Core drilling confirms presence of wide zones of oxide gold mineralization at Watinoma
VANCOUVER, B.C. – True Gold Mining Inc. (TSX-V; TGM) (“True Gold” or the “Company”) is pleased to announce that assay results from recent core drilling at a Northern Karma target has confirmed strong, near-surface oxide gold mineralization within potential trucking distance of the proposed infrastructure site1 at the Karma Gold Project (“Karma Project”) in Burkina Faso, West Africa.
Of the nine core holes drilled at the Watinoma target, two holes were near-twins of previously drilled reverse circulation (“RC”) holes, showing a general improvement in grade (1.91 g/t Au over 70.5 metres in RNG-DD-13-001 versus 1.31 g/t Au over 72.0 metres in RNG-13-RC-0012). Results from six of the nine core holes revealed significant gold mineralization over a distance of 600 metres, reinforcing the area’s strong prospectivity.
Assay highlights from recent core drilling include:
Near-twin holes (collars within five metres):
- 1.91 g/t Au over 70.5 metres, including 8.66 g/t Au over 4.5 metres, in RNG-DD-13-001 (near-twin of RNG-13-RC-001)
- 0.89 g/t Au over 42.5 metres, including 1.41 g/t Au over 12.4 metres, in RNG-DD-13-003 (near-twin of RNG-13-RC-005)
- 1.92 g/t Au over 11.1 metres, in RNG-DD-13-002
- 3.27 g/t Au over 8.00 metres and 1.05 g/t Au over 20.0 metres, in RNG-DD-13-004
- 0.45 g/t Au over 10.18 metres, in RNG-DD-13-005
- 1.79 g/t Au over 4.5 metres, in RNG-DD-13-007
“We are pleased with the results of the core drilling program and our exploration work to date at Watinoma. They confirm the presence of widespread near-surface gold mineralization and strongly support our goal of adding near-surface oxide material within trucking distance of our proposed Karma Project processing facility1,” said Dwayne Melrose, President & CEO, True Gold. “Watinoma remains a high-priority target for our Company, and will be the focus of follow-up exploration work in Q4-2013.
To see a drill map for Watinoma, please click here:
For a full table of results related to gold mineralization, please click on this link:
True Gold completed 1,375 metres of core drilling at Watinoma in June 2013 as a follow-up to an RC program in Q2-2013. An extensive rotary air blast (“RAB”) campaign completed in 2012 also returned positive results, highlighted by 2.15 g/t Au over 30.0 metres in hole RAB-4143. The RAB program included 11,039 metres of drilling in 449 vertical holes at sites selected based on historical workings and anomalous geochemical sampling. It confirmed six distinct drill-ready areas of anomalous gold mineralization. RAB-defined targets east of the area of core drilling add to True Gold’s interest in Northern Karma.
Gold mineralization at Watinoma is associated with multiple phases of quartz veining and stockwork veining within a weakly deformed sequence of metavolcanics and intrusive rocks.
True Gold is following the same exploration strategy used to identify the Watinoma target throughout the Karma Project. The Company has identified dozens of anomalies that it is following up through a project-wide exploration campaign, including new targets at Rambo West and North Kao.
The 856-square-kilometre Karma Project includes five closely spaced deposits – Rambo, Nami, Kao, Goulagou I and Goulagou II – with a proposed central processing facility. The Karma Project is currently undergoing a feasibility study, which entails the development of a fully engineered construction and operating plan for a proposed low cap-ex, open-pit, heap-leach mine1.
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 National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
Holes were drilled at azimuths of 070/120/180/250/300 degrees, with dips ranging from -45 to -60 degrees, and to depths of 100 to 200 metres. True widths have not yet been determined. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. 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 successful 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
For further information contact:
(1) 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 a 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.
(2) See Company news release dated May 28, 2013.
(3) See Company news release dated January 28, 2013.
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 January 28, 2013 and May 28, 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.