News Releases

Delta, British Columbia--(Newsfile Corp. - October 1, 2019) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) ("Desert Gold" or "the Company") is pleased to announce results from a recently completed drill program carried out on the Farabantorou Concession portion of its SMSZ Project. The SMSZ Project is named after the Senegal Mali Shear Zone ("SMSZ"), which is related to 5 large gold mines located both to the north and south, along strike, including B2 Gold's Fekola Mine, Barrick's Gounkoto and Loulo Mines and AngloGold Ashanti/Iamgold's Sadiola and Yatela Mines. The Barani East Zone control structure intersects the Senegal Mali Shear Zone, a feature in common with most of the large mines in the region.

During the period from June 25 to July 31, 2019, 45 holes comprising 4,676.2 metres of drilling were completed consisting of 11 air core holes, 27 RC holes and 7 combined RC/core holes. In addition, 4,857 metres of auger drilling in 645 holes were completed over select areas. Drilling was successful in extending the Barani East Zone to depth and along strike and returning significant drill intercepts from two, previously untested, recently sampled and mapped artisanal mining areas; Frikidi and Linguekoto (see Figure 1). Auger drilling highlighted a number of gold-enriched areas, that require drill testing. A summary of significant results by zone follows with details presented at the end of the release (see Table 1).

Summary Results*

Barani East

  • 1.49 g/t gold over 23.7 metres
  • 4.49 g/t gold over 2.85 metres
  • 9.03 g/t gold over 2.0 metres
  • 2.74 g/t gold over 2.4 metres
  • 1.31 g/t gold over 8.8 metres
  • 1.13 g/t gold over 7.45 metres
  • 1.39 g/t gold over 6.5 metres

Frikidi

  • 6.67 g/t gold over 4 metres
  • 7.41 g/t gold over 1 metre
  • 7.50 g/t gold over 1 metre
  • 0.99 g/t gold over 5 metres
  • 2.75 g/t gold over 2 metres
  • 1.69 g/t gold over 8 metres
  • 1.04 g/t gold over 6 metres

Linguekoto

  • 12.23 g/t gold over 1 metre
  • 0.75 g/t gold over 9 metres
  • 1.69 g/t gold over 3 metres

* True widths are estimated at 80-90% of drilled width

In addition to encouraging drill results, drilling has intersected gold-mineralized felsic and mafic intrusions, which suggest that the Barani East and Linguekoto Zones likely have additional potential at depth and along strike and are suggestive of more robust mineralization systems.

Jared Scharf, Desert Gold's President & CEO commented, "the recent drill program has materially added to our Barani East Deposit and highlighted three new areas where additional drill testing and target development is warranted. Soon we will embark on our largest exploration program to date on our, recently expanded, 407 km2 land package, that now spans a 38 km segment of the prolific Senegal Mali Shear Zone. Work on these areas, and others, will continue in Q4, 2019 and well into 2020. We will provide detailed guidance regarding the up-coming exploration program in a subsequent release." Mr. Scharf, also added, "to my knowledge, our Senegal Mali Shear Zone project now encompasses the largest, contiguous, non-major mining company holdings along the Senegal Mali Shear Zone. This is a significant accomplishment."

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_002.jpg

Figure 1. Drill Summary and Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_002full.jpg

Description of Results

Barani East

During the early summer drill program, 20 holes were drilled on and near the Barani East Zone, which is centred approximately 1,900 metres east of the interpreted location of the Senegal Mali Shear Zone.

