Cassidy Gold Corp.

Published : September 24th, 2009

to Conduct IP Survey at Kouroussa Gold Project, Guinea

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Keywords :   Gold | Gold Mine | Guinea | Recovery |

 
Cassidy Gold to Conduct IP Survey at Kouroussa Gold Project, Guinea

Cassidy Gold Corp. ("Cassidy") is pleased to announce plans for exploration work on the Kouroussa Gold Project, located in Guinea, West Africa. Cassidy holds a 100% interest in the project. The program will consist of a gradient Induced Polarization (IP) survey of the Koekoe Prospect area extending over to Sodyanfe and northeast to Kinkine. This grid, totalling 145 line-kilometres, will cover the entire project resource area and the most prospective targets of the Kouroussa Project. Based on results of the survey, targets will be prioritized ahead of a planned drill program. IP surveys have been used to successfully identify priority targets at Crew Gold's Lefa Gold Mine and Semafo's Kiniero Mine, 120 kilometres north and 35 kilometres south of Kouroussa, respectively.

The IP survey will extend across the length and width of the Koekoe gabbro into the surrounding Birimian sedimentary strata. Most mineralization associated with the Sanu Filanan, Sanu Filanan North, Sanu Folo, JJ Vein, and KD-1 prospects is hosted in the gabbro. However, significant intersections are also found off-board of the Sanu Filanan trend and at the apparent southern limits of both JJ and KD-1. These areas have seen limited drilling and remain poorly understood. The survey will also cover adjoining resource areas at Sodyanfe and Kinkine, following the Junction and Kinkine faults, respectively. Both faults are believed to be controlling structures to mineralization. A map highlighting the planned IP program will be posted at www.cassidygold.com shortly.

Further exploration is designed to direct future drill programs in identifying and expanding the resource picture at Kouroussa. A Scoping Study completed by Coffey Mining earlier this year recommended further work focused on the discovery of additional "new" resources. Scoping work was based on an Indicated Resource of 680,000 ounces contained in 11,380,000 tonnes grading 1.9 g/t Au and an Inferred Resource of 363,000 ounces contained in 6,466,000 tonnes grading 1.7 g/t Au (Table 1). Coffey Mining completed the resource estimate in October 2008 in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects and the classifications adopted by CIM Council in December 2005.

Table 1 Total Indicated and Inferred Resources, Kouroussa Project
(0.7 g/t Au cut-off)

Resource Area

Indicated Resource

Inferred Resource

Tonnage

Au g/t

Au oz

Tonnage

Au g/t

Au oz

Koekoe Trend

5,586,000

2.3

420,000

4,963,000

1.8

293,000

Kinkine Trend

2,353,000

1.8

136,000

843,000

1.4

39,000

Sodyanfe Trend

3,441,000

1.1

125,000

660,000

1.5

31,000

TOTALS

11,380,000

1.9

680,000

6,466,000

1.7

363,000


Based on these estimated resources, the Scoping Study concluded that Kouroussa could produce an average of 79,000 ounces of gold annually at a cash operating cost of US$484 per ounce over a 6-year mine life. The Study proposed open pit mining of a series of pits utilizing contract miners. Ore would be processed through a conventional gravity-CIP (carbon-in-pulp) plant with a design capacity of 1.0 million tonnes per annum (Mtpa). The average gold recovery is 94.5% and the strip ratio is 6.7:1. Initial capital costs for the Kouroussa Project are estimated to be $97 million, with a further $11 million estimated for sustaining capital.

Table 1 shows the Net Present Value (NPV) at a discount rate of 10% and the Internal Rate of Return (IRR) for the Project for a range of gold prices at a milling throughput of 1.0 Mtpa employing a gravity-CIP process configuration and assuming 100% equity financing. Project economics are favourable at a gold price of greater than US$900. Cassidy believes that more work is warranted including trying to reduce capital and operating cost and investigating alternative mining configurations.

Table 1 NPV10% and IRR Sensitivity to Gold Price

Au Price (USD/oz)

NPV10% (US$ million)

IRR (%)

$ 750

-$23.6

1

$ 838

$0.0

10

$ 900

$16.8

16

$ 950

$30.3

21

$1000

$43.7

25



Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary assessment includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.

