Simba Announces Initial Drill Results From the Miyove Gold Project, Rwanda
10 Mai 2011 - 3:00PM
Marketwired
Simba Gold Corp. ("Simba" or the "Company") (TSX VENTURE: SGD) is
pleased to report on the initial drill results from the Miyove gold
project, which is owned by Rogi Mining Limited ("Rogi"), that the
Company has an option to acquire. The Miyove gold project is
located in northern Rwanda and comprises 2,937 hectares over the
largest historic gold-producing areas in Rwanda. Highlights of the
drill program to date include 24.69 metres averaging 0.61 grams per
tonne (g/t) gold, including 7.54 metres grading 1.12 g/t gold in
hole MY-11-02 and 1.21 g/t gold over 5.58 metres, including 2.15
g/t gold over 2.57 metres in hole MY-11-05.
In March 2010, the Company completed its Qualifying Transaction
granting it the right to purchase up to 100% of the issued and
outstanding shares of Rogi in exchange for a total of up to
US$2.75-million in cash and the issuance of up to 5.7 million
shares to Rogi's shareholders over a period of five years. Rogi
mobilized a 3,000-metre drill program on the Miyove gold project in
December 2010 and drilling commenced early in January 2011.
The Miyove gold project comprises three mineralized corridors,
Karenda (furthest to the NW), Baradega (mid-way) and Masogwe
(furthest to the SE) all of which lie along a northwest - southeast
mineralized trend over a six kilometre stretch. Drilling to date
has focused on the Karenda zone, an area of historic production,
and in particular on gold mineralization beneath previous trenches
(2006-2009), gold mineralization based on an approximation of the
1980s United Nation drilling and on geological targets. To date,
1,279 metres have been completed in ten holes, from five drill
sites. Drilling has been difficult on the Karenda Zone due to
strongly oxidized and weathered rock conditions, complications with
old workings and limitations of the drill equipment. The Company
has received assay results for holes 1, 2, and 4 and partial
results for holes 3 and 5.
Table 1: Drill results from 2011 program
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Hole # Length (m) From (m) To (m) Width (m) Au g/t Site
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MY-11-01 49.05 No significant values (NSV) Site 1
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MY-11-02 240 3.60 28.29 24.69 0.61 Site 2
Incl. 16.00 23.54 7.54 1.12
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MY-11-03 128.9 1.50 5.30 3.80 0.45 Site 2
25.24 49.24 24.00 Assays not received
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MY-11-04 200.7 0.00 29.10 Triconed, no sample Site 2
29.10 30.18 1.08 0.33
101.45 102.00 0.55 0.29
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MY-11-05 167.6 1.00 2.70 1.70 0.89 Site 1
77.05 82.63 5.58 1.21
Incl. 77.05 79.62 2.57 2.15
--------------------------------------------------------------------------
The Miyove gold project is underlain by rocks of the central
African Mesoproterozoic-aged Kibara orogen that extend from Katanga
(Democratic Republic of Congo) in the south, to southern Uganda in
the north. The Kibaran geology on the property consists of shale,
siltstone, sandstone and rare conglomerate units. Mineralization is
associated with multiple northwest-southeast-trending gold-bearing
quartz veins and stockworks, and associated wall rock alteration
comprising kaolinization and iron oxidation.
Rogi is well established in Rwanda, and complemented by contract
personnel who have experience and knowledge in the country and the
ability to conduct efficient and effective exploration programs.
Samples were sawn and collected from the diamond drill holes and
delivered by the Company to SGS Minerals Services, Mwanza,
Tanzania. SGS undertook sample preparation and analysis for gold by
fire assay (FA) with an atomic absorption finish (AA) on 30-gram
samples. To date only gold assays have been received, however
multi-element analysis will follow shortly.
The Miyove project has had a 43-101 geological Technical Report
completed by J. Garry Clark, PGeo, with Clark Exploration
Consulting of Thunder Bay, Ontario. Dr. A. Armitage, P Geol, is the
qualified person and director, as defined by NI 43-101, for the
Miyove gold project, and has reviewed the technical information in
this release.
QA/QC
Diamond drill core samples are typically collected at 1.5 metre
intervals. Shorter samples may be taken in areas where there is a
change in geology. Longer samples may be taken in zones of poor
core recovery. Split samples are placed in sample bags with sample
tags and prepped for shipping.
A total of 764 core samples from five diamond drill holes were
collected and shipped to SGS Minerals Services, Mwanza, Tanzania.
Samples were analyzed for gold by fire assay (FA) with an atomic
absorption finish (AA) on 30 gram samples.
The 2011 diamond drilling included the insertion of a "blank"
and a duplicate sample into the sample stream for assay grade
control. The "blank" samples are barren material taken from a
kaolinite pit located along the side of a road on the property. One
duplicate and one blank sample are inserted with every batch of 20
drill samples prior to shipment to ALS.
About Simba Gold Corp.
Simba is an African-focused gold exploration company with an
option to acquire a company that owns gold exploration rights
within the Gicumbi, Burera, Rusizi and Nyamasheke Districts, and
nickel exploration rights within the Kirehe District of the
Republic of Rwanda. Simba's principal property is the Miyove Gold
Project located in the Gicumbi and Burera Districts.
Cautionary Statement Regarding Forward-Looking Information
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond Simba's control.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Simba Gold Corp. Mr. Peter Miles President and Chief
Executive Officer 604-408-6680 info@simbagoldcorp.com
www.simbagoldcorp.com
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