PMI Gold Corporation Announces Significant Drilling Intersections at its Kubi South Prospect
20 Agosto 2012 - 11:25AM
PR Newswire (Canada)
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR
TO U.S. NEWS AGENCIES/ VANCOUVER, Aug. 22, 2012 /CNW/ - Key Points:
-- Diamond drilling intersects significant gold mineralization at
the Kubi South Prospect, located 1.5km south of the Kubi Main
Deposit at PMI Gold's Kubi Project within the Ashanti Gold Belt. --
The Kubi Project is located on the north-east trending Ashanti
Shear Zone which hosts AngloGold Ashanti's world-class Obuasi Gold
Mine (pre-mined endowment of 60Moz) 15km to the north, and a series
of cross-cutting east-northeast trending structures which coincide
with Perseus Mining's Edikan Gold Mine (6.6Moz) 12km to the
south-west. -- A total of 12 diamond drill holes have been
completed for 2,164.5m designed to follow up historical mineralized
intercepts. All assay results have been received. -- Encouraging
results include: o 5m @ 3.33 g/t Au from 103m (including 2m @ 5.3
g/t Au from 103m) o 8m @ 1.39 g/t Au from 116m (including 2m @2.56
g/t Au from 119m) o 4m @ 1.55 g/t Au from 98m (including 1m @ 5.23
g/t Au from 101m) o 2m @ 2.40 g/t Au from 120m (including 1m @ 4.1
g/t from 121m) -- Results confirm internal continuity and down dip
extensions of mineralization beyond historical drilling, with
mineralization open along strike to both the north and south. PMI
Gold Corporation is pleased to announce latest diamond drilling at
the Kubi South Prospect (Figures 1-3), within PMI Gold's 100%
wholly-owned Kubi Project, has been completed and all assay results
have been received. Drilling intersected multiple zones of
significant gold mineralization ranging in strike length from 150m
to 300m (Figure 4), open along strike to both the north and south,
and also down dip. The Kubi South Prospect is strategically located
1.5km south of the Kubi Main Deposit (NI43-101 and JORC Code
compliant Mineral Resource estimate of Measured Resources of 0.66Mt
@ 5.30g/t for 121,000oz, Indicated Resources of 0.66Mt @ 5.65g/t
for 121,000oz, and Inferred Resources of 0.67Mt @ 5.31g/t for
115,000oz), both of which form along the highly prospective
north-east trending Kubi Shear. The Kubi Shear forms the eastern
boundary of the Ashanti Shear Zone which hosts AngloGold Ashanti's
world class Obuasi Gold Mine (pre-mined endowment of 60Moz), 15km
to the north of the Kubi Project area. Exploration by previous
explorers at PMI Gold's Kubi Project indicates that near-surface
gold anomalism is extensively distributed along the Ashanti and
Kubi Shears, both of which extend for the length of the project
area. Deeper historical drilling has only been carried out at
isolated locations and was principally focused at the
Kubi Main Deposit. Several deeper drill holes have also been
drilled into the Kubi South Prospect, with several significant
mineralized intersections intercepted (refer to historical
intercepts on Figure 4). A diamond drilling program was aimed at
infilling these historical intercepts and testing the continuity of
known mineralization along strike and down dip. Holes were drilled
on a nominal 100m line spacing 25m apart. A total of 12 holes for
2,164.5m were drilled. All samples were sent to MinAnalytical
Laboratory, Perth. Table 1 lists all significant intersections
(0.5g/t Au). Encouraging results include: -- KV12-540 5m @ 3.33 g/t
Au from 103m (including 2m @ 5.3 g/t Au from 103m) -- KV12-546 2m @
2.40 g/t Au from 120m (including 1m @ 4.1 g/t from 121m) --
KV12-549 8m @ 1.39 g/t Au from 116m (including 2m @2.56 g/t Au from
119m) -- KV12-551 4m @ 1.55 g/t Au from 98m (including 1m @ 5.23
g/t Au from 101m) Mineralization is hosted within a 1m to 15m thick
garnetiferous horizon within Birimian-age metasediments, near the
contact with Tarkwaian-age metasedimentary rocks, which has been
confirmed over a strike of 300m and is open both to the north and
south and also down dip. The geological and structural setting of
the Kubi South Prospect is identical to that at the Kubi Main
Deposit. A series of east-northeast structures have also been
identified from airborne and ground geophysical surveys. These
structures coincide with Perseus Mining's Edikan Gold Mine
(6.6Moz), 12km to the southwest, and are considered favorable hosts
for gold mineralization in Ghana. The Kubi Project is the second
project that PMI is currently developing in Ghana, along with the
Obotan Project where the results of a Feasibility Study are due to
be released in the September 2012 quarter. Drilling at the Kubi
South Prospect formed part of PMI's aggressive exploration push for
the first half of 2012 which involved drilling over 85,000 metres
at high priority targets within the Obotan, Kubi and Asanko
Projects. PMI Gold's Managing Director and CEO, Mr Collin Ellison,
