Savary Gold Announces Filing of NI 43-101 Resource Estimate for the Karankasso JV Gold Project, Burkina Faso
Toronto, Canada - November 24, 2015 - Savary Gold Corp. ("Savary" or the "Company") has filed on SEDAR and Savary's website a National Instrument 43-101 Mineral Resource Estimate (the "2015 Resource Estimate") on its 65% owned Karankasso Joint Venture Gold Project located 300 kilometres southwest of Ouagadougou, Burkina Faso. The 2015 Resource Estimate is Savary's initial estimate for the property.
P&E Mining Consultants Inc. prepared the 2015 Resource Estimate and concludes that the Karankasso JV Gold Project is of merit with combined deposits containing Inferred Mineral Resources of 9.2 million tonnes grading 2.28 g/t gold at a 0.5 g/t gold cut-off (see Table 1). With guidance from Savary, P&E has prepared and recommends an exploration program with a preliminary budget of US$1,515,000 to further explore the project. Since there are numerous potential targets, the exploration program is scalable as there is considerable flexibility on the amount and type of exploration that can be carried out on the project depending on the development of the exploration targets, corporate objectives and markets.
Table 1 - Pit Constrained Mineral Resource Estimate and Sensitivity Details by Zone*
| Zone | Au Cut-Off | Mineralization Type | Tonnes | Au g/t | Au oz |
| Karangosso | 0.5 g/t Resource Estimate | Saprolite | 285,000 | 2.19 | 20,100 |
| Sap Rock | 165,000 | 2.72 | 14,500 | ||
| Fresh | 975,000 | 2.81 | 87,900 | ||
| Total | 1,425,000 | 2.68 | 122,500 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 233,000 | 2.50 | 18,700 | |
| Sap Rock | 140,000 | 3.06 | 13,800 | ||
| Fresh | 821,000 | 3.19 | 84,100 | ||
| Total | 1,194,000 | 3.04 | 116,600 | ||
| Diosso South | 0.5 g/t Resource Estimate | Saprolite | 5,000 | 1.44 | 200 |
| Sap Rock | 174,000 | 2.28 | 12,800 | ||
| Fresh | 642,000 | 3.12 | 64,400 | ||
| Total | 821,000 | 2.93 | 77,400 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 3,000 | 1.89 | 200 | |
| Sap Rock | 143,000 | 2.63 | 12,000 | ||
| Fresh | 563,000 | 3.44 | 62,300 | ||
| Total | 709,000 | 3.27 | 74,500 | ||
| Kueredougou West Trend | 0.5 g/t Resource Estimate | Saprolite | 34,000 | 3.78 | 4,100 |
| Sap Rock | 177,000 | 3.21 | 18,200 | ||
| Fresh | 413,000 | 3.27 | 43,500 | ||
| Total | 624,000 | 3.28 | 65,800 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 33,000 | 3.84 | 4,100 | |
| Sap Rock | 151,000 | 3.61 | 17,500 | ||
| Fresh | 334,000 | 3.88 | 41,700 | ||
| Total | 518,000 | 3.80 | 63,300 | ||
| Kueredougou West | 0.5 g/t Resource Estimate | Saprolite | 274,000 | 2.16 | 19,000 |
| Sap Rock | 180,000 | 1.93 | 11,200 | ||
| Fresh | 1,450,000 | 2.13 | 99,500 | ||
| Total | 1,904,000 | 2.12 | 129,700 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 240,000 | 2.35 | 18,200 | |
| Sap Rock | 165,000 | 2.04 | 10,800 | ||
| Fresh | 1,293,000 | 2.30 | 95,600 | ||
| Total | 1,698,000 | 2.28 | 124,600 | ||
| Kueredougou Main | 0.5 g/t Resource Estimate | Saprolite | 15,000 | 2.84 | 1,400 |
| Sap Rock | 27,000 | 2.79 | 2,400 | ||
| Fresh | 753,000 | 3.33 | 80,700 | ||
| Total | 795,000 | 3.31 | 84,500 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 12,000 | 3.39 | 1,300 | |
| Sap Rock | 25,000 | 2.96 | 2,300 | ||
| Fresh | 672,000 | 3.64 | 78,700 | ||
| Total | 709,000 | 3.61 | 82,300 | ||
| Kien East | 0.5 g/t Resource Estimate | Saprolite | 304,000 | 1.33 | 13,000 |
| Sap Rock | 412,000 | 1.32 | 17,400 | ||
| Fresh | 2,877,000 | 1.74 | 160,700 | ||
| Total | 3,593,000 | 1.65 | 191,100 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 196,000 | 1.67 | 10,500 | |
| Sap Rock | 253,000 | 1.67 | 13,600 | ||
| Fresh | 2,437,000 | 1.91 | 149,800 | ||
| Total | 2,886,000 | 1.87 | 173,900 | ||
| Summary | 0.5 g/t Resource Estimate | Saprolite | 916,000 | 1.96 | 57,700 |
