Toronto, ON - September 28, 2009 - Volta Resources Inc.
("Volta" or the "Company") (TSX:VTR) announces that a 435 hole (3,340 meters) auger drilling campaign has identified a large copper-gold anomaly between the Dienemera and Gongondy deposits on the Company's wholly-owned Gaoua project in southern Burkina Faso, West Africa (see Figure 1). The program also extended the potential to the west of the existing Gongondy deposit.
The use of auger drilling has proven to be a very reliable sampling tool to effectively delineate gold and base metal mineralization under complex regolith cover. The holes were drilled into the saprolite, encountered at depths ranging between 2 and 27m.
Kevin Bullock, Volta's CEO stated, "These results increase our confidence that we can outline even more mineralization in our substantial Gaoua landholdings. The auger drilling program substantiates earlier evidence that the Gaoua copper-gold porphyry corridor has the potential to host more deposits along the 35 kilometer long corridor on Volta's ground. We will incorporate this anomaly in a future drilling campaign whose goal will be to increase the existing resource at Gaoua. In addition, there are more targets, similarly identified during the heli-borne geophysical survey flown last year, that lie under transported cover, and therefore remain to be tested using our own tractor mounted power auger rig."
Samples of the saprolite were sent to ALS Chemex Burkina S.A.R.L, Ouagadougou, Burkina Faso for standard preparation (crushing, pulverization, split) and gold fire assay on 50g charge. Copper was assayed by atomic absorption spectrometry at the ALS facilities in Bamako, Mali. Before being sent to the laboratory all samples were assayed for multiple elements with the Company's handheld X-ray fluorescence (XRF) analyzer (the Innov-X Omega). Copper results obtained with the Innov-X are analogous with those obtained from ALS Chemex. The accuracy of all the results was tested through the systematic inclusion of Cu-Au standards and field blanks. The results for the reported holes have passed the Company's rigorous QA/QC protocols.
The auger program at Gaoua was aimed at the following:
- To test targets highlighted by processing high resolution heli-borne geophysical data, supported by ground Induced Polarization ("IP") geophysical surveys undertaken in the 6 kilometer gap between the Dienemera and Gongondy deposits. This gap area is covered by complex regolith, including transported laterite and alluvium, which has resulted in muting or even masking the geochemical response normally provided by soil sampling. The auger drilling program has identified a large copper-gold anomaly at Boussera, about half-way between the Gongondy and Dienemera deposits (see Figure 2). Copper and gold results for samples taken in saprolite at the base of the holes regularly exceed 500ppm in copper and 0.1g/t in gold and are similar to those found over the copper-gold porphyry mineralization delineated at both the Gongondy and Dienemera deposits.
- To test the copper-gold mineralised breccia body west of a post-mineral gabbro intrusive at Gongondy (the Gongondy West zone), beneath transported alluvial cover. Copper and gold results for samples taken in saprolite at the base of the auger drill holes in the Gongondy West zone regularly exceed 500ppm in copper and 0.1g/t in gold, This confirms that the potential at the Gongondy West zone does extend for over 1,000m, potentially adding to the current resource within the Company's NI43-101 compliant estimate (see Figure 2).
- Auger drilling was further extended to the west of the copper-gold mineralization of the Gongondy West zone described above, due to the persistent and strong gold anomalism (>0.1g/t with the maximum value being 1.9g/t gold) encountered. This drilling confirms that the copper-gold mineralization is zoned with a relatively gold-rich halo extending for 250 to 400m to the west of the copper mineralization and for more than 1,500m along strike. The gold-rich halo remains open to the south.
- Two lines of auger drilling were drilled south of the defined mineralization at Gongondy to extend open mineralization already defined in the current NI43-101 compliant resource. Both lines intersected copper-gold mineralization confirming that the Gongondy mineralized breccia may extend for an additional 300m to the south, and still remains open.
On February 5, 2009, the Company announced an independent NI 43-101 compliant inferred resource estimate for the Gongondy and Dienemera deposits on the Gaoua project (See Volta press release dated February 5 2009). The resource estimate was calculated by SRK Consulting (UK) Ltd. At a 0.45% copper equivalent cut-off grade, the Dienemera and Gongondy deposits host an initial Inferred Resource of 82,600,000 tonnes grading 0.40% copper and 0.40 g/t gold for a total of 724,880,000 lbs of copper and 1,072,900 ounces of gold. The individual resource estimate for each deposit is provided in the table below. Copper Equivalent (CuEQ) has been calculated from assumed revenues of USD 3,000 per tonne of copper and USD 700 per ounce of gold with metallurgical recovery assumed to be 85% and 70% respectively based on initial QEMSCAN results. Gold grade has been multiplied by 0.6 and added to the copper grade to provide CuEQ grade. The cut off grade further assumes typical costs of USD 2 per tonne for mining and USD 10 per tonne for processing and general administration costs.
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President, Exploration for the Company. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
For further information, please refer to our website www.Voltaresources.com
or contact:Kevin Bullock, P.Eng., President & CEO
Tel: (647) 388-1842
Fax: (416) 867-2298
Forward Looking Information Caution:This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.FIGURE #1Click to Enlarge
FIGURE #2Click to Enlarge
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