News Releases

Delta, British Columbia, July 24, 2019. Desert Gold Ventures Inc. (“Desert Gold” or “the Company”)(TSX.V: DAU, FF: QXR2, OTC: DAUGF) is pleased to announce that further to its press release dated May 7, 2019, the Company has exercised its option to earn an initial 55% controlling interest relating to an option agreement with Mineral Management Consulting (“MMC”) to acquire a 100% interest in two properties, contiguous and proximal to the Company’s flagship Senegal Mali Shear Zone Project (the “SMSZ Project”) in Western Mali. MMC is a private company located in Bamako, Mali, involved in the acquisition and exploration of mineral properties. The MMC property acquisition is another step in Desert’s Gold’s regional strategic plan (see Figure 1).

ABOUT THE MMC PROPERTIES

The first concession, Keniebandi East, is 60 km2 in size and is contiguous to the northern border of the Company’s Farabantourou property. A brief summary of the concession follows:

  • Keniebandi East encompasses an additional 3.5 km portion of the Senegal Mali Shear Zone (“SMSZ”)
  • Upon completion of this acquisition, Desert Gold would control exploration ground along 11 km of the SMSZ, which, regionally, is related to 6 gold deposits, 5 of which exceed 3 million ounces(1)
  • The concession contains a partially tested 440-metre long, open-ended gold zone with historic drill values to 5.89 g/t gold over 8 metres 
  • The permit also contains an additional 26, untested, >200 ppb gold-in-soil anomalies, a group of which lies along a previously highlighted northeast-trending structural corridor, which hosts the Company’s Barani East gold deposit 
  • Recently, artisanal mining areas were discovered comprising 3 large open pits with 2 pits approximately 100 metres long by 10 to 20 metres wide and 5 to 10 metres deep (see pictures below) located along the same interpreted northeast-trending structural corridor. Mapping and sampling of these and additional nearby workings has commenced.

pi1.jpgPit 1


pit2.jpgPit 2

pit3.jpg
Pit3

The second MMC concession, Koussili West, is 43 km2 in size and lies immediately north, along strike, of Ashanti Gold’s Gourbassi West Zone (Ashanti Gold is subject to an acquisition proposal by Desert Gold previously announced on April 1, 2019). The Gourbassi West Zone lies proximal to the interpreted location of the Main Transcurrent Fault, which is related to Barrick’s 3-million ounce Massawa gold deposit(2). Even though Koussili West lies along a highly prospective trend, there is no previous recorded exploration. For reference, the Gourbassi West Zone has returned drill intercepts to 2.86 g/t gold over 43 metres. Mineralization hosted on adjacent properties is not necessarily indicative of mineralization that may be identified on the MMC properties.

Both MMC properties have seen little to no previous exploration with up to 100% of the properties not even covered by soil sampling. Based on previous Desert Gold experience, with the recent discovery of numerous gold zones on its Farabantourou property, management strongly believes the systematic exploration of these new properties will lead to the discovery of new gold zones.

 Figure 1. Regional image of Farabantourou, Ashanti Gold concessions and new MMC propertiesmapred

KEY TERMS OF THE OPTION AGREEMENT

  • Desert Gold to pay MMC CAD $500,000, of which CAD $250,000 will be paid upon closing of the transaction to earn an initial fifty-five (55%) percent interest with the balance of CAD $250,000 to be paid over a three (3) year period;
  • The issuance of 1,000,000 Desert Gold common shares to MMC in four (4) equal instalments of which 250,000 shares will be issued upon closing of the transaction and the remaining instalments are to be issued annually over a three (3) year period;
  • Incur exploration expenditures of CAD $350,000 over a three (3) year period;
  • MMC shall retain a two (2%) percent net smelter royalty on all ore mined from the properties;
  • During the three (3) year option period, Desert Gold shall be responsible for maintaining the permit in good standing and performing any and all obligations required by law and will take over operation control of the projects on closing of the transaction with MMC

ABOUT THE ASHANTI GOLD ACQUISITION

On April 1, 2019 the Company announced that it had entered into a definitive agreement to acquire Ashanti Gold Corp by way of a 3-cornered amalgamation. The amalgamation was approved in a May 13, 2019, Ashanti shareholder vote. The final step to close this transaction is the renewal of Ashanti’s Kossanto East permit in Western Mali.

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. 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.

