VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 21, 2014) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to announce that drilling completed in December 2013 returned numerous wide mineralized intercepts and expanded the area of gold mineralization north of the Kao deposit at the Karma Gold Project ("Karma Project") in Burkina Faso, West Africa.
Drilling during the past six months has outlined a new area of continuous gold mineralization measuring 1300 metres by 600 metres immediately north of the Kao deposit, which - at 1400 metres by 900 metres - is the largest of the five deposits at Karma. The new mineralized area exhibits comparable scale, continuity and characteristics of grade to the Kao deposit.
This newly discovered gold mineralization is situated within a regional-scale gold trend that is now clearly defined over more than 3.5 kilometres and remains open. The new gold mineralization was not included in the recently published mineral reserve and updated mineral resource estimate released as part of the Karma Project's independent Feasibility Study1.
True Gold anticipates being in a position to calculate an initial mineral resource estimate for the mineralized area immediately north of Kao in late Q1 2014. New assay highlights from recent drilling include:
- 1.50 g/t gold ("Au") over 90.00 metres in KAO13DD-233, including
- 3.08 g/t Au over 32.50 metres
- 4.94 g/t Au over 7.0 metres
- 3.02 g/t Au over 30.00 metres in KAO13RC-489, including
- 8.52 g/t Au over 8.00 metres
- 1.04 g/t Au over 48.40 metres in KAO13DD-228
- 20.60 g/t Au over 2.00 metres and 2.81 g/t Au over 12.00 metres in KAO13RC-492, including
- 6.01 g/t Au over 4.00 metres
- 0.46 g/t Au over 26.00 metres and 1.56 g/t Au over 10.00 metres in KAO13RC-499
- 1.11 g/t Au over 9.00 metres in KAO13DD-230
"We anticipate that additional oxide ounces defined within the envelope of the proposed mining operation will feed into our current mine plan, and be accretive to the overall Karma Project in the near term," said Mark O'Dea, Executive Chairman, True Gold.
"The discovery of an expansive zone of gold mineralization north of the Kao deposit highlights the potential for Karma Project growth and scalability and builds confidence in our geological and exploration models," added Dwayne Melrose, President and CEO, True Gold. "The area north of Kao is one of more than a dozen high-priority targets at the Karma Project that contain gold mineralized material that is higher than cut-off grade in the Feasibility Study and are slated for further exploration work and drilling."
The potential quantity and grade of the targets is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain that further exploration will result in any of the targets being delineated as a mineral resource.
To review a drill map for North Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/KaoDrilMap1406.pdf
For a full table of RC drill results related to gold mineralization at North Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/NorthKaoDrillResultsRC1406.pdf
For a full table of core drill results related to gold mineralization at North Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/NorthKaoDrillResultsCore1406.pdf
Recent drilling intersected shallow, east-dipping, intrusive-hosted gold mineralization, which is geologically consistent with the Kao deposit.
The 856-square-kilometre Karma Project includes five closely spaced deposits - Kao, Goulagou I, Goulagou II, Rambo, and Nami - with a proposed central processing facility. The Karma Project Feasibility Study results support a technically simple, open-pit heap-leach project with 1.4-year payback and 43.1% IRR (after-tax) at US$1250 an ounce gold1.
Scott Heffernan, M.Sc., P.Geo., is the Company's Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101. He has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
All recently completed core and RC holes at North Kao were drilled at -60 degrees dip and 270 degrees azimuth, and to an average depth of 150 metres. True widths are estimated to be 70 to 90% of the intersected widths. Samples were assayed for gold by ALS Chemex in Ouagadougou, Burkina Faso. Assays were done by Fire Assay with AAS finish and repeats of all AAS assays over 5.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis. Results were monitored on receipt of assays.
||See True Gold news release dated December 17, 2013
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
|ON BEHALF OF THE BOARD
|Dwayne Melrose, President & CEO
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.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements and forward-looking information, including, without limitation, with respect to statements regarding the potential accretive nature that newly discovered mineralization north of the Kao deposit may have on the Karma Project, anticipated ability to be in a position to calculate an initial mineral resource estimate for the mineralized area immediately north of the Kao deposit, the potential for growth and scalability of the Karma Project, continued exploration success, timing for completion of the new mineral resource calculation on the mineralized area immediately north of the Kao deposit, the assumptions set forth in this news release and in the Company's news releases of December 17, 2013, and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the new mineral resource calculation on the mineralized area immediately north of the Kao deposit in the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com.
Forward-looking statements and information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements or forward-looking information in this presentation, other than as may be required by applicable laws.
United States investors are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards on Mineral Resources and Reserves - Definitions and Guideline ("CIM Standards") differ significantly from the requirements and terminology of the United States Securities and Exchange Commission ("SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7"). Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7. Without limiting the foregoing, while the terms "mineral resources", "inferred mineral resources", "indicated mineral resources" and "measured mineral resources" are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition of a "mineral reserve" differs from the definition in SEC Industry Guide 7.