Keegan Drills 48 Metres of 2.01 g/t Gold at the Newly Acquired Bilpraw Zone
15 February 2012 - 12:30AM
Marketwired
Keegan Resources Inc (TSX:KGN)(NYSE Amex:KGN) ("Keegan" or the
"Company") is pleased to announce its first set of assay results
from the Bilpraw Zone on its Esaase Project in south-west Ghana.
The Bilpraw Zone occurs on the recently acquired Asuowin concession
in an area of historic underground mining, which is located
approximately four kilometers south of the Main Zone at Esaase (see
news release dated December 1, 2011).
In the process of drilling in the area, Keegan has discovered a
zone significantly larger than the footprint of the historic
mining. The Bilpraw Zone now extends over 500 metres of strike
length and is still open to the south and at depth. Significant
intercepts include:
Hole #4: 15 m of 1.65 g/t gold, 48 m of 2.01 g/t gold and 10 m of 2.13 g/t
gold;
Hole #7: 6 m of 3.30 g/t gold and 19 m of 1.65 g/t gold; and
Hole #12: 18 m of 1.48 g/t gold.
Refer to the table below and a collar location map on the
Company's website at www.keeganresources.com for further
details.
----------------------------------------------------------------------
From To Width Gold
Hole ID (metres) (metres) (metres) (g/t)
----------------------------------------------------------------------
BILRC-001 57 64 7 2.39
----------------------------------------------------------------------
BILRC-002 163 171 8 2.14
----------------------------------------------------------------------
BILDD-003 33 38 5 2.07
----------------------------------------------------------------------
BILRC-004 64 79 15 1.65
----------------------------------------------------------------------
including 65 66 1 14.95
----------------------------------------------------------------------
BILRC-004 112 160 48 2.01
----------------------------------------------------------------------
including 143 144 1 15.20
----------------------------------------------------------------------
including 150 151 1 35.80
----------------------------------------------------------------------
BILRC-004 187 197 10 2.13
----------------------------------------------------------------------
including 196 197 1 20.10
----------------------------------------------------------------------
BILRC-006 45 47 2 5.49
----------------------------------------------------------------------
including 46 47 1 10.05
----------------------------------------------------------------------
BILRC-007 92 97 6 3.30
----------------------------------------------------------------------
BILRC-007 108 117 9 1.84
----------------------------------------------------------------------
BILRC-007 188 207 19 1.15
----------------------------------------------------------------------
BILRC-008 59 64 5 1.99
----------------------------------------------------------------------
BILRC-008 70 75 5 1.00
----------------------------------------------------------------------
BILRC-012 120 138 18 1.48
----------------------------------------------------------------------
BILRC-013 179 186 7 1.92
----------------------------------------------------------------------
BILRC-013 207 217 10 1.27
----------------------------------------------------------------------
BILRC-014 30 35 5 2.10
----------------------------------------------------------------------
BILDD-017 40 41 1 8.72
----------------------------------------------------------------------
BILRC-020 195 204 9 0.81
----------------------------------------------------------------------
Numerous assays are still pending from this zone, which will be
reported as they are received. Drilling continues at site with a
high performance multi-use drill dedicated solely to
exploration.
CEO Shawn Wallace states, "We are encouraged by both the grade
and widths of the mineralization that we have intercepted at the
Bilpraw Zone and we continue focusing our exploration efforts on
this and the other exploration targets at Esaase as we continue to
optimize the project economics in our ongoing development
efforts."
To view the Map associated with this release, visit:
http://media3.marketwire.com/docs/kgn214_F1.pdf.
On Behalf of the Board of Directors,
Shawn Wallace, Chief Executive Officer
About Keegan Resources Inc.
Keegan is a junior gold company offering investors the
opportunity to share ownership in the rapid exploration and
development of high quality pure gold assets. The Company is
focused on its wholly owned flagship Esaase Gold Project (3.64
million ounce measured and indicated and 1.55 million ounces
inferred resource averaging 1.1 grams per tonne gold at a cutoff
grade of 0.4 grams per tonne for a total inferred and indicated
resource of 5.19 Moz ) located in Ghana, West Africa, a highly
favourable and prospective jurisdiction. Managed by highly skilled
and successful technical and financial professionals, Keegan is
well financed with no debt. Keegan is also strongly committed to
the highest standards for environmental management, social
responsibility, and health and safety for its employees and
neighbouring communities.
Keegan trades on the TSX and the NYSE AMEX under the symbol
KGN.
More information about Keegan is available at
www.keeganresources.com.
Qualified Person and QA/QC
Richard Haslinger, P. Eng. is the Qualified Person with respect
to NI 43-101 at Esaase. RC samples were taken at one-meter
intervals under dry drilling conditions by geologic and resource
consultant Coffey Mining Inc. utilizing drilling and sampling
techniques widely accepted in resource definition studies of other
West African gold deposits. All reverse circulation drill samples
are weighed on site and all cores is drilled at HQ diameter and
sawed into equal halves on site. All samples are assayed using
standard 50 gram fire assay with atomic absorption finish by ALS
Chemex Labs in Kumasi, Ghana. QA/QC programs using internal and
external standard samples, re-assays, and blanks indicate good
accuracy and precision in a large majority of standards assayed.
Repeatability in duplicate samples is generally within 10%
variance. In instances where variance is greater than 10%, the
assays from both samples are averaged. Intercepts were mostly
calculated to emphasize width rather than grade: a minimum of a 0.2
g/t cut off at beginning and end of the intercept and allowing for
no more than eight consecutive samples (eight meters) of less than
0.2 g/t Au. Mineralization in the main zone strikes approximately
10 to 30 degrees east of north and dips 45 to 90 degrees to the
west. Holes are drilled at 110 degrees azimuth and are inclined at
45 to 60 degrees, so true widths are estimated to be over 80% of
the drilled widths. Intercepts are calculated using a 0.5 g/t lower
cutoff over at least 5 meters. The intercepts reported in this
release were only those with grade-widths above a value of 8 (g/t
gold multiplied by metres of intercept).
The techniques by which drill hole assays have been previously
used in resource estimation at Esaase can be found in Keegan's most
recent NI 43-101 technical report on www.sedar.com.
Forward-Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address estimated
resource quantities, grades and contained metals, possible future
mining, exploration and development activities, are forward-looking
statements. In particular, Preliminary Economic Assessments are
preliminary in nature, including Inferred Mineral Resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as Mineral Reserves, and there is no certainty that the
findings of the Preliminary Assessment will be realized. Although
the Company believes the expectations expressed in the Preliminary
Economic Assessment and other forward-looking statements are based
on reasonable assumptions, such statements should not be in any way
construed as guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices for metals, the conclusions of detailed
feasibility and technical analyses, lower than expected grades and
quantities of resources, mining rates and recovery rates and the
lack of availability of necessary capital, which may not be
available to the Company on terms acceptable to it or at all. The
Company is subject to the specific risks inherent in the mining
business as well as general economic and business conditions. For
more information on the Company, Investors should review the
Company's annual Form 20-F filing with the United States Securities
Commission and its home jurisdiction filings that are available at
www.sedar.com.
Neither TSX Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Keegan Resources Inc. Shawn Wallace Chief Executive
Officer 604 683 8193 or Toll Free: 1 800 863 8655 604 683 8194
(FAX)info@keeganresources.com www.keeganresources.com
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