said the results from the diamond drilling at the Kubi South
Prospect highlight the potential for economic mineralization to be
discovered within close trucking distance to the Kubi Main Deposit,
adding to the known resource. "Assays from the exploration drive
from the first half of 2012 continue to come in, with some very
encouraging numbers. The results from each of the prospects will be
evaluated, with further follow-up drilling on high priority targets
planned for the second half of 2012." On behalf of the Board,
"Collin Ellison" Managing Director & CEO Competent Person
Statement Exploration Results: The information in this announcement
that relates to Exploration Results is based on information
compiled by Thomas Amoah, who is employed by Adansi Gold
Company (Gh) Ltd, a wholly owned subsidiary of PMI Gold
Corporation. Mr Amoah, who is a Member of the Australian Institute
of Geoscientists (MAIG), has sufficient experience which is
relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves'. Mr Amoah consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears. Scientific and technical
information contained in this news release has been reviewed and
approved by Thomas Amoah-n, MAIG, MSEG. a "qualified person" as
defined under National Instrument 43-101. Field work was
supervised by Mr Amoah (VP-Exploration). Drill cuttings were
logged and sampled on site, with 3kg samples sent to the
MinAnalytical prep laboratory on site, and analyzed for gold by
fire assay-AA on a 50 gram sample charge or by screened metallics
AA finish in MinAnalytical laboratory in Perth. Internal QC
consisted of inserting both blanks and standards into the sample
stream and multiple re-assays of selected anomalous samples. Where
multiple assays were received for an interval, the final value
reported was the screened metallic assay if available, or in lieu
of that the average of the other results for the interval. Results
from the QC program suggest that the reported results are accurate.
Intercepts were calculated with a minimum 0.5 g/t Au cut off at the
beginning and the end of the intercept and allowing for no more
than three consecutive metres of less than 0.5 g/t Au internal
dilution. True widths are estimated at from 60% to 70% of the
stated core length. Kubi Resource Estimate: Information in
this presentation that relates to Mineral Resources at the Kubi
Main Deposit, Ghana, is based on a resource estimate that has been
audited by Simon Meadows Smith, who is a full time employee of
SEMS Exploration Services Ltd, Ghana. Simon Meadows Smith is
a Member of the Institute of Materials, Minerals and Mining (IMO3),
London and has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves, and under NI43-101. Simon Meadows Smith consents to
the inclusion in the presentation of the matters based on
information in the form and context in which it appears.
Cautionary Note Regarding Forward-looking Statements This news
release includes certain forward-looking statements or
information. All statements other than statements of
historical fact included in this release, including, without
limitation, statements relating to the potential mineralization and
geological merits of the Obotan, Kubi and Asanko Projects and the
plans, objectives or expectations of the Company with respect to
the advancement of these projects and completion of scoping and
pre-feasibility studies, are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's plans
or expectations include risks relating to the actual results of
current exploration activities; fluctuating gold prices;
possibility of equipment breakdowns, delays and availability;
exploration cost overruns; availability of capital and financing;
general economic, market or business conditions; regulatory
changes; timeliness of government or regulatory approvals; and
other risks detailed herein and from time to time in the filings
made by the Company with securities regulators, including in the
section entitled "Risk Factors" in the Company's Annual Information
Form dated September 20, 2011. In particular, statements
relating to the Company's plans to complete a feasibility study on
the Obotan Gold Project by the end of June 2012 are subject to
various factors, including positive results from ongoing
exploration; expansion and upgrading of existing mineral resources;
and completion of favourable geotechnical drilling programs,
metallurgical test work, mine plan engineering, environmental and
community relations assessments, and preliminary economic
assessments. Due to the uncertainty which may attach to
inferred mineral resources, it cannot be assumed that all or any
part of the inferred mineral resources will be upgraded to
indicated or measured mineral resources as a result of continued
exploration. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities legislation.