Christopher J. Wild, P.Eng, V.P. Exploration, is Cassidy's Qualified Person for this release. Harry Warries, MAusIMM, Principal Consultant is the Qualified Person overseeing the Kouroussa Scoping Study on behalf of Coffey Mining. For more information, please visit the Company's website at www.cassidygold.com.

On behalf of the Board of Directors

Cassidy Gold Corp.
James T. Gillis, President & CEO

For further information, please contact:
Jim Gillis, President -- Phone: 250-372-8222 or Fax: 250-828-2269

This press release may be accessed at Cassidy Gold Corp.'s website: www.cassidygold.com and at www.sedar.com.

If you wish to be placed on Cassidy Gold Corp.'s e-mail press release list, please contact us at cassidygold@telus.net

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 news release.

You can also view this News Release on our website at:
http://www.cassidygold.com/s/NewsReleases.asp?ReportID=365141

<
Data and Statistics for these countries : Guinea | All
Gold and Silver Prices for these countries : Guinea | All

Cassidy Gold Corp.

EXPLORATION STAGE
CODE : CDX.V
ISIN : CA1479092043
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Cassidy Gold is a gold exploration company based in Canada.

Cassidy Gold holds various exploration projects in Guinea.

Its main exploration properties are NASSILE in Niger and KOUROUSSA in Guinea.

Cassidy Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 61.3 millions as of today (US$ 44.8 millions, € 41.1 millions).

Its stock quote reached its highest recent level on January 09, 2004 at CA$ 1.40, and its lowest recent point on March 04, 2016 at CA$ 0.01.

Cassidy Gold has 490 089 984 shares outstanding.

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In the News and Medias of Cassidy Gold Corp.
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2007 Annual Report
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6/28/2011(Kouroussa)Acquires Exploitation Permit for Kouroussa Gold Project, Gui...
7/8/2010(Nassile)Vests 51% Interest
5/12/2010(Nassile)Discovers Gold Zones
2/17/2010(Nassile)Completes Drill Program
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2/18/2009(Kouroussa)Initial Scoping Results for Cassidy Gold's Kouroussa Gold Pr...
7/25/2008(Kouroussa)Embarks on Scoping Study for Kouroussa Gold Project, Guinea
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6/13/2008(Kouroussa)16.83 g/t Au over 24m at JJ Vein, Kouroussa Gold Project, Gu...
3/19/2008(Kouroussa)Hits 42m of 4.87 g/t Au at Junction Zone, Kouroussa Gold Pro...
12/4/2007(Kouroussa)Drilling Resumes at Cassidy Gold's Kouroussa Project
11/8/2007(Kouroussa)Indicated Resources Increase 38% at Cassidy Gold's Kouroussa...
9/5/2007(Kouroussa)Hits 64.06 g/t Au over 9.0m at Sanu Filanan, Kouroussa Gold ...
8/14/2007(Kouroussa)9.97 g/t Au over 6 metres at JJ Vein, Kouroussa Gold Project...
7/31/2007(Kouroussa)Adds 400m of Strike to Junction Zone, Kouroussa Gold Project...
7/25/2007(Kouroussa)Intersects 11.51 g/t Au over 9m, Sanu Filanan Extension, Kou...
7/19/2007(Kouroussa)41.66 g/t Au over 7 metres at KD-1 Zone, Kouroussa Gold Proj...
7/17/2007(Kouroussa)Extending JJ Deposit at Kouroussa Gold Project, Guinea
7/10/2007Intersects 22.6 g/t Au over 4m at Kinkine Zone, Kouroussa Go...
Corporate news of Cassidy Gold Corp.
1/12/2016CASSIDY GOLD CORP. ADOPTS FIXED STOCK OPTION PLAN
10/31/2014Cassidy Gold Corp. Closes C$6,109,400 Private Placement by A...
9/24/2009to Conduct IP Survey at Kouroussa Gold Project, Guinea
9/23/2009Effects 1 for 3 Share Consolidation
6/2/2009Proposes Financing and 1 for 3 Share Consolidation
6/26/2007Extends Sanu Filanan Deposit, Kouroussa Gold Project, Guinea
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