Desert Gold Ventures Inc. Acquires Two Significant Gold Zones on Contiguous Permit at SMSZ Project; Mali
Intercepts to 16.03 g/t Gold over 7 metres* and 2.04 g/t Gold over 41 metres**Delta, September 2, 2021 - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (the "Company") is pleased to announce that it has acquired the 30.6 km2 Kolomba Permit, which is contiguous to the Company's SMSZ Project. This acquisition is highlighted by two gold zones that are open to depth and along strike with highlighted drill intercepts to 16.03 g/t gold over 7 metres*, 7.78 g/t gold over 19 metres* and 3.51 g/t gold over 29 metres* at the Linguekoto West Zone and 2.04 g/t gold over 41 metres**, 20.87 g/t gold over 6 metres** and 1.40 g/t gold over 55 metres** at the Mogoyafara South Zone (see Figure 2). Both zones have the potential to add additional mineral resources to the SMSZ Project in the near term. Modelling of these zones is underway with drill testing projected to commence in early Q1, 2022 concurrently with geological mapping and IP and magnetic geophysical surveys.
Desert Gold's President and CEO, Jared Scharf, commented, "The addition of the Kolomba property aligns perfectly with our strategy of acquiring high quality, underexplored gold prospects situated along the Senegal Mali Shear Zone. Given the strategic location of the Kolomba permit and the quality of the exploration targets that lie within its boundaries, Kolomba will be a high priority target area for our upcoming exploration season. It's interesting to note that the last time this property was worked on in 2003, the price of gold averaged US $363 an ounce!"
The 440 km2 SMSZ Project is both named after and overlies a now larger, 43 km long section of the Senegal Mali Shear Zone (the "SMSZ"). The SMSZ is related to 5 large mines located both to the north and south, along strike, including B2 Gold's Fekola Mine, Barrick's Gounkoto and Loulo Mines and Allied Gold's Sadiola and Yatela Mines1. To the Company's knowledge, the SMSZ Project is the largest, contiguous, non-producer land package over this highly prospective structural feature (see Figure 1.).
The Company's goal is to discover a tier 1 gold deposit associated with the regional-scale, gold-bearing structural zones that pass through the SMSZ Project. Exploration at the SMSZ Project has discovered in excess of 22 gold zones with 2021 exploration data strongly suggesting that more will be discovered.
Technical Details
Desert Gold's application for the Kolomba Permit has received all approvals from the Mali Department of Geology and Mines and should receive a signed copy of the Convention shortly. The Convention is an agreement between the Company and the Government that defines yearly work commitments and overall requirements as per the mining code. While the Company's rights to the concession are pending the issuance of the arreté, Desert Gold has paid all required application and administration fees and has no reason to believe that the final arreté will not be issued to Company within a reasonable period of time.
The bulk of the historic work on the Kolomba concession was carried out by Hyundai during the period from 1998 to 2003. Little to no exploration was carried out over the property since 2003. Hyundai's work, which was substantial, included 30,894 metres of drilling in 407 holes with 328 and 78 holes completed over the Mogoyafara South and Linnguekoto West zones, respectively. Desert Gold has a copy of the drill database along with Au-in-soil results covering the entire concession.
Linnguekoto West*
The northwest-trending Linnguekoto West zone lies immediately east of a northeast-trending mafic dyke that is related to the Barani East gold zone (see Figure 2). This dyke is believed to occupy a shear zone that is locally gold-bearing that can be traced for approximately 25 kilometres as it passes through the property. Previous exploration at Linnguekoto West comprised 78 holes totalling 6,532 metres. This northeast-trending zone can be traced for 500 metres along strike (see Figure 3) with the deepest holes intersecting gold mineralization to approximately 140 metres vertical. Gold mineralization remains open to depth and along strike. Best fit modelling suggests a steep west dipping, generally higher grade, 1.5 to 7 metre wide gold bearing lens, that is both cut by and related to, up to six, shallow-east-dipping subordinate gold-bearing lenses with grades to 2.62 over 15 metres (estimated 14 metres true width). The steeply dipping lens has returned highlighted grades to 16.07 g/t Au over 7 metres (estimated true width of 4.0 metres), 7.78 g/t Au over 19 metres (estimated true width 4.9 metres) and 3.51 g/t Au over 29 metres (estimated true width of 8 metres).
