- Drilling completed and all assay results received from
first pass Aircore exploration drilling undertaken by PMI at the Afiefiso Prospect,
located 12km south-west of the Obotan Gold Project.
- Shallow mineralization intersected over previously
defined gold in soil anomaly.
- Afiefiso lies within the Asankrangwa Gold Belt and located
near the junction of the prospective Fromenda Shear with favourable
east-northeast trending cross-cutting structures.
- Aircore drilling program represents first exploration
campaign by PMI at Afiefiso.
- Encouraging results include
- 16m @ 1.73 g/t Au from 11m (including 3m @ 7.58 g/t Au from
19m)
- 15m @ 1.16 g/t Au from 48m (including 2m @ 4.99 g/t Au from
48m)
- 3m @ 13.64 g/t Au from 12m (including 1m @ 40.57 g/t Au from
12m)
PMI Gold Corporation (TSX-V: PMV) (ASX: PVM) is
pleased to announce drilling has been completed and all assay results returned from
its first pass Aircore exploration drilling program at the Afiefiso Prospect
(Figure 1), a high priority target identified and tested in the Company’s
+100,000m regional exploration push undertaken during the half year to June 2012.
The Afiefiso
Prospect is a new discovery strategically located within a 15km area of
influence south-west of the Company’s flagship Obotan Gold Project in
south-west Ghana. (NI43-101 and JORC Code compliant Mineral Resource estimate
of Measured Resources of 15.57M tonnes at a grade of 2.47g/t for 1.23Moz,
Indicated Resources of 29.21M tonnes at a grade of 2.00g/t for 1.88Moz and
Inferred Resources of 21.91M tonnes at a grade of 1.99g/t for 1.40Moz; Figure 1.)
Drilling
was designed as a first-pass test of a strong (>100ppb) gold in soil
geochemical anomaly, defined by previous explorers, which extends over a length
of 2km striking north-east and is 200-500m wide. The soil anomaly is situated in
a similar geological setting to the Obotan gold deposits, at the junction of
the regional, north-east trending Fromenda Shear and interpreted east-northeasterly
cross-cutting structures within a sequence of meta-sedimentary rocks. The program
comprised broadly spaced reconnaissance Aircore traverses (145 holes on four
traverses at 200-800m intervals; Figure 2) which commenced in March 2012. A
total of 10,018m has been drilled into the prospect.
The prospective north-east trending Fromenda Shear is interpreted from
geophysical data to form the eastern margin of a regional structural corridor
which extends over the 70km strike extent of PMI’s Asankrangwa tenements. The
corridor comprises a parallel series of at least three continuous shear zones
(Abore, Nkran and Fromenda) interpreted to control the regional distribution of
gold mineralization, particularly at intersections with cross-cutting
east-northeasterly structures, similar to the interpreted overall structural
setting of PMI’s Obotan deposits to the north. At Obotan, the Company’s
tenements mainly cover the Nkran and Abore shears which are interpreted to
control the Nkran, Abore, Asuadai and Adubiaso deposits to the west of the lesser
explored Fromenda Shear.
Regionally,
gold mineralisation was intersected in drilling during the 1990’s by a range of
companies along the entire strike extent of all north-east trending structures
comprising the corridor, and now consolidated for the first time as a single
project owned by PMI Gold (Figure 1). Based on the historical exploration results,
prospects along the Fromenda Shear are considered by PMI to represent high
priority exploration targets.
The
recent reconnaissance aircore drilling program carried out at Afiefiso prospect
intersected multiple zones of anomalous gold at shallow depths (<100m),
striking parallel to the Fromenda Shear over a length of up to 1,600m and downhole
widths of2-12m (Figure 2). All assay results have been received for the 145
holes from MinAnalytical Laboratory in Perth, Australia. Table 1 lists all
anomalous intersections >0.1g/t Au. Encouraging
shallow gold intersections recorded include:
- AFAC12-001 16m @ 1.73 g/t Au from 11m (including 3m @
7.58 g/t Au from 19m)
- AFAC12-003 6m @ 0.72 g/t Au from 21m
- AFAC12-011 15m @ 1.16 g/t Au from 44m (including 2m @
4.99 g/t Au from 48m)
- AFAC12-016 9m @ 0.97 g/t Au from 49m (including 2m @
2.76 g/t Au from 50m)
- AFAC12-073 3m @ 13.64 g/t Au from 12m (including 1m @
40.57 g/t Au from 12m)
Along
with earlier announced drilling results from the Fromenda Prospect (refer to
Announcement dated April 30, 2012), the recent results from Afiefiso further highlight
the potential of the Fromenda Shear to host gold mineralization, and the
success of utilising the historical soil geochemical data notwithstanding the
obscuring effects of alluvial and cultural processes.
PMI
Gold’s Managing Director and CEO, Mr Collin Ellison, said the results from the
first pass exploration drilling at Afiefiso has identified further shallow encouraging
gold values, highlighting the potential to discover satellite sources of oxide
mineralisation within economic haulage distance to the proposed processing
facility at Nkran to supplement mill feed from the four main Obotan deposits
(Nkran, Asuadai, Adubiaso and Abore).
“Our extensive regional
exploration push has involved drilling nearly 86,000m for the first half of
2012 at the Obotan, Asanko and Kubi Projects. Early results from Kaniago,
Fromenda and Afiefiso within the Obotan Area of Influence, and the 513 Prospect
at the Kubi Project have identified some significant and encouraging gold zones.
Further assay results are still outstanding from drilling which has been
completed at the Kubi Gold Project and at the Diaso Prospect, another high priority
target within the Asanko Project. We expect to receive these results in the
coming weeks and prioritise the prospects for further follow up drilling for
the second half of 2012.”