Nine holes were completed to specifically target down-plunge, down-dip and along-strike extensions of the mineralization. This drilling was successful in extending the Barani East Zone down-plunge a further 90 metres, at least another 50 metres to depth on six sections and a further 250 metres along strike (see Figures 2 and 3), with all holes drilled outside of the current resource pit (Indicated Mineral Resource of 45,250 ozs gold grading 1.99 g/t gold and Inferred mineral resources of 73,170 ozs gold grading 2.15 g/t gold - NI 43-101 compliant resource report filed on SEDAR, 2014). This work suggests that the Barani East Zone is shallower plunging than previously believed and as such, additional holes are proposed (see Figure 2) to further test the inferred higher-grade portion of the zone at shallower depths, especially down plunge of a 2018 hole that returned 6.3 g/t gold over 13 metres. To date, the central, 450-metre long portion of the zone has been tested to 150 to 200 metres depth with the remaining holes generally testing to less than 100 metres depth. Recent highlight drill intercepts include 1.49 g/t gold over 23.7 metres including 2.87 g/t gold over 4.8 metres and 4.49 g/t gold over 2.85 metres. Gold mineralization is related to a northeast-trending, cross-cutting structure with altered limestone, siltstone, granite and mafic intrusions hosting the gold.

Eleven air core holes were drilled to test the northeast strike extension of a parallel zone of gold mineralization returning a best intercept of 0.47 g/t Au over 5 metres. As well, one of the combination RC/diamond drill holes intersected this horizon and returned 9.02 g/t Au over 2 metres. Previous holes along this trend have intersected up to 2.22 g/t gold over 17 metres. Additional holes are planned along this trend.

As part of the testing at Barani East, auger drilling of 473 holes totaling 4,013 metres, were carried out over a laterite plain where it was inferred that the Barani East, Barani and Keniegoulou gold mineralization trends would intersect (see Figure 2). This program was successful in delineating interpreted strike extensions of all three zones and identifying additional, gold enriched targets up to 150 metres wide (see Figure 3). Gold-in-auger values returned a high of 1,840 ppb gold with 22 sites returning in excess of 100 ppb gold. For reference, one of the auger anomalies, which returned 1,010 ppb gold, is associated with a drill intercept that returned 1.97 g/t gold over 7 metres. Most, if not all of the >100 ppb auger anomalies will be tested in the next drill program with a preference for those demonstrating interpreted strike extent.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_003.jpg

Figure 2. Barani East Area Summary Compilation

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_003full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_004.jpg
Figure 3. Barani East Long Section - Grade x Width color-contoured

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_004full.jpg

Frikidi Area

As a first pass drill program, a total of 21 RC holes were drilled to test an open-ended, recently-defined, 2,400-metre long by 700-metre wide area that hosts numerous northeast- and northwest-trending, perhaps stock-work like, sandstone-hosted, gold-bearing structures where grab sampling returned 92 samples >1 g/t Au including 5 samples containing >100 g/t Au (see Figure 4). Ten of the holes were drilled to test below specific artisanal workings were grab sampling returned high gold values. An additional eleven holes were drilled, as a fence across, what appears to be, only part of the area hosting gold mineralization. All holes intersected from 2 to 13 individual pyrite and quartz mineralized structures. Significant results include 6.67 g/t gold over 4 metres, 7.41 g/t gold over 1 metre, 7.50 g/t gold over 1 metre, 0.99 g/t gold over 5 metres, 2.75 g/t gold over 2 metres, 1.69 g/t gold over 8 metres and 1.04 g/t gold over 6 metres (see Figure 4). All of the mineralized lenses are open along strike and to depth. An induced polarization IP survey is being considered to trace the gold-bearing pyrite mineralization along strike and across strike and to search for areas with wider mineralized zones. Soil anomalies to 442 ppb gold, suggest the presence of additional gold mineralized structures in untested, laterite-covered areas to the southwest and northwest of the area.

In addition to the RC holes, 19 auger holes were drilled to test below a large laterite plateau, located in the north central part of the area. The auger holes returned 4 contiguous sites with >100 ppb gold with one site returning 8,650 ppb gold, the best auger result of this campaign. These sites will be tested during the next drill program.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_005.jpg

Figure 4. Summary Compilation of the Frikidi Target Area

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_005full.jpg

Linguekoto

Four holes were drilled to test a northwest-trending artisanal area that is located immediately east of the northeast-trending structural corridor that hosts the Barani East Zone and several untested artisanal mining zones (see Figure 5). Previous drilling, on a parallel structure, returned intercepts to 9.92 g/t gold over 3 metres. Grab sampling in this area returned assays to 49.5 g/t gold. Of particular interest, is an altered, locally pyritic felsic intrusion, located at the north end of the trend, where the artisanal workings widen. This area, returned the widest interval of mineralization with an intercept of 0.75 g/t gold over nine metres in hole LNRC0004. As well, logging reports 20, pyrite +- quartz mineralized intervals in this 132-metre long hole. Other intercepts of note include 12.23 g/t gold over 1 metre and 1.69 g/t gold over 3 metres in holes LNRC0002 and 0003, respectively.

