SMSZ Project Hosts Measured and Indicated Mineral Resources 310,300 ounces of Gold and Inferred Mineral Resources of 769,200 ounces of Gold*
Delta, British Columbia, March 3, 2022 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FSE: QXR2, OTCQB: DAUGF) is pleased to present further insights at its Mogoyafara South Gold Deposit in Western Mali, following completion of a ground magnetic survey and geological mapping.
In early 2022, Desert Gold carried out a ground magnetic survey over the Mogoyafara South Gold Deposit. This work demonstrated a strong correlation between known gold intercepts and magnetic highs (see Figure 1). From this image, it is obvious that, within the deposit area, there is at least five magnetic high areas that appear to have good potential for the discovery of additional gold mineralization.
Following these positive results, after a much larger area was surveyed, the prospective magnetic high target was extended to the north and south (see Figure 2). Based on the magnetic data, the magnetically anomalous trend, aligned along what is interpreted as the Senegal Mali Shear Zone or proximal structure, can now be traced for approximately 5,000 metres from an original strike extent of 1,900 metres. This materially expands the higher priority exploration target area. At the northern end of the anomalous trend, soil samples returned up to 1,252 ppb gold, proximal to the magnetic high target trend.
As well, based on mapping and data compilation, a new, 200 metre long, artisanal mining pit was discovered near the western edge of the claim block in a magnetic low area. This new artisanal zone has never been tested by drilling and is associated with a 1.4 km long gold-in-soil trend with values to 320 ppb gold and prospecting grab samples to 2.26 g/t gold.
Additional prospecting samples grading to 6.61 g/t gold, and additional anomalous gold-in soil values were identified to the south of the drilled area and highly anomalous gold-in-soil and gold-in-termite anomalies were noted along a strong magnetic high anomaly in the eastern side of the survey area. These areas show good potential for the discovery of additional gold zones.
Jared Scharf, Desert Gold’s Present and CEO commented “We are quite pleased with the results of the magnetic survey. In addition to the fantastic correlation between the magnetic highs and mineralized intercepts, the magnetic data provides insight into structure and context for other targets. It is also interesting to see that gold mineralization occurs in multiple target environments in the Mogoyafara South area, which should result in extensions to known zones, discovery of new gold-bearing lenses and, as we believe, the delineation of additional mineral resources.”
* NI 43-101 Mineral Resource reported by a Desert Gold January 17, 2022 news release
The Company completed approximately 180-line kilometres of walking magnetometer survey with lines every 100 metres and readings taken continuously as the operator followed flagged lines through light bush and grassy areas. Daily magnetic readings were then corrected for diurnal variation at the end of the day using data from a base station. Upon completion of the survey, the data will be subject to inversion to create a 3D image of the magnetic data to depth. This 3D data will be utilized in the ongoing exploration program with a goal to develop an exploration model using the inversion data and then use that model for focussed exploration.
The positive correlation between the gold intercepts and magnetic highs is not common, as gold-related alteration is often related to magnetic lows as the alteration destroys the magnetic minerals. However, gold mineralization is related to pyrrhotite, which is magnetic, at Desert Gold’s Barani East Deposit and magnetite occurs in ore at both the large Fekola (B2 Gold) and Gounkoto (Barrick) Mines, located to the south, along the Senegal Mali Shear Zone. The presence of pyrrhotite may represent a hotter hydrothermal system. However, the source of the stronger magnetism is not known at this time and will be determined once drill testing of this area commences.
Next Steps Guidance
A 2022 exploration program consisting of approximately 20,000 metres of drilling will be carried out subject to financing with a general work plan as follows.
The tier 1 Mogoyafara South and Gourbassi West North Zones, will be the focus of the 2022 exploration program as these two gold-bearing systems appear to be the largest on the property. Together, these two project areas will account for approximately 70% of the 2022 drill program with the remainder of the 2022 drill budget designed to follow-up on known zones and drill intercepts at 11, tier 2 targets (Linneguekoto West, Manankoto, Kamana, Soa, Kolon, Sorokoto North, Barani East, Frikidi, Gourbassi West, Gourbassi East and Gourbassi Northeast Zones – see figure 3 for zone lcaitons). The goal of testing these targets is to determine if these zones have potential to develop into tier 1 targets.
Untested gold-in-auger anomalies (tier 3 targets) have been prioritized and will be tested with a focus on anomalies >100 ppb gold.
Additional auger surveys (tier 4 targets) are planned in the Gourbassi West North, Mogoyafara South and Linnguekoto South areas.
**All gold grades over width, with the exception of the Soa, Berola and Gourbassi prospects, represent drill holes with the true widths, for most holes, ranging from 65 to 95%. Estimated true widths for the Soa and Berola prospects are unknown. Estimated true widths at the Gourbassi Zones are estimated to range from 60% to 90%.
On Behalf of the Board
President & CEO
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala) and its Rutare gold project in central Rwanda. In Mali, Desert Gold’s SMSZ property hosts Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca
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.
Jared Scharf, President and CEO
Tel. No.: +1 (858) 247-8195