed Pre-Feasibility Study at
Obotan. "The establishment of a dedicated sample preparation
facility at Obotan has shortened the turnaround of assay results,
which is providing significant support to our expanded exploration
push. "Our target now is to expand our oxide resources within
trucking distance of Obotan, discover new standalone gold deposits
within the adjoining Asanko (Asankrangwa) concessions plus drill
test the multiple targets developed by the 2011 auger drilling
program at Kubi." Asanko Project Details Background and Geological
Context Until recent times, the gold potential of the Asankrangwa
Belt was not widely recognised, as previous exploration was
undertaken by several junior companies over a relatively short
period during the mid-1990's and early 2000's. Notwithstanding
strongly positive field results achieved (see below), regional gold
exploration was not sustained due to the lower prevailing gold
prices (average price of oz), fragmented tenement holdings and
funding constraints. Historical gold exploration results
(geochemistry, geophysics and drilling) were strongly positive over
a wide geographic area, indicating a high discovery potential for a
commercial-size deposit. PMI is well placed to take advantage of
these results (Figure 2), which include: -- geological field
information and recent ultra-detailed aeromagnetic results show
that the belt comprises favourable Birimian rocks and an ideal
structural architecture comprising a series of regional northeast
trending, strike parallel shear zones and cross-cutting east
northeast trending structures, which are known to control
significant gold mineralization at Obotan and Esaase, and other
major Birimian deposits in Ghana (for example Obuasi 60M pre-mined
Au ounces); -- regionally widespread gold anomalous soils (20 ppb
Au) along the entire belt coincidental with the Abore, Nkran and
Fromenda Shears (Figure 2). Notwithstanding that a portion of the
dataset is affected by alluvial gold, many of the results are
possibly indicative of bedrock gold according to historical
drilling results (see below); and -- historical shallow and widely
spaced RAB, RC and diamond drill hole intersections that have not
been followed up in any detail (Figure 2); The gold endowment of
the Asankrangwa Belt has recently been reinforced by the
delineation of major mineral resource extensions at Obotan (as
reported in previous announcements) and Keegan Resources' Esaase
Gold Deposit (1) (Measured Resources of 0.19Moz at a grade of
1.2g/t Au, Indicated Resources of 3.44Moz at a grade of 1.1g/t Au
and Inferred Resources of 1.55Moz at a grade of 1.1 g/t Au),
located 12.5km north of Obotan on the Abore Shear at the northern
end of the Asankrangwa Belt. A major strategic review of the gold
potential of the Asanko Project was carried out for PMI in 2005 by
the international geological consulting group SRK Consulting. SRK's
work identified the favourable structural elements of the belt (see
above and Figure 2), as well as specific targets for future
exploration. In total, some 17 target areas were recommended for
detailed follow-up exploration. However, the bulk of this program
could not be carried out due to funding limitations at the time.
This extensive body of historical work provides PMI with a valuable
database to strategically advance exploration on the Asanko
Project. Priority targets will be those within 15km radius of the
Nkran deposit as potential for additional ore feed that could be
trucked to a proposed processing plant currently under Feasibility
Study. On behalf of the Board, "Collin Ellison" Managing Director
& CEO (___________________________ ) (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 Competent Person Statement Obotan Resource
Estimate 2012: NI-43-101 and JORC Code compliant Mineral
Resource estimate: Measured Resource of 15.57Mt grading
2.47g/t Au for 1.23Moz; Indicated Resources of 29.21Mt grading
2.00g/t Au for 1.88Moz; and Inferred Resources of 21.91Mt grading
1.99g/t Au for 1.40Moz. Information that relates to Mineral
Resources at the Obotan Gold Project is based on a resource
estimate that has been completed by Mr Peter Gleeson, who is a full
time employee of SRK Consulting, Australia. Mr Gleeson is a
Member of the Australian Institute of Geoscientists (MAIG) and has
sufficient experience which is relevant to the style of
mineralisation 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 of Exploration Results, Mineral Resources and Ore
Reserves' and as a Qualified Person (by ROPO) as defined in terms
of NI43-101 standards for resource estimation of gold. Mr
Gleeson has more than 5 years' experience in the field of
Exploration Results and of resource estimation in general.
Mr Gleeson consents to the inclusion of matters based on
information in the form and context in which it appears.
Exploration Results: The information in this announcement that
relates to historical Exploration Results is based on information
reviewed by Collin Ellison (C.Eng), 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 is a "qualified person" as defined under National
Instrument 43-101. 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. 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 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. SOURCE PMI Gold Corporation PDF with
caption: "Figure 1: PMI Gold Projects in Ghana Location Plan". PDF
available at:
http://stream1.newswire.ca/media/2012/04/16/20120416_C5966_DOC_EN_12342.pdf
PDF with caption: "Figure 2: Asanko Project Tenement plan". PDF
available at:
http://stream1.newswire.ca/media/2012/04/16/20120416_C5966_DOC_EN_12343.pdf
PMI Gold Corporation CONTACT: Investor Relations Canada:Rebecca
Greco, Fig House CommunicationsP. +1 (416) 822-6483E.
fighouse@yahoo.comInvestor Relations Australia:Nicholas Read/Paul
Armstrong, Read CorporateP. +61 8 9388 1471 M. +61 419 929 046PMI
Contact Canada:Marion McGrath, Corporate SecretaryP. +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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