SEMAFO�s Fobiri Area Returns
Mineralization Over 1.4 Kilometers at Mana
Values of Up to 2.66 g/t Au Over 22 Meters - Zones Remain Open to
the Southwest and at Depth
Montreal,
QC - February 1, 2011 - SEMAFO Inc. (TSX: SMF) today announced the results of
preliminary systematic follow-up drilling carried out on the Fobiri zones, located 14 kilometers southwest of the Mana Mill in Burkina Faso. A series of sections using
a 200-meter spacing grid were completed over the original discovery
(reference: SEMAFO�s press release dated August 3, 2010).
Reverse-circulation (�RC�) and core drilling has returned continuous
mineralization from three separate zones, 150 meters apart and over a
strike length of more than 1,400 meters. Values obtained include 2.66 g/t Au over 22 meters
(hole MRC10-383 - Zone FOB3), 2.75
g/t Au over 12 meters (hole WDC-259 - Zone FOB3), 1.84 g/t Au over 36 meters
(MRC10-312 - Zone FOB2), 2.78
g/t Au over 8 meters (MRC10-382 - Zone FOB1), and 2.44 g/t Au over 10 meters
(WDC259 - Zone FOB2). In addition, the three zones remain open and
unexplored towards the southwest where previous auger drilling produced
anomalous results.
Follow-up
drilling over the Fobiri discovery commenced in
August and was completed in December 2010. Although assay results remain
pending on one northeast section (drill holes WDC261 and WDC263), the
results thus far clearly show a series of three parallel zones trending
northeast and dipping steeply towards the northwest. Highlights from the
three zones (FOB1, FOB2, and FOB3) are presented in the table below.
Reverse-Circulation
Core Drilling Highlights Fobiri Area
THIS
PRESS RELEASE CONTAINS TABLES AND A FIGURE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
PDF FORMAT.
The short
distance between the zones, their significant strike length, consistent
good widths, and good continuity are all factors which will enhance the
economic potential in this area. The Fofina and
Fobiri areas along with the area surrounding
the Nyaf� open pit represented a major target
in our 2010 exploration program and our litho-structural
understanding has developed significantly since (Figure 1). Based on
recent drilling and a ground IP survey (reference: SEMAFO�s press release
dated January 18, 2011), the Fobiri and Fofina zones appear to be located along the limbs of
a fold at contact between intermediate to felsic tuffs with fine
sediments, locally graphitic. These units are underlain and overlain by
massive basalts found at the core of the folds. The Fobiri
mineralized corridor seems to continue to the northeast towards the Nyaf� Deposit, suggesting that the mineralization is
post-folding and controlled by deformation and hydrothermal alteration
which has followed rheological weaknesses along the folded stratigraphy.
Based on this interpretation, the area near the fold hinge towards the
southwest of both the Fobiri and Fofina zones represent excellent exploration targets
for the 2011 program.
Following the
press release on the Fofina Zone dated December
2, 2010, a series of RC and core holes were added to confirm the new
interpretation of the Fofina and V zones. The
new drilling crossed the different zones where expected and highlights
from this short program are presented below.
Reverse-Circulation
and Core Drilling Highlights Fofina Zone
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PRESS RELEASE CONTAINS TABLES AND A FIGURE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
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Core hole WDC258 is considered very promising as it
represents the south western most cut along the Fofina
to date and therefore suggests additional potential in this direction.
�The 2010
Exploration Program was very successful and is expected to add
significant mineral resources to the property� states Michel Crevier, SEMAFO�s Geology Manager. �We have brought
the Fofina-Fobiri area from a conceptual
greenfield target to a major discovery area within one year. Our 2011
exploration activities will include a systematic delineation program on
both zones in order to upgrade their confidence in order to increase our
measured and indicated resources and ultimately bring new reserves at Mana.�
The
exploration programs were designed and managed locally by Dofinta Bond� and David Lalonde, Mana Mineral�s
Exploration Chief Geologists and Richard Roy P Geo, Deputy Geology
Manager, and guided and supervised under the direction of Michel Crevier, P.Geo MScA, Geology Manager and SEMAFO�s Qualified Person
who has reviewed this press release for accuracy and compliance with
National Instrument 43-101.
For core
drilling, all individual samples represent approximately one-meter in
length of core which was sawed in half. Half of the core is kept on
site for reference and its counterpart is sent for preparation and gold
assaying at the ALS Chemex laboratories in
Ouagadougou, Burkina Faso. For RC and AC drilling, all individual
samples represent approximately one-meter in length of rock chips
homogenized and riffle-split to an approximately 2kg subsample which is
sent for preparation and gold assaying at the ALS Chemex
laboratories in Ouagadougou, Burkina Faso. Each sample (core, RC,
and AC) is fire-assayed for gold content on a 50-gram sub-sample at the
same ALS Chemex laboratories. In addition to
ALS Chemex�s own QA/QC (Quality
Assurance/Quality Control) program, an internal quality control and
quality assurance program is in place throughout the sampling program,
using blind duplicates, blanks and recognized industry standards.
About
SEMAFO
SEMAFO
Inc. is a Canadian-based
mining company with gold production and exploration activities in West
Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in
Niger and the Kiniero Mine in Guinea. SEMAFO is
committed to evolve in a conscientious manner to become a major player in
its geographical area of interest. SEMAFO�s strategic focus is to
maximize shareholder value by effectively managing its existing assets as
well as pursuing organic and strategic growth opportunities in West
Africa.
THIS
PRESS RELEASE CONTAINS TABLES AND A FIGURE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
PDF FORMAT.
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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and assumptions and accordingly,
actual results and future events could differ materially from those
expressed or implied in such statements. You are hence cautioned not to
place undue reliance on forward-looking statements. Forward-looking
statements include words or expressions such as �pending�, �will�,
�enhance�, �appear�, �seems�, �suggesting�, �promising�, �additional�,
�potential�, �expected�, �add�, �increase�, �ultimately�, �committed�,
�evolve�, �become�, �pursuing�, �growth� and other similar words or
expressions. Factors that could cause future results or events to
differ materially from current expectations expressed or implied by the
forward-looking statements include the ability of the short distance
between zones FOB1, FOB2 and FOB3, their significant strike length,
cons istent good widths, and good continuity
to enhance the economic potential in this area, the ability of core
hole WDC258 to identify new potential south west of Fofina,
the ability of our 2011 exploration activities to increase our measured
and indicated reserves and ultimately bring new reserves at Mana, the ability to execute on our strategic
focus, fluctuation in the price of currencies, gold or operating costs,
mining industry risks, uncertainty as to calculation of mineral
reserves and resources, delays, political and social stability in
Africa (including our ability to maintain or renew licenses and
permits) and other risks described in SEMAFO�s documents filed with
Canadian securities regulatory authorities. You can find further
information with respect to these and other risks in SEMAFO�s 2009
Annual MD&A, as updated in our 2010 First Quarter MD&A, 2010
Second Quarter MD&A and 2010 Third Quarter MD&A and other
filings made with Canadian securities regulatory
authorities and available at www.sedar.com. These documents are also available on our
website at www.semafo.com. SEMAFO disclaims any
obligation to update or revise these forward-looking statements, except
as required by applicable law.
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