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. Table 1: Significant Gold Intercepts
(0.5g/t Au) Note : True widths are approximately 60% to 70% of
the length of the stated intersection lengths.
_________________________________________________________________________
| | | | | | |Depth|Depth| |Weighted| |Hole ID |Easting|Northing| RL
|Dip|Azimuth|From | To |Interval| Avg. | | | (UTM) | (UTM) |(UTM)|
| | (m) | (m) | (m) | Grade | | | | | | | | | | | (g/t) |
|________|_______|________|_____|___|_______|_____|_____|________|________|
|KV12-540|639952 | 662280 | 132 |-50| 290 |103.0|108.0| 5.0 | 3.33
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
| including |103.0|105.0| 2.0 | 5.30 |
|___________________________________________|_____|_____|________|________|
| | | | | | |74.0 |78.0 | 4.0 | 0.68 | |KV12-541|639932 | 662287 |
135 |-50| 290 |_____|_____|________|________| | | | | | |
|138.0|140.0| 2.0 | 1.00 |
|________|_______|________|_____|___|_______|_____|_____|________|________|
| | | | | | |128.0|129.0| 1.0 | 1.51 | |KV12-542|639969 | 662274 |
130 |-50| 290 |_____|_____|________|________| | | | | | |
|136.0|138.0| 2.0 | 1.50 |
|________|_______|________|_____|___|_______|_____|_____|________|________|
|KV12-543|640002 | 662367 | 149 |-50| 290 |123.0|133.0| 10.0 | 0.67
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
| | | | | | |130.0|131.0| 1.0 | 2.72 | |KV12-544|640067 | 662553 |
140 |-50| 290 |_____|_____|________|________| | | | | | |
|136.0|137.0| 1.0 | 1.96 |
|________|_______|________|_____|___|_______|_____|_____|________|________|
|KV12-545|640046 | 662561 | 147 |-50| 290 |59.0 |60.0 | 1.0 | 1.38
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
|KV12-546|640030 | 662567 | 149 |-50| 290 |120.0|122.0| 2.0 | 2.42
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
| including |121.0|122.0| 1.0 | 4.10 |
|___________________________________________|_____|_____|________|________|
| | | | | | |133.0|136.0| 3.0 | 1.01 | |KV12-547|640017 | 662466 |
157 |-50| 290 |_____|_____|________|________| | | | | | |
|140.0|142.0| 2.0 | 0.64 |
|________|_______|________|_____|___|_______|_____|_____|________|________|
|KV12-548|640031 | 662460 | 152 |-50| 290 | NSR |
|________|_______|________|_____|___|_______|_____________________________|
|KV12-549|639998 | 662473 | 164 |-50| 290 |116.0|124.0| 8.0 | 1.39
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
| including |119.0|121.0| 2.0 | 2.56 |
|___________________________________________|_____|_____|________|________|
|KV12-550|639964 | 662380 | 162 |-50| 290 | NSR |
|________|_______|________|_____|___|_______|_____________________________|
|KV12-551|639983 | 662374 | 157 |-50| 290 |101.0|102.0| 1.0 | 5.23
|
|________|_______|________|_____|___|_______|_____|_____|________|________|
| | | | | |
|___________________________________________|_____|_____|________|________|
SOURCE PMI Gold Corporation PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8845_DOC_EN_17151.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8845_DOC_EN_17152.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8845_DOC_EN_17153.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8845_DOC_EN_17154.pdf
PMI Gold Corporation CONTACT: Investor Relations Canada:Rebecca
Greco, Fig House Communications P. +1 (416) 822-6483 E.
fighouse@yahoo.comInvestor Relations Australia: Nicholas Read/Paul
Armstrong, Read CorporateP. +61 8 9388 1474M. +61 419 929 046PMI
Contact Canada:Marion McGrath, Corporate SecretaryP. +1 (604)
684-6264Toll-Free: 1 (888) 682-8089PMI Contact Australia: Collin
Ellison, Managing Director & CEOP. +61 8 6188 7900or visit the
PMI Gold Corporation website at www.pmigoldcorp.com
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