Highlights include 5.81 g/t Au over 14 m, 5.12 g/t Au over 13 m and 1.81 g/t Au over 28 m
Toronto, Canada – July 25, 2018 – Savary Gold Corporation. (TSX-V: SCA) (“Savary” or the “Company”) is pleased to announce positive drill results from a 8,465 metre, 120-hole, air core and reverse circulation drill program that was completed in May and June on the Karankasso JV Project in southwestern Burkina Faso. The results of the program demonstrate at least seven zones of gold mineralization that warrant additional drilling. A summary of select drill hole results are presented below (see Figures 1 to 4 for locations and Table 1 for additional details).
Karangosso South Area*
Serakoro 1 West Area**
Serakoro West North Area**
* widths are 70-75% of true width
** widths are approximate true widths
Since January 2018, Savary has completed 20,495 metres of auger, air core and reverse circulation drilling. Further core and reverse circulation drilling to follow-up these results is planned in Q4 of 2018. Savary owns an approximate 73.5% interest and is the operator of the project.
“Our decision to focus on the significantly underexplored southern portion of the property in the first half of 2018 was rewarded with strong drill intercepts at Karangosso South and the discovery of at least seven new zones of gold mineralization. These new zones, along with the Karangosso South and Serakoro West zones, are indicative of the potential to increase the overall mineral resources of the project. Drilling is planned to resume in Q4, 2018 to further expand and demonstrate this potential,” stated Don Dudek, President and CEO of Savary.
The recent program focussed on the southern concession block. It comprised 83 air core holes for 4,204 metres and 37 reverse circulation holes, totalling 4,261 metres. The goal of the program was to: 1) test for strike extension of the Serakoro West Zone inferred resource; 2) follow-up on drill intercepts from 2017-18 and 3) test the stronger (>100 ppb Au) gold-in-auger anomalies. The results demonstrated strong, gold-bearing mineralization in seven areas. Highlights of these results include:
Drilling has also returned new mineralization at the F North area with intercepts up to 1.81 g/t Au over 10 metres (Figure 2) and in three areas at the northern end of the Serakoro West area with intercepts of 2.44 g/t Au over 13 metres, 3.84 g/t Au over 4 metres and 1.07 g/t Au over 8 metres. These positive results will require follow-up drilling to determine their extent.
The auger drilling program was extremely successful in identifying new drill targets that in turn have led to meaningful new drill discoveries. Additional auger drilling is planned over some of the target areas and, in portions of know mineralized trends where the current auger line spacing is up to 1.6 km.
Savary’s procedure for handling reverse circulation drill chips comprises initial riffle splitting of the rock chips from one metre drill length samples into approximately 2.0-kilogram samples, as well as description and logging into a database. A duplicate 2.0-kilogram sample, prepared at the same time as the assay sample, is kept as a reference for each sample. A sample duplicate and assay blank was inserted sequentially every 5 to 14 samples and an assay standard was inserted every 29 to 34 samples. This results in 7 to 8% of the assayed samples being Savary inserted, reference/blank/control samples. Blanks and duplicates were preferentially inserted in visually mineralized zones to better test the assay results. This sampling procedure was periodically reviewed by Savary’s President and CEO, and the Company QP, Don Dudek, P. Geo. All assay samples were collected at site by staff and delivered to BIGS laboratory in Ouagadougou, Burkina Faso where sample preparation and analysis were performed. Each sample was dried, crushed to 75% passing 2 mm and then split to 1.5 kg by rotary splitter. This split was pulverized to 85% passing 75 mm. Fifty grams of the pulverized material was analysed for gold via fire assay with an atomic absorption spectroscopy (AAS) finish. BIGS institutes a full Quality Assurance/Quality Control (QA/QC) program consisting of insertion of internal blanks, standard reference material, repeats and reject splits which in total account for up to 25% of all determinations conducted. Most standards and blank control samples returned results within expected ranges. Those batches that returned standard values outside an approved range are being re-assayed. None of the re-assayed batches impacted the results presented here-in.
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 is a Canadian exploration company focused on exploring and developing the Karankasso Gold Project in Burkina Faso. The Company holds an approximate 73.5% joint venture ownership and is the operator of the project. The Project is located within the Houndé Greenstone Belt, which hosts Semafo’s Mana mine, Roxgold’s Yaramoko Mine and Endeavor’s Houndé Mine. The Project contains an Inferred mineral resource estimate (November 2, 2017, open pit constrained1) of 12.3 million tonnes (Mt) grading 2.03 g/t gold for 805,000 ounces. For additional information please visit our website at www.savarygold.com.
Neither 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 potential value growth of the JV, the upside of the property, the drill program, the company’s exploration plans and the timing of results, the focus on existing drill targets and new targets as well as the potential and likelihood of expanding or upgrading current estimated mineral resources. 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 statement 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.
Table 1 – Summary of Significant Intercepts from the Phase 2, 2018 drill program