VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to announce the start of a 15,000 metre drill program at key exploration targets at its Karma Gold Project (the "Karma Project") in Burkina Faso, West Africa. The program is designed to discover new domains of open-pit, leachable material that could ultimately be incorporated into the current feasibility mine plan for potential mine life extensions or throughput expansions.
"We are excited to launch this aggressive campaign on the back of our exploration success in 2013," stated Dwayne Melrose, President & CEO of True Gold. "We believe there exists widespread potential for resource growth across the property, which could significantly add to the base-case mining scenario outlined in our Feasibility Study. The 1.7 million ounces of gold we recently added at North Kao (47.8 million tonnes at 1.1 g/t gold Inferred1), which is currently undergoing a scoping study, is a perfect example of the potential to build new resources into the Karma Mine plan for a phased development approach. We believe the Karma property has the potential to be a district in the making."
Over the past year, True Gold's refined exploration model has had a 100% success rate at new targets and the Company has proven its ability to identify a target and rapidly advance it from drill-ready through discovery to resource definition.
RECENT EXPLORATION HIGHLIGHTS INCLUDE:
- North Kao Discovery: Rapid recognition and delineation of 1.7 Mozs (47.8 Mtonnes at 1.1 g/t Au) of Inferred Mineral Resources, including 423 kozs (16.4 Mtonnes at 0.8 g/t Au) of oxidized material, in a previously untested area with 22,770 metres of drilling in 153 holes (37 core, 116 RC).
- Yabonsgo: Identified high-grade, near-surface oxide material including 12.6 g/t Au over 5.6 metres and 10.8 g/t Au over 4.5 metres while extending the mineralized footprint to over 600 metres.
- Rambo West: Multiple intercepts with more than 1.0 g/t Au over 15 to 28 metres from step out drilling to west of Rambo, the highest grade Karma deposit, including 2.4 g/t Au over 22.5 metres.
- Watinoma: Core drilling follow up on preliminary RC program returned gold mineralization in 15 of 18 holes, including 1.9 g/t Au over 70.5 metres. Significant gold mineralization has now been intersected over a 600 metre corridor which remains open in all directions.
See news releases dated March 3, 2014, August 20, 2013, and technical report entitled "Updated Resource Estimate on the Karma Gold Project, Burkina Faso, West Africa", dated March 13, 2014 prepared by P&E Mining Consultants Inc., all of which are filed on SEDAR at www.sedar.com.
The 2014 $5.6 million program combines 15,000 metres of drilling, 315 line-kilometres of IP, and a robust soil sampling program, and is designed to expand on the four targets mentioned above and add two new areas (Soulou and Sobona) to the exploration pipeline. Exploration is focused on three defined gold trends: the Kao Gold Trend, the Golden Arch, and the Rounga Domain.
To view an exploration overview map, please click on the following link:
The Kao Gold Trend
The Kao Gold Trend is defined by a NNE-trending structural corridor containing the Kao, North Kao, and Nami intrusive-hosted gold deposits along with numerous early stage exploration targets. 2014 exploration is set to identify up to four new centres of gold mineralization. At Nami and the nearby Idriss target, 1,800 metres of RC drilling is targeted from 40 line-km IP survey (2 grids), soil geochemistry and RAB sampling. Anomalies B & C are respectively located 1 and 3 kilometres to the northeast from the North Kao discovery and cover an area in excess of 3 square kilometres with surface rock samples up to 28.8 g/t Au. The area will be tested with 1,800 metres of RC drilling targeted from 40 line-km IP survey, RAB and RC drilling, and soil and rock sampling.
The Golden Arch
The Golden Arch is a WNW-trending arcuate structural corridor containing the Goulagou I, Goulagou II and Rambo deposits along with numerous exploration targets. The structural corridor is defined by a 2-3 km wide zone of intensely sheared sediments (siltstone and shale) with sub-parallel dykes and gold-bearing quartz veins, bounded by large felsic intrusive masses.
The strong continuity of the Golden Arch structure, mineralization style, and known gold occurrences within the trend identify it as a key target area within the project area. Extensions to Goulagou II and Rambo will be tested with 2,400 metres of core drilling. An additional 7 targets have been identified within the trend, based on the same combination of IP delineated structures and surface sampling. These targets will be tested pending results from the Rambo West and Goulagou drilling.
The Rounga Domain
The high-grade Rounga Domain is a broad region straddling at least four regional-scale, NE-trending shear zones which are interpreted as first-order splays off the country-scale Ouahigouya Shear Zone (OSZ)-Hounde Belt. Gold mineralization in this domain is distinct in its proliferation of high grade gold occurrences, comparable to those in the southern extensions of the OSZ in the Hounde Belt.
While there are no mineral resources to date, one of the principal targets, Yabonsgo, has been delineated with sufficient dimensions and understanding of controls on mineralization to warrant future infill drilling, resource modelling and estimation. For 2014, 1,800 metres of core drilling is designed to create a frame work for the high-grade mineralization expanding far beyond the initial 600 metre zone.
Watinoma and the adjacent Watigue target (4 kilometres northeast) highlight a strongly mineralized area spanning over 12 square kilometres that will be explored with a 55 line-km IP survey and 2,700m of core drilling. The recently discovered Soulou area is located on the same northeast-trending shear zone as the above Watinoma target and likewise hosts structurally controlled gold mineralization over several kilometres of strike length. Soulou will be tested with 2,700 metres of core drilling targeted on a 120 line-km IP survey. The northeast-trending structure connecting the Watinoma and Soulou areas exhibits numerous jogs, and splays typical of shear-hosted lode gold systems will be evaluated with a robust soil sample survey.
The 2014 program also includes a 60 line-kilometre IP of the Sobona target. Sobona, with a soil geochemistry footprint of 3,800 metres by 2,400 metres, is located some 4 kilometres to the south of Watinoma, and along with several other early stage exploration targets is situated on another major northeast trending shear zone.
An additional 1,800 metres of core drilling will be allocated as results warrant.
Scott Heffernan, M.Sc., P.Geo., and the Vice President, Exploration for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
(1) Refer to technical report entitled "Updated Resource Estimate on the Karma Gold Project, Burkina Faso, West Africa", dated March 13, 2014 prepared by P&E Mining Consultants Inc. and filed on SEDAR at www.sedar.com.
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 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 from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding officer appointments and resignations, the potential to growing a successful gold exploration, development and production company, ability to find projects with low costs, low technical risks and solid economics, expectations that corporate social responsibility ("CSR") programs and local community engagement will reduce project risk, continued excellent community relations that will bear clear benefits for local residents and the Company, including improved project design, reduced costs, water for community use and reduced social impacts, continued local community support for the development of the Karma Project, the possibility that the key personnel in the Karma Project CSR leadership team may not perform as anticipated or remain with the Company, accidents, and risks and uncertainties relating to 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, the potential accretive nature that newly discovered mineralization at the two drill targets discussed in the Company's News Release dated March 13, 2014 may have on the Karma Project, the potential for growth and scalability of the Karma Project including, but not limited to, potential for additional mining centres, continued exploration success, 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 bottle roll tests will be indicative of ultimate column test results, the possibility that future exploration and development results in the Karma Project will not be consistent with the Company's expectations, the potential initial resource estimate on the Kao North discovery, 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 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 required financing to be in a position to consider a production decision, appropriate and sufficient equipment and labour will be available and accessible to the Company to meet its development goals, retention of key personnel 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 does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.