Soil sampling in the area, suggests that these northwest-trending mineralized structures could extend to the southeast, where soil sampling has returned values to 1,755 and 413 ppb gold (see Figure 5).

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_006.jpg

Figure 5. Linguekoto Summary Compilation

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_006full.jpg

Keniegoulou South

Auger drilling of 140 holes were carried out over the Barani South area as part of a target generation exercise. This survey was completed over the southern portion of a 4 km long gold-in-soil anomaly. Drilling across the north end, on three lines, 500 and 700 metres apart, returned drill intercepts of 4.88 g/t gold over 2 metres and 1.95 g/t gold over 4 metres. Auger survey results returned three sites with >100 ppb gold with a best value of 5,610, the 2nd highest value of the program. In retrospect, an auger survey was not the best tool for this area as the laterite cover was thin to non-existent and conventional soil samples were deemed to be effective.

Follow-up work will include air core drill fences across the best soil and auger anomalies, as well as additional auger drilling to the west of this trend, where there is a thick laterite cover.

QAQC Statement

All core and RC samples were geologically logged following Desert Gold's established standard QA/QC procedures. For core drilling, all individual samples represent approximately one-metre in length or, occasionally, based on lithology intervals. Half of the core is kept on site for reference and its counterpart is sent for preparation and gold assaying at the SGS laboratories in Bamako, Mali. For RC drilling, all individual samples represent approximately one-metre in length of rock chips homogenized and riffle-split to an approximately 2 kg subsample which is sent for preparation and gold assaying at the SGS laboratories in Bamako, Mali. Each sample (core and RC) is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method which is a 50g fire assay fusion with AAS instrument finish. In addition to SGS's own QA/QC (Quality Assurance/Quality Control) program, Desert Gold's internal quality control and quality assurance procedures included the use of certified standards (1:20), sample duplicates (1:20) and blanks (1:20).

This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_007.jpg

Figure 6. Keniegoulou South Target Area

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/4954/48363_2d69939fa4bdf973_007full.jpg

Organizational Update

In other news, the Company is pleased to announce that Sonny Janda will assume the role of Executive Chairman and Jared Scharf will assume the role of President and CEO. The Company is grateful for Sonny's efforts during his time as CEO and looks forward to his continued leadership and guidance in his new role as Chairman.

About Desert Gold

Desert Gold Ventures Inc. is a gold exploration and development company that holds 3 gold exploration projects in Western Mali (SMSZ, Segala West and Djimbala) and its Rutare gold project in central Rwanda. Our current focus is on the 407 km2 SMSZ Project that spans approximately 38 km of the prolific Senegal Mali Shear Zone.

ON BEHALF OF THE BOARD

"Sonny Janda"
____________________
Sonny Janda
Chairman

Contact:

Jared Scharf, President & CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. No.: +1 (858) 247-8195

For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company's profile.

Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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 does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the united states. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