| Sap Rock | 1,135,000 | 2.10 | 76,500 | ||
| Fresh | 7,111,000 | 2.35 | 536,800 | ||
| Total | 9,162,000 | 2.28 | 671,000 | ||
| 1.0 g/t Resource Estimate Sensitivity | Saprolite | 717,000 | 2.30 | 52,900 | |
| Sap Rock | 876,000 | 2.49 | 70,100 | ||
| Fresh | 6,122,000 | 2.60 | 512,200 | ||
| Total | 7,715,000 | 2.56 | 635,200 |
*
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1.Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues..
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2.The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
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3.The Karankasso Property Resource Estimates were prepared by Eugene Puritch, P. Eng. and Antoine Yassa, P. Geo. from P&E Mining Consultants Inc., Qualified Persons under NI 43-101 who are independent of the Company
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4.The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
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5.The gold price used in this estimate was the Aug 31/15 approximate two year trailing average of US$1,250/oz. Gold recovery was 93% and mining costs were US$2.75/tonne. Processing and G&A costs combined were US$18.50/tonne. Pit optimization slopes were 50 degrees.
Further highlights of the Resource Estimate were outlined in Savary's press release dated October 8, 2015.
The full report can be downloaded from SEDAR (www.sedar.com) and is posted on the Company's website (www.savarygold.com).
The Karankasso JV Gold Project is a joint venture between Savary (65%) and Sarama Resources Ltd. (35%) with Savary, the Project operator.
In preparation for the next drill program, an additional four to six weeks of field mapping and prospecting will commence in late November, proximal to the known zones and near interpreted structural intersections where wider zones of mineralization may occur. Coincident with this work, IP gradient surveys will be carried out north of the Karangosso Zone, both north and south of the Kueredougou West Trend Zone and south of the Diosso South Zone, into the northern part of the Serakoro 1 concession. In total, approximately 250 line kilometres of IP surveys will be completed.
Qualified Persons
The Karankasso Property Resource Estimates was prepared by Eugene Puritch, P. Eng. and Antoine Yassa, P. Geo. from P&E Mining Consultants Inc., Qualified Persons under NI 43-101 who are independent of the Company. Mr. Puritch has reviewed and approved the contents of this news release.
Don Dudek, P.Geo., President and CEO of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
About Savary Gold
Savary Gold, a Canadian exploration company, along with partner, Sarama Resources Ltd., are focused on exploring the 750 km2 Karankasso Property in Burkina Faso. The Property is in the Birimian age Hounde Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining's Hounde Project, Roxgold's Yaramoko Project and Sarama's/Acacia's South Hounde JV Project, which is adjacent to the Karankasso JV property). For additional information please visit our website at www.savarygold.com.
On behalf of the Board
"Don Dudek"
President & Chief Executive Officer
For more information, please contact:
Don Dudek
T: 647-259-2097
E: info@savarygold.com
www.savarygold.com
Cautionary Notes
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 release.
This news release may contain forward-looking statements. These statements include statements regarding the details of the drill program, the company's exploration plans, the focus on existing drill targets, potential extensions to the gold zones, potential gold recoveries, whittle pit parameters, new targets and management's belief in the potential of the project. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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