Delta, British Columbia, January 16, 2019. Desert Gold Ventures Inc. (“Desert Gold” or “the Company”) (TSXV: DAU) is pleased to announce that fieldwork has begun at its Farabantourou property situated along the Senegal Mali Sheer Zone (“SMSZ”) in Western Mali.
Phase 1: Fieldwork will consist of detailed geology and structural mapping over 8 known gold zones on the property. The zones are hosted by a variety of rock types including limestones, siltstones, intermediate volcanics and felsic intrusions with the gold zones oriented in at least 3 different directions. The objective of the program is to determine the local controls for the gold mineralization and the relative strength of the individual zones in order to both prioritize and more accurately target follow-up drilling. In addition to the known mineralized zones on the property, there are in excess of 45, untested, gold-in-soil anomalies containing greater than 200 ppb gold with values ranging up to 7,589 ppb gold. These anomalies, which occur throughout the entire property, both east and west of the SMSZ, suggest significant exploration potential in a variety of geological settings (see Figure 1). Each anomaly will be reviewed in the field and evaluated for the potential to host gold mineralization with higher priority targets selected for follow-up. This work, in conjunction with drilling, is expected to lead to the development of a significant number of new priority drill targets.
Phase 2: The second phase of work will consist of following up on known gold zones and drill testing new targets. A combination of auger, reverse circulation, air core and select diamond drilling will be used to evaluate new targets and expand existing known zones. This phase is scheduled to begin in Q2 of 2019.
The permit is 122 km2 and spans the SMSZ which is related to 30 million + oz gold of production and resources(1). The permit contains 8 known gold zones with numerous material drill intercepts including:
- 8.40 g/t gold over 10 metres
- 6.28 g/t gold over 13 metres
- 2.29 g/t gold over 20 metres
- 9.99 g/t gold over 4 metres
- 8.07 g/t gold over 8 metres
(Figure 1) Farabantourou Property Map Showing Frikidi Trend, Gold-in-Soil Anomalies and Select Historic Drill Intercepts
Desert Gold holds three gold projects in Mali (Farabantourou, Segala Ouest and Djimbala), of which, Farabantourou and Segala West are located within the Kenieba Inlier of western Mali. The Farabantourou project lies 40 km to the south of AngloGold Ashanti’s/Iamgold’s Sadiola gold mine and 50 km to the north of Randgold’s Loulo-Gounkoto complex gold mines (see Figure 2).
(Figure 2) Location of Desert Gold’s Farabantourou and Segala Ouest gold projects in Western Mali
(1) Randgold's Loulo-Gounkoto mine complex to the west with ore reserves of 32 Mt average at 4.6 g.t for 3.7 million oz Au in the Proven and Probably category. Endeavour Mining's 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 million Mt average at 2.37 g/t gold for 3.34 million oz Au in the Proven and Probably category and 65.8 million 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 million Mt at 1.57 g/t gold for 2 million oz Au and 87 million Mt at 1.58 g/t gold for 6 million oz Au in the measured and indicated category.
On Behalf of the Board of Directors
For further information please contact Jared Scharf, President, at +1 (858) 247-8195 or visit www.desertgold.ca
Don Dudek, P. Geo, who is a director of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Additional information can also be viewed at www.SEDAR.com under the company’s profile.
About Desert Gold
Desert Gold Ventures Inc. is an advanced exploration and development company which holds 3 gold exploration permits in Western Mali (Farabantourou, Segala West and Djimbala) and a mining license at its Rutare project in central Rwanda.
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.