Sanu Gold Announces a New Target at Salat East on Daina Project
Vancouver, October 29, 2024 - Sanu Gold Corp. (CSE: SANU) (OTCQB: SNGCF) ("Sanu Gold" or the "Company") is pleased to announce that recent field investigation has delineated a highly prospective gold target in the south-eastern corner of the Daina project named Salat East. This new target is so far marked by new and extensive artisanal workings spanning a trend of 500 m and growing. The Daina project is located in prolific gold district of the Siguiri Basin in Guinea, West Africa.
Compelling New Target: The Salat East target is considered a significant new prospect market by new, extensive, and growing artisanal workings where significant excavations into mineralized bedrock only started within the last year.
Significant Footprint: Artisanal miners have begun extracting mineralized material along a 500 m northeast trending line of workings from a structure ranging from 5 to 8 m in width and dipping to the west, thus representing a target with possible significant gold ounce potential.
Target Development: The company is planning to evaluate the Salat East target with rock chip sampling, geological mapping and geophysics prior to possible drilling.
Drilling at Diguifara Imminent: The company is in the final stages of mobilizing equipment to the Diguifara Permit the immediate commencement of a 2,000 m, 19-hole program, informed through the joint technical committee with AngloGold Ashanti plc.
Martin Pawlitschek, President, and CEO of Sanu Gold commented: "We are excited to have defined a new target on the Daina permit. It is a remarkably persistent structure that has been opened by artisanal miners underneath a 3 to 6m thick layer of laterite. Such dedicated work to stripping essentially barren overburden to get at the structure is suggestive of high value mineralized material. The Company will further evaluate the target with mapping, rock chip sampling and geophysics, prior to making a drill decision."
Operations Update and Salat East:
With drill preparations well underway at the Diguifara project, geologists have also been active on the Daina permit, where the next phase of drilling will be planned soon. Reviewing available, updated satellite imagery showed a significant increase in the footprints of artisanal workings. A Salat East a particularly extensive series of open pits was noted on the imagery field traverses were undertaken to further investigate this area in the SE of the Daina project (Figure 1). The traverses investigated a 500m long line of pits that is visible on the most recent available satellite imagery (Figure 2). The previous, older satellite imagery only showed extensive shallow surface disturbances in the area. This progression to a well-structured line of pit indicates that the artisanal miners were exposing a new gold bearing structure in the bed rock (Figure 3).
Most the mineralisation near surface has been removed, flooded and waste filled or collapsed workings are currently preventing access to the main zones of mineralisation. Estimates of voids created show that the zone mined is consistently 4 to 8m thick and steeply west dipping. The host rock observed consists entirely of weathered granite. Remnant near surface mineralisation is currently being mined in the hanging wall of the flooded main workings. Where observed the mineralisation consists of sets of steep dipping, subparallel quartz veinlets ranging from a few millimeters to 1-2 centimeters in thickness hosted in weathered granite. Rock chips sampling, mapping and ground geophysics will be considered to further evaluate this area.
From the exposures created by the artisanal miners it is evident that the laterite cap in the area is up to 6m thick and was initially explored by sinking vertical shafts to the base of the laterite. There are some stopes that are sub horizontal which likely exploited a paleo-colluvial layer of gold above the main structure from these horizontal workings the artisanal miners then located and exploited the steep dipping structures in the bedrock, prior to the stripping the significant overburden to more fully exploit the main structure. All along the trend evidence of steep west dipping excavations in the granite provide indications of a steep west dipping main structure underneath the laterite cap and colluvial dispersion layer.
Update on Diguifara drilling program:
Access preparations at Diguifara are near complete and a multipurpose drill rig from the Company's second largest strategic investor, Capital, is currently mobilising to our Diguifara project (Figure 5). The Company will provide an update when drilling operations have commenced.
Next Steps at Salat East:
The Company plans to complete mapping, rock sampling and ground geophysics over the area and then to evaluate this area as a drill target.
Figure 1: Daina Permit, Sanu Gold Targets, major mining company permits, regional structures, gold mines and prospects.
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Figure 2: Salat East target near the southeast corner of the Daina Permit showing artisanal workings, shafts and pits from a north east trending 500m long structure hosted in granodiorite.
Figure 3: Workings at Salat East in the weathered granite, exploiting a 70 degree west dipping structure 5-8m in width. Upper photo view along strike to the northeast. Lower Photo: View along strike to the southwest. Green lined denote limits of main exploited structure. Blue lines show sub parallel footwall structures exploited.
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Figure 4: Remnant veinlets in steep west dipping structure in the hanging wall of the main mineralized structure.
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Figure 5: EDM2000HC multi-purpose drill rig mobilizing to the Diguifara project. Photo courtesy of Capital.
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Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG), Exploration Manager of the Company and a qualified person within the meaning of NI 43-101.
About Sanu Gold
Located within the Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits in Guinea, West Africa. The Company has defined multi-kilometer long gold-bearing structures on each of the gold exploration permits, with multiple high-value drill targets and is targeting multi-million ounce gold discoveries. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting.
Martin Pawlitschek
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company's website at www.sanugoldcorp.com or contact:
Anthony Simone
Simone Capital
416-881-5154
asimone@simonecapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release includes, but is not limited to, the anticipated timing for completion of various exploration or drilling programs and the use of proceeds from the Placement. Although Sanu Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's plans for exploration on its properties and ability to execute on plans, ability to raise sufficient capital to fund its obligations under its property agreements going forward, ability to maintain its material property agreements, mineral tenures and concessions in good standing, to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of gold and other metals, changes in general economic conditions and local risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel; general competition in the mining industry availability of capital and financing; general economic, market or business conditions, regulatory changes; timeliness of regulatory approvals as well as those factors discussed in the Company's public disclosure record. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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