TABLE 1
Summary Drill Results

BHID FROM TO LENGTH Au_Avg
BEAC0004 18 21 3 0.62
BEAC0007 31 32 1 2.22
BEAC0009 7 8 1 0.58
BEAC0010 27 28 1 1.03
BERC0011 19 20 1 0.51
BERCD0001 147.6 171.3 23.7 1.49
BERCD0001 176.75 179.6 2.85 4.49
BERCD0001 181.9 182.6 0.7 2.73
BERCD0002 164.4 165.5 1.1 1.26
BERCD0002 174 176.4 2.4 2.74
BERCD0002 194 196 2 1.78
BERCD0002 203 211.8 8.8 1.31
BERCD0002 229.1 230 0.9 0.73
BERCD0002 239.6 241 1.4 2.32
BERCD0003 179 183 4 1.46
BERCD0003 231.6 234 2.4 1.09
BERCD0004 84 86 2 9.03
BERCD0004 179.7 180.1 0.4 1.01
BERCD0004 190.3 190.7 0.4 0.85
BERCD0004 226.9 228.7 1.8 1.22
BERCD0005 151.85 153.9 2.05 2.09
BERCD0006 212.1 212.6 0.5 0.81
BERCD0006 185.4 189.9 4.5 0.81
BERCD0006 193.85 201.3 7.45 1.13
BERCD0006 225 231.5 6.5 1.39
BERCD0012 122.75 124.6 1.85 0.85
BERCD0012 135 135.65 0.65 4.06
FKRC0001 13 15 2 0.73
FKRC0001 44 46 2 1.39
FKRC0001 52 53 1 0.98
FKRC0001 66 67 1 2.44
FKRC0002 34 36 2 2.36
FKRC0004 57 58 1 0.66
FKRC0005 43 44 1 1.23
FKRC0006 42 46 4 6.67
FKRC0006 66 67 1 1.25
FKRC0007 12 13 1 0.89
FKRC0007 23 24 1 0.78
FKRC0007 33 35 2 1.75
FKRC0008 12 13 1 1.21
FKRC0009 24 26 2 0.92
FKRC0010 9 10 1 0.79
FKRC0010 30 31 1 1.26
KSRC0002 57 58 1 1.13
KSRC0003 3 4 1 0.51
KSRC0003 31 32 1 7.41
KSRC0004 38 39 1 7.50
KSRC0004 43 44 1 0.52
KSRC0004 53 54 1 0.50
KSRC0004 58 59 1 3.16
KSRC0005 18 20 2 1.05
KSRC0005 60 61 1 1.25
KSRC0005 90 95 5 0.99
KSRC0005 119 120 1 0.74
KSRC0006 77 79 2 0.73
KSRC0008 46 52 6 1.05
KSRC0008 95 96 1 0.77
KSRC0009 74 76 2 2.75
KSRC0010 21 22 1 0.86
KSRC0010 26 27 1 0.80
KSRC0010 33 37 4 1.02
KSRC0010 46 47 1 0.54
KSRC0010 56 57 1 1.88
KSRC0010 63 71 8 1.69
KSRC0010 99 102 3 0.83
KSRC0011 49 53 4 1.68
KSRC0011 57 59 2 0.76
LNRC0001 30 31 1 0.87
LNRC0001 41 42 1 2.48
LNRC0001 66 67 1 0.81
LNRC0001 71 72 1 1.33
LNRC0001 87 88 1 1.81
LNRC0002 5 6 1 12.23
LNRC0002 28 29 1 1.12
LNRC0002 76 77 1 1.97
LNRC0003 6 7 1 1.37
LNRC0003 14 15 1 0.78
LNRC0003 19 20 1 0.57
LNRC0003 56 57 1 0.62
LNRC0003 68 69 1 0.51
LNRC0003 73 76 3 1.69
LNRC0004 24 25 1 0.52
LNRC0004 51 52 1 0.83
LNRC0004 81 83 2 0.70
LNRC0004 106 115 9 0.75
LNRC0004 125 126 1 1.11

 

 

Delta, British Columbia--(Newsfile Corp. - September 24, 2019) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) ("Desert Gold" or "the Company") is pleased to announce that the Company has secured the right to acquire a 95% interest in the Linguekoto Concession, which is contiguous to the Company's flagship Senegal Mali Shear Zone gold project (the "SMSZ Project") in Western Mali.

The Linguekoto property ("Linguekoto") acquisition is another step in Desert's Gold's regional strategic consolidation plan (see Figure 1), which is to build one of the largest, if not the largest, non-producer, contiguous exploration land package over the prolific Senegal Mali Shear Zone.

