Avnel Gold Receives Recommendations for Extensive Drill Program to
Investigate Exceptional Gold Anomalies at its Fougadian Exploration Permit, South Mali
Based on interpretation of geochemical soil results, geophysical study and regolith study, a 40,000m drill program is recommended
London, U.K. - October 15, 2007 - Avnel Gold Mining Ltd. (AVK: TSX) announced on July 8th 2007 that a recent phase of detailed soil geochemical surveys, initiated across its large Fougadian Exploration Permit in 2006 and 2007, has outlined several km-scale, gold-in-soil anomalies and coincident arsenic anomalies.
Avnel has received two reports from The Mineral Corporation (see www.avnelgold.com). Dr Killick conducted a mapping and regolith study on the Fougadian Permit. The study indicated that a complete lateritic regolith is preserved in the western part of the permit. The regolith has been incised and eroded by streams flowing west to east, leaving some lateritic residuum on the intervening ridges.
The Mineral Corporation interpreted existing airborne magnetic and radiometric data generated through the SYSMIN program in 2001. The study suggested that coincident potassium and magnetic anomalies are potential targets for further gold exploration. The study identified two north striking corridors defined by co-incident potassium and magnetic anomalies.
Using the geophysical interpretation, regolith study and geochemical soil sampling, the bedrock geology was interpreted, given there is no bedrock outcrop. Present indications are that the stratigraphy probably strikes in a north-south direction.
Avnel utilised all these reports to identify priority drill targets. The 14 gold anomalies were grouped into six Sectors and prioritised based on the geochemical, geophysical and regolith interpretations. A provisional drill program is summarised in Table 1.
Table 1
Sector Name |
Anomaly Number |
Drill Holes |
Drill Metres |
Sector 1 |
1 & 11 |
129 |
12,900 |
Sector 2 |
4,5,6,7,8 & 9 |
114 |
11,400 |
Sector 3 |
2 & 3 |
67 |
6,700 |
Sector 4 |
10 |
50 |
5,000 |
Sector 5 |
13 & 14 |
27 |
2,700 |
Sector 6 |
12 |
16 |
1,600 |
TOTAL |
|
403 holes |
40,300 metres |
The proposed drill program will mainly consist of RC drill holes although some diamond drill holes will provide core to interpret bedrock geology. The drill fence lines will run east-west and be spaced approximately 200 metres (N-S). The proposed program is set out in a report dated August 2007 by Avnel Gold and is available on the website
www.avnelgold.com.
The Avnel-1 anomaly in Sector 1 is the largest and the most important in terms of gold and arsenic values. It extends for almost 4 kilometres in a N-S direction and for 1.5 kilometres in an E-W direction. The highest gold-in-soil values of the Avnel-1 anomaly show a preferential NNW-SSE orientation and they are contained in three parallel linear bands. The same preferential direction can be seen in the coincident high arsenic values. The Avnel-1 anomaly is also characterised by a cluster of potassium anomalies over an area 2km long by 1.5km wide.
Sector 2 includes gold anomalies 4,5,6,7,8 and 9 and stretches for 10kms in a north-south direction. The sector lies along the eastern contact of an interpreted granitoid batholith and in a corridor identified by geophysical interpretation as a potential gold target. The gold anomalies are located in an area of "completely preserved regolith" or "partly eroded regolith" indicating the anomalies are close to source.
The remaining Sectors contain significant gold anomalies, some located in "completely preserved regolith", some lying in one of the two corridors defined with co-incident potassium and magnetic anomalies and often associated with artisanal workings.
The Mineral Corporation Reports are available on the Avnel website, www.avnelgold.com.
The timing and funding for the next phase of exploration on the Fougadian Permit will be announced in due course.
The Fougadian Permit was awarded to Avnel Mali, a 100% owned subsidiary of Avnel Gold Mining Ltd. Avnel has a 90% interest and the Malian State a 10% interest in the permit. The Fougadian Exploration Permit, which covers 150 square kilometres, was awarded to Avnel in 2006 in accordance with the 1999 Mining Code. It is located in southern Mali, immediately south of Avnel's producing Kalana Mine and Exploitation Permit. Avnel has identified 10 drill targets on its 387 sq.km Kalana Permit and has discovered high grade mineralization at the Djirila prospect in the south-east of the Kalana Permit. The Kalana Permit is very prospective and is held by Avnel for a 30 year period that started in 2003. Avnel is focusing its exploration activity on the Fougadian Permit at this time.
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ON BEHALF
AVNEL GOLD MINING LTD.
Roy Meade
Chief Executive Officer
Avnel Gold Mining Ltd.
UK Representative Office
39 Cheval Place
London, SW7 1EW
Phone +44 207 589 9082, FAX+44 207 589 8507
Website: www.avnelgold.com
Email: rmeade@avnelgold.com
RENMARK FINANCIAL COMMUNICATIONS INC.
BARRY MIRE : BMIRE@RENMARKFINANCIAL.COM
MAURICE DAGENAIS : MDAGENAIS@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
STATEMENTS REGARDING THE CORPORATION'S PLANS WITH RESPECT TO THE EXPLORATION OF THE FOUGADIAN PERMIT ARE FORWARD-LOOKING STATEMENTS. THERE CAN BE NO ASSURANCE THAT THE EXPLORATION PROGRAM ON THE FOUGADIAN PERMIT WILL IDENTIFY MINERALS RESOURCES.
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