While the Company has a complete drill database and have validated the location of several drill holes in the field, the location of the core/RC chips and original assay certificates is unknown. However, from the Company's follow-up of other exploration prospects that Hyundai has worked on such as Barani East, the Company has high confidence in the quality and accuracy of the drill dataset. That said, drilling to validate the grades and interpretation of the interpreted gold-bearing lenses will still be required.
Mogoyafara South**
The northwest-trending Mogoyafara South Zone lies just east of the interpreted location of the Senegal Mali Shear Zone (see Figure 2). Multiple gold-bearing lenses have been discovered within an open-ended 1,900 metre by 1,300 metre area (see Figure 4). Initial modelling indicates the presence of up to 13, shallow to moderate east-dipping, gold-bearing lenses with individual lenses returning highlighted intercepts of 2.15 g/t Au over 29 metres (estimated true width 25 metres), 2.04 g/t Au over 41 metres (estimated true width of 35 metres) and 1.40 g/t Au over 55 metres (estimated true width of 40 metres). Higher grade intercepts include 20.87 g/t Au over 6 metres (true width is unknown due to lack of data). Previous work, predominantly by Hyundai, comprised 24,362 metres in 329 holes. Anomalous rock samples and gold-in termite samples show potential to extend the zone to the south for another 1,200 metres.
As with the Linnguekoto West Zone, Desert Gold has a complete exploration database but does not have access to drill core/RC chips and the original assay certificates. However, the Company has validated the location of several holes in the field and have high confidence in the quality of the historic exploration data.
QAQC
There is no QAQC data or assay certificates for the historic fire assays for the Linnguekoto West and Mogoyafara Zones and as such, until validated, may not be relied on with 100% certainty. However, from follow-up exploration carried out to date, the correlation between historic gold values and subsequent validation work, have generally been withing acceptable parameters. Drill assay grade widths, presented on both surface plans and cross-sections, represent the drilled lengths with estimated true widths ranging from 10% to 90%, based on a not yet validated mineralization model. In a few cases, there is not enough information to estimate true width. As work progresses on the zones the mineralization models will be either validated or adjusted with more certain guidance presented at that time.
2021 Drill Program Update
The Company completed a 257 hole, 18,161 metre drill program on July 8. Additional drilling was planned, but several days of rain resulted in a deterioration of working conditions and the program was stopped. The Company's first batch of 2021 drill results will come from the Barani East Deposit area with timing pending re-assays of select samples. Additional results will be released in batches to reflect exploration target areas likely first with Manakoto, then Kamana/Barani North auger targets and finally Gourbassi East and West. Based on the lab's schedule, the Company anticipates receiving results for most samples by early October.
This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.
On Behalf of the Board
"Jared Scharf"
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Jared Scharf
President & CEO
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala), its Anumso project in Ghana's Ashanti Belt and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca.
Figure 1 - SMSZ Project Location, Regional Geology and Major Deposits in Western Mali and Eastern Senegal
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https://orders.newsfilecorp.com/files/4954/95268_238c79b444f4dad3_001full.jpg
Figure 2 - Property-scale summary map - New Kolomba concession outlined in red
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Figure 3 - Plan Map Linnguekoto West Deposit
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https://orders.newsfilecorp.com/files/4954/95268_238c79b444f4dad3_003full.jpg
Figure 4 - Plan Map Mogoyafara South Deposit
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https://orders.newsfilecorp.com/files/4954/95268_figure4.jpg
Contact
Jared Scharf, President and CEO
Email: jared.scharf@desertgold.ca
Tel. No.: +1 (858) 247-8195
News release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which mineral resource estimates are reflective of actual mineral resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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 does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.
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1 Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company's SMSZ Property.