ABOUT THE LINGUEKOTO PERMIT

The Linguekoto concession is 27km2 in size and is contiguous to the southern border of the Company's SMSZ Project (see Figure 1). A brief summary of the concession follows:

  • Linguekoto encompasses an additional 3.6 km portion of the Senegal Mali Shear Zone ("SMSZ") and spans 4km east and 3.2km west of the SMSZ.
  • Upon completion of this acquisition, Desert Gold's SMSZ Project will total 407km2 in size, have a strike extent of 37.6km along the SMSZ, host 18 known gold zones and contain 537 >100 ppb gold-in-soil anomalies and 1,589 >50 ppb gold-in-soil anomalies. Most of which are untested.
  • Linguekoto contains 95, untested, >50 ppb gold-in-soil anomalies with values up to 10,290 ppb Au, a group of which lie within and proximal to the same northeast-trending structural corridor, which hosts the Companies' Barani East gold deposit

Linguekoto has seen little previous exploration with only four groups of five shallow RC holes that tested only three soil anomalies >200ppb Au. Based on Desert Gold's experience with the recent discovery of numerous gold zones on its SMSZ Project, management strongly believes the systematic exploration of Linguekoto will lead to the discovery of new gold zones.

Desert Gold's President Jared Scharf remarked, "The acquisition of Linguekoto on commercially viable terms, is consistent with our strategy of creating an unparalleled regional gold exploration project in one of the most prolific jurisdictions in Western Africa. As soon as practical, our exploration teams will be on the ground mapping and prospecting with a goal to developing drill targets, in an area, which should host significant amounts of gold mineralization."

 

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4954/48125_aca64cff24620922_001.jpg

Figure 1. Regional image; SMSZ Project with highlighted results

 

TERMS OF THE OPTION AGREEMENT

  • Desert Gold to pay SUD Mining SARL (SUD) USD$150,000, of which USD $50,000 will be paid upon closing of the transaction with the balance of USD $100,000 to be paid over a three (3) year period;
  • Incur exploration expenditures of USD $120,000 over a three (3) year period;
  • During the three (3) year option period, Desert Gold shall be responsible for maintaining the permit in good standing and perform any and all obligations required by law;
  • Bonus shares; In the event that, within 60 months from the transaction date, 100,000 oz Au, NI 43-101 compliant reserves are discovered at Linguekoto, the Company will issue 250,000 common shares to SUD. The Company will issue an additional 250,000 common shares for every additional 100,000 oz Au, NI compliant 43-101 reserves declared at Linguekoto, up to a maximum aggregate amount of 1,250,000 shares.
  • SUD will retain a 5% carried interest, in the concession, before any interest retained by the government of Mali.

ON BEHALF OF THE BOARD

"Sonny Janda"
___________________________

Sonny Janda
CEO & Director

ABOUT DESERT GOLD

Desert Gold Ventures Inc. is a gold exploration and development company which holds 3 gold exploration projects in Western Mali (SMSZ, Segala West and Djimbala) and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca

CONTACT:

Jared Scharf, President and Director
Email:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. No.: +1 (858) 247-8195

Don Dudek, P.Geo. is a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the Desert Gold scientific and technical information contained in this press release.

This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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 does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

 

Delta, British Columbia, August 28, 2019. Desert Gold Ventures Inc. (“Desert Gold” or “the Company”)(TSX.V: DAU, FF: QXR2, OTC: DAUGF) is pleased to announce that the Company has entered into an agreement (the “Agreement”) with AIM and TSX.V co-listed Altus Strategies PLC (“Altus”), to acquire Altus’ Sebessounkoto Sud and Djelimangara gold projects (“Project”) which are contiguous to the Company’s Senegal Mali Shear Zone Project located in western Mali.

ABOUT THE ALTUS PROPERTIES

Desert Gold’s acquisition of Altus’ two concessions, along, and just east, of the Senegal Mali Shear Zone (SMSZ), increases the size of Desert Gold’s contiguous land package, by a further 28% to 379.9 km2 (see Figure 2). Furthermore, the addition of the Altus ground, doubles Desert Gold’s holdings along strike, and east of the SMSZ, from 17 to 34 kilometres. This is material since the SMSZ is related to multi-million-ounce gold mines and deposits owned by Barrick (Loulo, Gounkoto, Massawa), B2Gold (Fekola), Anglogold Ashanti/Iamgold (Sadiola, Yatela) and Iamgold (Boto, Diahka), that are located, along strike, both to the north and south (see Figure 1). The addition of this property further cements Desert Gold’s strategic land package along some of the most prospective ground in West Africa.

