Indigo Discovers New Gold System with a 1.5 Kilometre Strikelength at Lati, Burkina Faso
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/15/12 -- Indigo Exploration Inc. (TSX VENTURE: IXI)(FRANKFURT: INE) announces assays from 16 holes of the 50 hole Phase I reverse circulation drill program on its Lati gold permit in Burkina Faso, West Africa. The entire drill program was a first pass prospecting effort, with broad spaced drill transects (200m-1km apart) exploring a collective 7 kilometre long anomalous strikelength. The drilling targeted two large gold soil anomalies described in the Company's news release dated September 8, 2011, with associated extensive artisanal workings. The cumulative surface area of artisanal workings on Lati has gone from 0.58km2 to 2.0km2 in the past 9 months.
The highlights of the drill results reported below pertain to four drill transects testing the southernmost 1.5 kilometre portion of the 7 kilometre long anomalous strikelength and have identified gold mineralization on each line. The interpreted north trending alignment of the mineralized sections remains open along strike to the north and south. In addition, three of the four drill transects suggest the mineralization is still open to the west. This system is only partly overlapping with a large artisanal workings that covers an area at least 850 metres by 500 metres, the majority of which has not been drill tested yet. The granite contact approximately 200-300 metres to the east of the four transects is also suspected to be mineralized and has not been drill tested to date. A plan map showing the drill transects relative to the geology, soil anomalies and extensive artisanal workings has been posted on the Company website (www.indigoexploration.com).
Line 9
-----------------------------------------------------------------
From To Interval Au
Hole ID (m) (m) (m) (g/t)
-----------------------------------------------------------------
LTRC-30A 4.0 116.0 112.0 0.51
-----------------------------------------------------------------
including 46.0 116.0 70.0 0.73
-----------------------------------------------------------------
including 88.0 116 28.0 1.28
-----------------------------------------------------------------
including 106 112 6.0 3.16
-----------------------------------------------------------------
LTRC-30 53.0 66.0 13.0 0.34
-----------------------------------------------------------------
Line 10
-----------------------------------------------------------------
From To Interval Au
Hole ID (m) (m) (m) (g/t)
-----------------------------------------------------------------
LTRC-33A 10.0 84.0 74.0 0.19
-----------------------------------------------------------------
including 10.0 17.0 7.0 0.52
-----------------------------------------------------------------
including 68.0 82.0 14.0 0.33
-----------------------------------------------------------------
LTRC-33 49.0 63.0 14.0 0.23
-----------------------------------------------------------------
78.0 92.0 14.0 0.25
-----------------------------------------------------------------
Line 11
-----------------------------------------------------------------
From To Interval Au
Hole ID (m) (m) (m) (g/t)
-----------------------------------------------------------------
LTRC-36A 34.0 36.0 2.0 0.49
-----------------------------------------------------------------
LTRC-36 9.0 120.0 111.0 0.50
-----------------------------------------------------------------
including 13.0 24.0 11.0 3.17
-----------------------------------------------------------------
LTRC-35 73.0 96.0 23.0 0.35
-----------------------------------------------------------------
including 73.0 85.0 12.0 0.48
-----------------------------------------------------------------
Line 12
-----------------------------------------------------------------
From To Interval Au
Hole ID (m) (m) (m) (g/t)
-----------------------------------------------------------------
LTRC-39 20.0 39.0 19.0 0.35
-----------------------------------------------------------------
85.0 106.0 21.0 0.67
-----------------------------------------------------------------
including 97.0 106.0 9.0 1.39
-----------------------------------------------------------------
LTRC-38 86.0 88.0 2.0 1.15
-----------------------------------------------------------------
111.0 119.0 8.0 0.27
-----------------------------------------------------------------
LTRC-37 29.0 44.0 15.0 0.42
-----------------------------------------------------------------
73.0 93.0 20.0 0.33
-----------------------------------------------------------------
LTRC-37A 44.0 47.0 3.0 0.54
-----------------------------------------------------------------
The drill results pertain to 16 holes numbered LTRC-30A to LTRC-39 on four transects. Each drill transect or line above is composed of four westward directed inclined holes at -50 degrees that collectively test a 250 metre wide horizontal distance. The mineralized sections lie within a mixed package of mildly sheared and quartz veined diorite, granodiorite and andesite with disseminated pyrite.
Indigo's Interim President, Keir Reynolds, said: "The continuity seen over the widely spaced drill lines and the multitude of targets yet to be tested indicates that this has the potential to be a large gold system. These results certainly warrant a prompt follow-up RC drill program aimed at building upon this new discovery."
The surface area of artisanal workings on Lati where miners have turned over the top 2 metres of material has grown substantially since May 2011. Previously the surface area recorded in 2 principal sites was collectively 0.58 km2. In the past 9 months the surface area of the artisanal workings on Lati in three principal sites is now collectively 2.0 km2. It is estimated there are in the order of 3,000 artisanal workers panning the surface on Lati. Artisanal activity is recovering coarse grained gold, suggesting a proximal source.
The 100% owned, 246 sq. km Lati permit is located in the Boromo greenstone belt, approximately 150 km by road from the capital of Ouagadougou and 45 km north of the Poura Gold Mine. Much of this large permit remains unexplored. Mineralized quartz veins are common through the area, ranging from thin stockworks to metre-scale structures associated with regional scale shearing and fracturing mainly in mafic volcanic rocks. Several artisanal workings and prospects lie proximal to the both contacts between the sheared volcanics and intrusives.
Quality Control and Assurance
All samples were analyzed by 50 gram fire assay. The widths and grades reported are drill intercept widths and may not represent the true width of mineralization. Samples are reverse circulation cuttings collected using a cyclone in 1 metre intervals that are riffle split at the drill site. The primary laboratory is ALS Chemex in Ouagadougou, an ISO 17025 certified laboratory. Standard, blank and duplicate samples were inserted throughout the sample sequence as quality control checks. Paul Cowley, P.Geo., Interim CEO and director of Indigo, is the qualified person for the drilling campaign.
Results are pending for holes LTRC-1 through LTRC-27A and LTRC-40 to LTRC-42.
About Burkina Faso
The Kodyel, Loto, Lati, and Moule properties lie in the West African nation of Burkina Faso. Much of West Africa is underlain by the Birimian Greenstone Belt, one of the most prolific gold producing areas in the world. Many of the world's major gold companies are active in West Africa, several with producing mines, including: IAMGOLD Corporation, AngloGold Ashanti Limited, Randgold Resources Limited, Gold Fields Limited and Newmont Mining Corporation. Burkina Faso is politically and economically stable and relies on farming and mining as it primary sources of revenue. Burkina Faso saw gold production double from 2008 to 2010 and is currently the 5th largest gold producing country in Africa.
On Behalf of the Board of Directors,
Keir Reynolds, Interim President
Paul Cowley, P.Geo., Interim CEO and Director of Indigo Exploration Inc., is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, planned drill program or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. All such forward-looking information and statements are based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the sections relating to risk factors of the Company set out in the Company's MD&A filed on SEDAR.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Contacts:
Indigo Exploration Inc.
Paul Cowley
(604) 340-7711
www.indigoexploration.com