  1. Barrick’s Loulo-Gounkoto mine complex to the west with ore reserves of 32 Mt (million tonnes) average at 4.6 g.t for 3.7 million oz Au in the Proven and Probable category. BCM’s (formerly Endeavour Mining) Tabakoto and Segala mines which hosts ~3 million oz Au (18.5 Mt at 3.5 g/t for 1.8 million oz Au Measured and Indicated, 9 Mt at 3.6 g/t for 1 million oz Au Inferred and 6.4 Mt at 3.5 g/t for 0.7 million oz Au Proven and Probable. B2Gold Fekola mine to the south with ore reserves of 48.3 Mt average at 2.37 g/t gold for 3.34 million oz Au in the Proven and Probably category and 65.8 Mt average at 2.13 g/t gold for 4.5 million oz Au. To the north Sadiola/Yatela mine contains ore reserves of 38 Mt at 1.57 g/t gold for 2 million oz Au and 87 Mt at 1.58 g/t gold for 6 million oz Au in the Measured and Indicated category. Source: company annual reports and corporate filings.
  2. Barrick website - https://barrick.q4cdn.com/788666289/files/quarterly-report/2018/Randgold-2018-Reserves-Resources.pdf ; Estimated Indicated mineral resources of 23Mt @ 4.0 g/t Au totalling 2.5 million ounces of gold and estimated inferred mineral resources.

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, July 8 2019. Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) is pleased to provide an update regarding the ongoing exploration program at the Company’s Senegal Mali Shear Zone Project (“SMSZ Project”) in Western Mali.

Update on Senegal Mali Shear Zone Project 2019 Exploration Program
Exploration has commenced over Desert Gold’s SMSZ Project (See Figure 1). To date, weather in the region has seen minimal rain and the exploration program is expected to finish on schedule. Weather conditions permitting, the Company may elect to expand the current program.

  • Completed 21 RC drill holes to an average depth of 90 meters to test the new, 2km long by 700-meter-wide, Frikidi/Kousilli target area where recent mapping and sampling returned multiple gold values in excess of 100 g/t gold that are associated a series of north and northwest-trending structures
  • Completed drilling of 4 RC holes over the Linguekoto target where historic drilling in the area has delivered drill results up to 9.91 g/t Au over 3 meters. Holes are designed to test an area where multiple, northwest-trending, mineralized structures occur proximal to a pyritic-bearing granodioritic intrusion;
  • Approximately 50% of 8,000 metres of auger drilling are completed to date. The objective of the auger program is to develop targets in a laterite-covered, conceptual target area where three mineralized zones (Barani East, Barani and Keniegoulou) appear to intersect;
  • Drilling is now underway at the 550-metre long Barani East Zone which returned a recent intercept of 6.28 g/t Au over 13 metres at approximately 80 metres depth. This deposit area is open along strike and to depth;
  • Follow-up validation of a gold-in-soil anomaly of greater than 13,000 ppb gold, on the newly acquired MMC ground, has led to the discovery of two large, active, artisanal open pits mines located northeast, on strike, with the Company’s Barani East gold zone. The pits are approximately 100 metres long by up to 20 metres wide by 5 to 10 metres deep. These workings are currently being mapped and sampled;
  • In conjunction with the acquisition of Ashanti Gold’s, contiguous, Kossanto East Property, re-modelling of the Gourbassi East and West Deposits, which have returned significant amounts of gold mineralization, has commenced. A ground magnetic survey, with a goal to support geological and mineralization modelling in support of additional drilling, and, likely, a resource estimate, is now underway.

Figure 1. Senegal Mali Shear Zone Project Map

map

QA/QC Procedures

All grab samples were geologically described following Desert Gold’s established standard operating procedures. For grab sampling, samples representing approximately 2-3 kilograms, are sent for preparation and assaying for gold to the SGS laboratory in Bamako, Mali. Each sample is fire-assayed for gold by using the Au-FAA505 method which is a 50g fire assay fusion with AAS instrument finish. In addition to SGS’s QA/QC (Quality Assurance/Quality Control) program, an internal quality control and quality assurance program is in place throughout the sampling program, by inserting blind duplicates (1 sample in20), blanks (1 sample in 20) and recognized industry standards (1 sample in 20) systematically into the sample stream.

 

Technical Disclosure

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 disclosure relating to it.

Don Dudek, P.Geo. is 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

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. Furthermore, Desert Gold is in the process of acquiring a large property package on and near the Senegal Mali Shear zone as part of its SMSZ project, which is anchored by the 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 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, June 19 2019. Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) aised proceeds of $1,713,586.58 through the sale of 10,709,916 Units. Securities issued as a result of closing of this first tranche will be subject to a statutory hold period. In connection with closing the First Tranche, the Company paid finder’s fees of $36,785 and issued 229,897 non-transferable brokers warrants.

Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $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 activities at the Company’s Senegal Mali Shear Zone Project in Western Mali (“SMSZ Project”). The Company closed a First Tranche in order to complete important exploration work before the beginning of the rainy season in Western Mali, which usually begins in early July and continues through early October. The Financing will remain open until July 7, 2019 due to ongoing investor interest.

