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Wednesday, March 18, 2009
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TSX:
VTR
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Volta
Undertakes Extensive Auger Drilling Program to Test Potential
Between the Dienemera and Gongondy Deposits at the Gaoua Project
View News Release in PDF Format
Toronto, ON -- March 18, 2009 - Volta Resources Inc.
("Volta" or the "Company") (TSX:VTR) is pleased to
announce that an extensive auger drilling campaign is underway to test the
potential between the Dienemera and Gongondy deposits at Volta's Gaoua
copper-gold porphyry project in southern Burkina Faso, West Africa.
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 copper-gold porphyry project based on 26,661 metres
of diamond drilling in 92 holes and 1,305 metres in 15 reverse circulation
("RC") holes (See Volta press release dated February 5 2009). The
NI 43-101 Technical Report will be filed on SEDAR on, or before, March 22
2009.
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.
DEPOSIT
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Cut-off
Grade
|
Tonnage
|
Copper
|
Gold
|
Copper Equivalent
|
>(CuEQ %)
|
(tonnes)
|
%
|
lbs
|
g/t
|
Oz
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%
|
lbs
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Dienemera
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0.45
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23,000,000
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0.50
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255,075,000
|
0.21
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155,300
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0.63
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319,009,000
|
Gongondy
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0.45
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59,600,000
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0.36
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469,805,000
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0.48
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917,600
|
0.65
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847,236,000
|
TOTAL
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0.45
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82,600,000
|
0.40
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724,880,000
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0.40
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1,072,900
|
0.64
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1,166,245,000
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The Company is confident that there is good potential to significantly
increase and upgrade these resources. The areas where this potential could be realized
include:
- The main zones at both Dienemera and Gongondy have not
been closed off by drilling to date and potential for extensions
exist. At Dienemera, the mineralized breccia zone remains open along
strike both to the north and south as well as down dip. At Gongondy,
the mineralized breccia zone is open to the north and down dip.
- Recent geological modeling carried out at Gongondy has
identified that the breccia body hosting the copper-gold
mineralization at Gongondy is very likely to occur to the west of a
post-mineral gabbro intrusive (the Gongondy West zone),
possibly adding more than 800 metres of strike of mineralization at
comparable grades and widths as seen along the 1,800 metres of strike
modeled and included in the current resource. This is also supported
by the occurrence of a parallel high chargeability signature
identified during 3D Induced Polarization ("IP") geophysical
survey to the west of the gabbro. This signature is related to a high
pyrite zone (up to 20%) occurring as a halo around the known
copper-gold zone. The Gongondy West zone was not identified during
soil sampling surveys due to the presence of transported alluvial
cover masking both the copper and gold geochemical response (See
Figure 1).
- The 6 kilometer gap between Dienemera and
Gongondy exhibits similar high
chargeability IP signatures as seen at both deposits. The area is
however largely covered by transported alluvium and the geochemical
response could also be masked, as seen at Gongondy West.
- Known breccia-hosted, porphyry-style, copper-gold
mineralization has been identified by limited drilling (5 RC drill
holes) at Mont Biri, located approximately 2 kilometers north of
Dienemera. Significant intersections, from drilling carried out in
2007 by Goldcrest Resources Ltd., a predecessor company to Volta,
include 13 metres @ 1.53% copper & 1.07g/t gold and 47 metres @
0.26% copper (See Goldcrest Press Release dated October 22, 2007).
The Company has purchased its own tractor-mounted
power auger drilling rig in order to adequately sample areas where complex
and transported regolith cover has potentially masked the geochemical
response expected over mineralization possibly associated with the features
described above. The auger drilling program has already commenced and is
outlined below (see Figure 2):
Phase 1:
- 85 holes are planned at Gongondy West and south of
Gongondy along 5 traverses spaced 400-500 metres apart. Holes will
be drilled every 50 metres along the traverses which range in length
between 300 and 900 metres. The expected average depth of the holes is
approximately 7 metres, given the depth of cover. This extends over a
strike length of 1.75 kilometers.
- 233 holes planned between Gongondy and Dienemera along 7
traverses spaced 700 to 1200 metres apart. Holes will be drilled every
50 metres along the traverses which range in length between 750 and
2,000 metres. This
will add another 7,200 metres of strike length investigated.
Phase
2:
- A provision has been made for approximately 400 further holes
for infill drilling over narrower traverses in areas where the initial
lines intersect mineralization between Gongondy and Dienemera.
In addition to auger drilling, 3D inversion
techniques are being applied to the high resolution airborne magnetic data
collected by the Company late last year. This is expected to generate
additional regional targets along the 35 kilometers of strike of the
"porphyry trend" that occurs on the Gaoua properties.
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 focused on becoming the 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. The Company
currently has approximately $5.0 million in cash and approximately $2.6
million in marketable securities. There are 53.2 million common shares
issued and outstanding.
For further information, please refer to our website www.Voltaresources.com
or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
The Toronto Stock Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
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 1
Figure 2
You can also view
this News Release on our website at:
http://www.voltaresources.com/s/NewsReleases.asp?ReportID=341945
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