Results from follow-up core drilling extends mineralization to within 175 metres of Rambo resource at Karma Project
VANCOUVER, B.C. – True Gold Mining Inc. (TSX-V; TGM) (“True Gold” or the “Company”) is pleased to announce that results from core drilling on the Rambo West target has expanded a zone of near-surface gold mineralization previously intersected in reverse circulation (“RC”) drilling, supporting the Company’s goal to identify and potentially add open-pittable oxide gold mineralization within the Karma Gold Project (“Karma Project”) in Burkina Faso, West Africa.
The six-hole 626 metre core drilling program at Rambo West was completed in June 2013 as a follow-up to previously released RC drilling results including 1.39 g/t Au over 28.0 metres in RMB-13-RC-0961. All six core holes returned encouraging oxide gold mineralization over a 160 metre by 125 metre area, 175 metres along strike to the northwest of the main Rambo deposit. Assay highlights include:
- 1.18 g/t Au over 25.5 metres, in RMB-DD-13-086, including
o 2.21 g/t Au over 6.0 metres
- 1.31 g/t Au over 6.0 metres, in RMB-DD-13-087
- 0.43 g/t Au over 6.3 metres, in RMB-DD-13-088
- 1.22 g/t Au over 1.5 metres, in RMB-DD-13-089
- 0.50 g/t Au over 5.9 metres, in RMB-DD-13-090
- 1.15 g/t Au over 15.0 metres, in RMB-DD-13-091, including
o 1.42 g/t Au over 10.5 metres
“We are very encouraged with the results from this follow-up core drilling program, and we plan to aggressively target this area given the first priority of the Rambo deposit in our planned mining sequence,” said Dwayne Melrose, President and CEO, True Gold.
The Rambo deposit is the highest grade deposit of the five deposits within the Karma Project, containing a 66,156-ounce Indicated resource averaging 2.514 g/t Au within 818,578 tonnes2. The deposit is 425 metres long by up 175 metres wide, and up to 112 metres deep. It remains open along strike to the west/north-west and down-dip. Under proposed plans for a potential heap-leach operation, Rambo could be the first deposit put into production due to its higher average grade.
The Rambo West target lies within the Karma Project’s main north-west/south-east structural corridor, which extends at least 7.5 kilometres westward from Rambo through Rambo West and onto the Goulagou II and Goulagou I deposits. Drilling shows that the geological setting at Rambo West is similar to that of the Rambo deposit, with gold mineralization hosted in a sedimentary sequence in close proximity to a south-dipping granodiorite footwall contact. The Rambo West target remains open along strike and down-dip.
True Gold has approved a 2,700 metre core drilling program to target the region between Rambo West and the Rambo deposit to demonstrate continuity of the gold mineralization. This has the potential to add 350 metres of new oxide gold mineralization. True Gold has a 100% interest in the Rambo deposit.
To see a drill map for Rambo West, please click here:
For a full table of results related to gold mineralization, please click on this link:
The 856-square-kilometre Karma Project is located in Burkina Faso, West Africa, and includes five closely spaced deposits – Rambo, Nami, Kao, Goulagou I and Goulagou II – with a proposed central processing facility3. The Karma Project is currently undergoing a feasibility study, which entails the development of a fully engineered construction and operating plan. It will include considerations for social management planning, environment, geotechnical engineering, hydro-geology, water management, metallurgical testing, process design, and mine planning.
(1) See the Company’s new release dated June 10, 2013 titled “Drilling Reveals Near-Surface Oxide Gold 300 Metres Northwest of Rambo Deposit.”
(2) See the Company’s news release dated October 3, 2012, clarifying news release dated March 20, 2013, and independent NI 43-101-compliant Technical Report titled “Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa,” dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.
(3) The Company has not made a production decision and the Company’s strategic plan to develop a stand-alone heap leach operation at the Karma Project is subject to the results of its feasibility study, which is currently underway. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101. See True Gold news release dated March 27, 2013 titled, “Karma Project Update: Activities Related to Feasibility Study Progressing.”
Ian Cunningham-Dunlop, P. Eng., is the Company’s Senior Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same. All holes were drilled at 045 azimuth, with dips of -45 or -60 degrees, and to an average depth of 100 metres. True widths are estimated to be 60 to 90% of the intersected widths. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. ALS Global laboratory operations are covered by ISO 9001:2008 certification. Assays were by Fire Assay with AAS finish and repeats of all AAS assays over 5.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis every 10 samples. Results were monitored on receipt of assays.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a profitable gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
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Neither 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.
Certain statements made and information contained in this news release and elsewhere constitutes “forward-looking information” within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to deposits hosting mineral resources, the assumptions set forth in this news release and in the Company's news release of October 3, 2012, March 20, 2013, March 27, 2013, May 28, 2013 and June 3, 2013 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the Feasibility Study on the Karma Project will not be consistent with the Company’s expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.