Update on Senegal Mali Shear Zone Project 2019 Exploration Program
The next round of exploration has commenced over Desert Gold’s SMSZ Project. This phase of the program will consist of the following activities (See Figure 1).

  • Drilling to further test the 550-metre long Barani East Zone which returned a recent intercept of 6.28 g/t gold over 13 metres at approximately 80 metres depth. This target area is open along strike and to depth
  • Drilling to test the new Frikidi and Kousilli Zones where recent mapping and sampling returned multiple gold values in excess of 100 g/t gold
  • Drilling to follow up on the KE Zone where previous work returned up to 5.89 g/t gold over 8 metres
  • Drilling to follow-up on validated, gold-in-soil anomalies of greater than 200 ppb gold
  • Approximately 8,000 metres of auger drilling to develop targets in a laterite-covered, conceptual target area where three mineralized zones appear to intersect
  • Initiate the process of re-modelling the Gourbassi East and West Deposits, which have returned significant amounts of gold mineralization. Once the modelling is updated, drilling will be carried out to validate the new model in Q4, 2019

Figure 1. Senegal Mali Shear Zone Project Map

deser1.jpg

QA/QC Procedures

All grab samples were geologically described following Desert Gold’s established standard operating procedures. For grab sampling, all individual samples represent approximately 2-3 kilograms that is sent for preparation and gold assaying at the SGS laboratories in Bamako, Mali. Each sample is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method that is a 50g fire assay fusion with AAS instrument finish. In addition to SGS own QA/QC (Quality Assurance/Quality Control) program, an internal quality control and quality assurance program is in place throughout the sampling program, using blind duplicates (1 :20), blanks (1 :20) and recognized industry standards(1 :20).

Technical Disclosure

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 disclosure relating to it.

Don Dudek, P.Geo. is 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

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. Furthermore, Desert Gold is in the process of acquiring a large property package on and near the Senegal Mali Shear zone as part of its SMSZ project, which is anchored by the 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 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, May 23, 2019. Desert Gold Ventures Inc. (“Desert Gold” or “the Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) announces that, subject to exchange approval, it will conduct a non-brokered private placement of up to 15,625,000 units at a price of CDN $0.16 per unit (the “Unit”) to raise up to an aggregate of up to CDN $2,500,000 (the “Financing”). Each Unit will consist of one common share in the equity of the Company and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $0.24 per common share for a period of two (2) years from the closing of the Financing.

The proceeds of the Financing will be used primarily for drilling, property acquisition, and other exploration work at the Company’s flagship Senegal Mali Shear Zone Project (the “SMSZ Project”) in Western Mali (see Figure 1) and for general working capital purposes. The Company may pay a finder’s fee to qualified finders in respect to the Financing. Securities issued as a result of the Financing will be subject to a statutory hold period.

SMSZ Project priority drill targets include:

  • Barani East to follow-up on an intercept of 6.3 g/t gold over 13 meters OPEN down plunge;
  • KE zone to follow up on several intercepts highlighted by 5.89 g/t gold over 8 meters;
  • The Frikidi area where more than three mineralized trends, with multiple grab samples returning values of greater than 100 g/t gold;
  • An inferred structural intersection zone of three known mineralized trends and;
  • Targets generated by field staff during the last few months of mapping and prospecting.

As well, upon closing of the Ashanti Gold acquisition, a substantial effort will be directed towards modeling the significant amount of mineralization that has been discovered at the Gourbassi East and West zones and surrounding area. Highlighted drilling from the Gourbassi East and West zones include; 2.86 g/t gold over 43 meters, 4.36 g/t gold over 13 meters, 2.04 g/t gold over 75 meters and 8.02 g/t gold over 10 meters(1).

deser1.jpg

QA/QC PROCEDURES

All grab samples were geologically described following Desert Gold’s established standard operating procedures. For grab sampling, all individual samples represent approximately 2-3 kilograms that is sent for preparation and gold assaying at the SGS laboratories in Bamako, Mali. Each sample is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method that is a 50g fire assay fusion with AAS instrument finish. In addition to SGS own QA/QC (Quality Assurance/Quality Control) program, an internal quality control and quality assurance program is in place throughout the sampling program, using blind duplicates (1:20), blanks (1:20) and recognized industry standards (1:20).

  1. Estimated true widths range from 60% to 95% of drilled width
  2. Grab samples are selective samples and are not necessarily representative of the mineralisation hosted on the property

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

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. 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 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.

Desert Gold Enters Into Option Agreement With Mmc

Delta, British Columbia, May 7, 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 option agreement with Mineral Management Consulting (“MMC”) to acquire a 100% interest in two properties contiguous and proximal to the Company’s flagship Farabantourou gold project in Western Mali. MMC is a private company located in Bamako, Mali, involved in the acquisition and exploration of mineral properties. The MMC property acquisition is another step in Desert’s Gold’s regional strategic plan (see Figure 1).