Previous work on the Altus ground discovered five gold mineralized zones (see Figure 2) with drill intercepts to 1.84 g/t gold over 30 metres (Manakoto Prospect) and trenching returning up to 0.89g/t gold over 28 metres (Soa Prospect). In addition to following up on previous drill and trench results, Desert Gold will review and drill test if warranted, the myriad of both moderate to strong gold-in-soil anomalies. As well, the Altus ground hosts the northeast strike extension of the structural corridor which hosts Desert Gold’s Barani East, Linguekoto and several newly discovered artisanal mining zones; the undrilled Soa Prospect lies along this trend.

Figure 1 – Project Location and Regional Geology

mapdeser.jpg

 

Figure 2 – Desert Gold’s SMSZ Project – Significant Results

map2deser.jpg

 

SUMMARY TERMS

Desert Gold will earn a 100% interest in the Project by satisfying the following headline terms:

Part 1: Consideration

  • Upon signing of the Agreements by the Parties, Desert Gold will:
    • Within 5 business days make a cash payment to Altus of USD $50,000; and
    • Within 14 business days and subject to any regulatory approval as may be required, issue 3,000,000 common shares of Desert Gold to Altus.

Part 2: Milestone payments

  • Upon the reception of a NI 43-101 compliant independent resource over the Project, which exceeds 500,000 ounces of gold, Desert Gold will (in respect of the first 500,000 ounces only):
    • Within 5 business days make a cash payment to Altus of US$100,000; and
    • Within 14 business days and subject to any regulatory or shareholder approvals as may be required, issue 2,000,000 common shares of Desert Gold to Altus.
  • Upon the reception of a NI 43-101 compliant independent resource over the Project which exceeds 1,000,000 ounces of gold then Desert Gold will (in respect of the second 500,000 ounces only):
    • Within 5 business days make a cash payment to Altus of US$100,000; and
    • Within 14 business days and subject to any regulatory or shareholder approvals as may be required, issue 3,000,000 shares of Desert Gold to Altus.

Part 3: Project Royalties

  • Altus will retain a 2.5% Net Smelter Return (“Altus NSR”) royalty on the Project.
  • Desert Gold will have the right to repurchase up to 1.5% of the Altus NSR. The amount payable by Desert Gold to Altus will be calculated by reference to the NI 43-101 gold reserve figure reported in an independent definitive feasibility study on the Project as follows:
    • If the reserve is greater than 1,000,000 ounces, then US$6.0M
    • If the reserve is less than 1,000,000 ounces but greater than 500,000 ounces, then US$3.0M
    • If the reserve is less than 500,000 ounces but greater than 250,000 ounces, then US$1.0M
    • Furthermore, Desert Gold will have a 60 day right of first refusal, to acquire such portion of the balance of the Altus NSR that Altus may, from time to time, wish to sell.
  • Lastly, Altus will provide Desert Gold a 10-day written notice of any intention to sell any of its Desert Gold shares. During that 10-day period, Desert Gold will have the right to find a third party to acquire such Desert Gold shares directly from Altus.

--

Jared Scharf, Desert Gold’s President, states, “this deal with Altus fits Desert Gold’s regional strategy of accumulating property proximal to the Senegal Mali Shear Zone, a structure that is related to some of the best gold deposits in West Africa and perhaps the world. During the next few months, we will be developing our Q4, 2019/2020 exploration program. We anticipate carrying out a robust drill program with a focus on those targets, which we believe can host material-size, gold deposits.” Mr. Scharf, also added “we welcome Altus as a significant shareholder and appreciate their willingness to sell a 100% interest in the Project, which aligns both of our corporate interests.”

This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

--

 

ON BEHALF OF THE BOARD

“Sonny Janda”

____________________

Sonny Janda,

Director

Contact:

Jared Scharf, President and Director
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. No.: +1 (858) 247-8195

For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company’s profile.

Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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 does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the united states. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

Delta, British Columbia, August 22, 2019, DESERT GOLD VENTURES INC. (“Desert Gold” or the “Company”) (TSX.V:DAU)(FF:QXR2)(OTC:DAUGF) is pleased to announce it has closed its business combination with Ashanti Gold Corp (“Ashanti”). Each shareholder of Ashanti will receive 0.2857 Desert Gold shares for each Ashanti share held. Approximately 21,097,657 Desert Gold Shares were issued to Ashanti shareholders. Ashanti continues as a wholly owned subsidiary of the Company. Ashanti shareholders will receive their Desert Gold shares on a push out basis.

In addition, 1,631,381 Desert Gold shares were issued to outgoing Ashanti management and directors to settle debts owing to them. These shares were issued at a deemed price of $0.18 and are subject to voluntary trading restrictions, with half of the total legended for 6 months and the balance for 12 months.

Desert Gold’s acquisition of Ashanti increases the Company’s land position along and near the Senegal Mali Shear Zone and Main Transcurrent Fault Zone by 28% to 296.9 km2. Both of these regional structures are related to multi-million ounce gold mines and deposits owned by B2Gold, Barrick, Anglogold Ashanti/Iamgold and Teranga. The Ashanti concession hosts five gold zones with drill intercepts of 2.04 g/t Au over 75 metres. Gold mineralization is related to hydrothermal-type breccia zones and typical, structurally-controlled shear and fault zones hosted by both volcanics, sediments and felsic intrusions. Currently Desert Gold is remodelling the two larger zones, Gourbassi East and West, with a plan to test the revised model in late Q4, 2019. Remodelling is supported by a recently completed new ground magnetic survey and lithogeochemical data, which support an alternative mineralization model. Management believes that the likelihood of discovering additional gold mineralization and extensions to known zones is high.

Desert Gold thanks the Ashanti shareholders for their support of this transaction and believes, that this combination, in a rising gold market, with some of the best exploration ground in West Africa, provides a compelling base from which to grow.

This press release contains certain scientific and technical information of Desert Gold. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

ON BEHALF OF THE BOARD

"Jared Scharf"

Jared Scharf, President & Director

+1 (604) 357 4726

For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company’s profile.

Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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.

Delta, British Columbia, July 25, 2019 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (the “Financing”).  In the First Tranche the Company raised proceeds of $1,713,587 through the sale of 10,709,916 Units. This second and final tranche raised $1,789,980 through the sale of a further 11,243,627 Units.  Securities issued as a result of closing of this final tranche will be subject to a statutory hold period. In connection with closing this second and final tranche, the Company will pay finders’ fees of $64,274 and issue 1,016,102 non-transferable brokers warrants (a “Broker Warrant”). Each Broker Warrant entitles the holder to purchase one common share of the Company at a price of $0.18 for a period of two (2) years. For the combined tranches, the Company raised a total of $3,503,567 with the Financing oversubscribed by $1,003,567.

Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company and one common share purchase warrant (a “Warrant”).  Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.24 per share for a period of two (2) years from the closing of the Financing. 

The proceeds of the Financing will be used for drilling and other exploration related activities at the Company’s Senegal Mali Shear Zone Project in Western Mali (“SMSZ Project”) and for general corporate purposes. The Financing is subject to final exchange approval.

On Behalf of the Board

“Jared Scharf”
___________________________
Jared Scharf
President & Director

About Desert Gold

Desert Gold Ventures Inc. is a gold exploration and development company which holds 3 gold exploration permits in Western Mali (Farabantourou, Segala West and Djimbala)  and its Rutare gold project in central Rwanda. As well, Desert Gold is in the process of enhancing it presence on and near the Senegal Mali Shear Zone as part of its SMSZ project by acquiring a large property package, contiguous to its Farabantourou Concession. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca

Contact

Jared Scharf, President and Director
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. No.: +1 (858) 247-8195

This news release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements.. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which mineral resource estimates are reflective of actual mineral resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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 does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.