Legend Gold Corp. Exploration Update
TORONTO, ONTARIO -- (Marketwire) -- 04/18/11 -- Legend Gold Corp. (the 'Company' or 'Legend Gold') (TSX VENTURE: LGN) is pleased to provide an update on ongoing exploration programs.
Our combination of systematic geochemical sampling, geophysical and structural interpretation, and AC and RC drilling has produced exploration success at Tiekoumala.
At Tiekoumala North, Legend Gold has an NI 43-101 compliant resource calculation (2007) of 7,880,000 tonnes at a grade of 0.95 grams per tonne for 241,000 ounces of gold in the indicated mineral resource category and 10,550,000 tonnes at a grade of 1.05 grams gold per tonne for 353,000 ounces of gold in the inferred mineral resource category. Over the past ten months extensive geochemical sampling has led to the identification of several extensive gold anomalies proximal to this existing resource. There are currently several thousand samples from air core ('AC') drilling from this area and from portions of Tiekoumala South awaiting assay.
Drill results were released from about 20% of the planned drilling program at Tiekoumala on Thursday April 17, 2011 (see press release dated April 17, 2011). Those results represented samples from a 50 hole (5,000 metre) reverse circulation drill ('RC') program designed to test a north south corridor of anomalous to high grade gold mineralization (see press release dated August 4, 2010 and April 17, 2010) at Tiekoumala South. The Company considers these results and the existence of this corridor, or zone, to be a highly prospective gold occurrence requiring further detailed exploration. Geochemical sampling is underway to expand our knowledge of this extensive auriferous zone prior to continuing our drilling in this area.
Geochemical sampling of termite mounds for gold content over an area of approximately 60 square kilometres in the center of the Tiekoumala project will be completed in three weeks. This sampling will permit interpretation of regional soil and termite mound geochemistry between Tiekoumala North and Tiekoumala South.
The Tiekoumala project is a large area consisting of over 380 square kilometres in two active permits. There are numerous, extensive gold targets over a very wide area. So far, Legend Gold has encountered gold mineralization in bedrock wherever it drills these anomalies, including the above mentioned resource at Tiekoumala North. All zones are open on strike and to depth.The continued employment of a systematic approach to geochemical sampling, geophysical and structural interpretation, and AC and RC drilling will permit us to vector in on the most promising gold targets on this property to provide continued success.
Located in western Mali, the Lakanfla and Tintimbu permits (collectively called Lakanfla) form a key part of the Company's strategy to explore and expand its gold discoveries along strike of the 11 million ounce Sadiola Gold Mine (AngloGold Ashanti, IAMGOLD, SEMOS) ('Sadiola'). Legend Gold's Lakanfla project is contiguous to the southern boundary of Sadiola and is situated 10 kilometres southeast of Sadiola's main open pit. Lakanfla is located along the Sadiola mine trend which has produced more than 11 million ounces of gold.
Legend Gold announced the mobilization of a drill rig to the property to commence a 10,000 metre combined RC and AC drill program in March 2011 (see press release dated March 30, 2010). There are three gold occurrences within the Lakanfla permit known as Zones 1, 2, and 3 which will be the primary focus of this season's drill program Each zone remains open on strike and to depth.
There has been little exploration on the Lankafla property since 2004. In total there is an historical data base of drilling completed by the Company in 2003 to 2005 of: 6,003 metres of AC drilling in 128 holes, 10,355 metres of RC drilling in 113 holes, and 1,729 metres of diamond drilling in 8 holes. In addition to the drill data, the Company has completed extensive geochemical and geophysical surveys that will be used to plan new exploration. Please see press releases dated: July 29 and December 17, 2003, and January 7, May 3, June 8, July 6, 2004, and March 4, 2005 for detailed descriptions of drill results from previous programs. These press releases are available on the Company's website at www.legendgold.com or SEDAR.COM.
Legend Gold has two other pipeline projects in Mali, the Diokeba and Dalakan projects. Diokeba is adjacent to our Lakanfla project in western Mali and on trend with the same mine trend as Sadiola and Lakanfla. The Dalakan project is located in southern Mali and is a high quality gold exploration property. In addition the company continues to evaluate properties within the borders of Mali that demonstrate favourable geology and gold mineralization in the principal mining districts of the country.
Legend Gold is fully financed to complete its current exploration plans with approximately $3.1 million on hand. We expect no appreciable dilution as in-the-money warrants continue to provide cash to cover exploration expenditures.
Qualified Person
The technical information contained in this news release has been reviewed and verified by H. Andrew Daniels, P. Geo, a Qualified Person as defined by National Instrument 43-101. Mr. Daniels has over 25 years of mineral exploration and mining experience, is a Licensed Professional Geologist in the Province of Ontario and a member in good standing of the Association of Professional Geoscientists of Ontario - Registered P. Geo (#0988).
About The Company
Legend Gold is a mineral exploration and development company focused on exploring for gold in the Republic Of Mali, West Africa. Our four main projects are the Tiekoumala, Lakanfla, Diokeba, and Dalakan projects. In recent years, we have made significant gold discoveries on the Tiekoumala project located in Southern Mali, and the Lakanfla project located in Western Mali. Legend Gold has 58,826,124 common shares issued and outstanding (82,543,018 shares on a fully diluted basis). Please visit our website www.legendgold.com for more information about our projects.
This news release may contain forward-looking statements that are based on Legend Gold Corp.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so 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.
Contacts:
Legend Gold Corp.
Jane Curtis
Manager Corporate Affairs
416-703-6348
416-703-6507 (FAX)
info@legendgold.com
www.legendgold.com
Renmark Financial Communications Inc.
Barry Mire
514-939-3989 or 416-644-2020
bmire@renmarkfinancial.com
Renmark Financial Communications Inc.
Matthew Planche
514-939-3989 or 416-644-2020
mplanche@renmarkfinancial.com