ABOUT THE MMC PROPERTIES

The first concession, Keniebandi East, is 60km2 in size and is contiguous to the northern border of the Company’s Farabantourou property. A brief summary of the concession follows:

  • Keniebandi East encompasses an additional 3.5 km portion of the Senegal Mali Shear Zone (“SMSZ”)
  • Upon completion of this acquisition Desert Gold would control exploration ground along 11 km of the SMSZ, which, regionally, is related to 6 gold deposits, 5 of which exceed 3 million ounces(1)
  • The concession contains a partially tested 440-metre long, open-ended gold zone with historic drill values to 5.89 g/t gold over 8 metres 
  • The permit also contains an additional 26, untested, >200 ppb gold-in-soil anomalies, a group of which lies along a previously highlighted northeast-trending structural corridor, which hosts the Companies’ Barani East gold deposit. 

The second MMC concession, Koussili West, is 43km2 in size and lies immediately north, along strike, of Ashanti Gold’s Gourbassi West Zone (Ashanti Gold is subject to an acquisition proposal by Desert Gold previously announced on April 1, 2019). The Gourbassi West Zone lies proximal to the interpreted location of the Main Transcurrent Fault, which is related to Barrick’s 3-million ounce Massawa gold deposit(2). Even though Koussili West lies along a highly prospective trend, there is no previous recorded exploration. For reference, the Gourbassi West Zone has returned drill intercepts to 2.86 g/t gold over 43 metres. Mineralization hosted on adjacent properties is not necessarily indicative of mineralization that may be identified on the MMC properties.

Both MMC properties have seen little to no previous exploration with 60% to 100% of the properties not even covered by soil sampling. Based on previous Desert Gold experience, with the recent discovery of numerous gold zones on its Farabantourou property, management strongly believes the systematic exploration of these new properties will lead to the discovery of new gold zones.

Figure 1. Regional image of Farabantourou, Ashanti Gold concessions and new MMC properties

news release map

 

KEY TERMS OF THE OPTION AGREEMENT

  • Desert Gold to pay MMC CAD $500,000, of which CAD $250,000 will be paid upon closing of the transaction to earn an initial fifty-five (55%) percent interest with the balance of CAD $250,000 to be paid over a three (3) year period;
  • The issuance of 1,000,000 Desert Gold common shares to MMC in four (4) equal instalments of which 250,000 shares will be issued upon closing of the transaction and the remaining instalments are to be issued annually over a three (3) year period;
  • Incur exploration expenditures of CAD $350,000 over a three (3) year period;
  • MMC shall retain a two (2%) percent net smelter royalty on all ore mined from the properties;
  • During the three (3) year option period, Desert Gold shall be responsible for maintaining the permit in good standing and performing any and all obligations required by law and will take over operation control of the projects on closing of the transaction with MMC

Desert Gold’s President remarks, “The acquisition of the MMC properties on commercially viable terms is consistent with our strategy of creating a regionally significant land package on one of the most desirable geological structures in all of Africa.”

ABOUT THE ASHANTI GOLD ACQUISITION

On April 1, 2019 the Company announced that it had entered into a definitive agreement to acquire Ashanti Gold Corp by way of a 3-cornered amalgamation. The amalgamation is subject to a May 13, 2019, Ashanti shareholder vote and the renewal of Ashanti’s Kossanto East permit in Western 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 permits in Western Mali (Farabantourou, 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.

  1. Barrick’s Loulo-Gounkoto mine complex to the west with ore reserves of 32 Mt (million tonnes) average at 4.6 g.t for 3.7 million oz Au in the Proven and Probable category. BCM’s (formerly Endeavour Mining) Tabakoto and Segala mines which hosts ~3 million oz Au (18.5 Mt at 3.5 g/t for 1.8 million oz Au Measured and Indicated, 9 Mt at 3.6 g/t for 1 million oz Au Inferred and 6.4 Mt at 3.5 g/t for 0.7 million oz Au Proven and Probable. B2Gold Fekola mine to the south with ore reserves of 48.3 Mt average at 2.37 g/t gold for 3.34 million oz Au in the Proven and Probably category and 65.8 Mt average at 2.13 g/t gold for 4.5 million oz Au. To the north Sadiola/Yatela mine contains ore reserves of 38 Mt at 1.57 g/t gold for 2 million oz Au and 87 Mt at 1.58 g/t gold for 6 million oz Au in the Measured and Indicated category. Source: company annual reports and corporate filings.

  2. Barrick website - https://barrick.q4cdn.com/788666289/files/quarterly-report/2018/Randgold-2018-Reserves-Resources.pdf ; Estimated Indicated mineral resources of 23Mt @ 4.0 g/t Au totalling 2.5 million ounces of gold and estimated inferred mineral resources.

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.