VANCOUVER, BC, Feb. 8, 2024
/CNW/ - DFR Gold Inc. (TSX-V:DFR) ("DFR" or the "Company")
is pleased to announce, with its joint venture partner Panthera
Resources plc ("Panthera"), further laboratory results for samples
from the 2023 drilling programme at the Kalaka Project in
Mali for which initial results had
been reported on 9 October 2023.
Highlights
- Leachwell bottle roll analysis of 23 samples from the 2023
Reverse Circulation (RC) drilling programme on the K1A
mineralisation target at the Kalaka Project confirm the fire
assay2 results
- The samples were from holes three holes, KRC_23_005, KRC_23_006
and KRC_23_007, holes where the previously delineated mineralised
intersections included:
- 76 metres at 0.53 g/t Au (includes 10 metres at 1.16 g/t Au) in
hole KRC_23_005
- 34 metres at 0.50 g/t Au in hole KRC_23_006
- 85 metres at 0.52 g/t Au (includes 12 metres at 1.62g/t Au to
end of the hole) in hole KRC_23_007
- The bottle roll tests provide a preliminary indication of
excellent leachability by conventional processing. Oxide
recoveries averaged 87% recovery and unoxidized sulphide bearing
samples averaged 89% recovery.
- Results are an essential milestone to advance the K1A target
area as a potential bulk volume, low grade gold development
project.
CEO John McGloin commenting on
the results said: "The fire assay results reported for the Kalaka
drilling in October verified and validated the very significant
wide mineralised intersections recorded in the historical drilling
at the K1A target. These new positive bottle roll test results are
a further step towards demonstrating the potential positive
economics of the property."
Kalaka Project
At the Kalaka Project, DFR and Panthera each have 40% interest,
held through their shareholdings in Maniger Ltd. The remaining 20%
interest is owned by a local partner, Golden Spear Mali SARL.
Panthera is the operator of the project.
The project is located in southeast Mali, between Morila and Syama gold mines and
is approximately 260 km southeast of Bamako. It lies approximately 80 km south of
the Morila gold mine (8m oz) and 85
km northwest of Resolute's Syama gold mine (6m oz) and is situated adjacent and to the east
of the regional Banifin Shear Zone.
Leachwell Test work Results for Kalaka
Leachwell analysis was completed on 23 samples from three of the
RC drilled holes completed in 2023 at the K1A Prospect. As
reported previously on 9 October 2023
significant mineralisation was intersected in the 2023 drilling
campaign at the K1A prospect, including in KRC_23_007 with
12 m @ 1.62 g/t Au extending to the
end of the hole 9 (from fire assay results). Results have now
been received for all samples submitted to the SGS Laboratory
located in Bamako, who for
operational reasons sent the samples to their laboratory in
Ouagadougou, Burkina Faso, for processing. The Leachwell
analytical technique is a reagent grade catalyst formulated for
fast cyanide ("CN") leach gold assaying. The technique provides a
preliminary indication of the CN leachability of pre-metallurgical
sample testing.
The test work indicated that CN extractable gold for the:
- near surface oxide samples reported on average 87% recovery
(samples from Drill hole KRC-23-005)
- transitional zone samples reported on average 90% recovery
(samples from Drill hole KRC-23-006); and
- unoxidized, sulphide-bearing samples reported on average 89%
recovery (samples from Drill hole KRC-23-007).
Table 1 below details the Leachwell (CN extractable gold) gold
results and analysis.
Panthera has also noted that when the one high grade 'outlier'
pair sample is removed, the total Leachwell and Tails increases the
average gold grade from 0.57g/t to 0.66g/t, a 16%
increase versus the fire assays.
Figure 1 below details the locations of the 2023 RC drill holes
in relation to the K1A mineralisation and historical RC drill
holes.
The very positive Leachwell test results provide support to the
strategy of continuing and expanding work at Kalaka, and in
particular at the K1A target and extensions.
David J Reading, M.Sc., FIMM, Fellow SEG, a director of DFR and
a Qualified Person as defined under NI 43-101 has prepared or
supervised the preparation of, or approved, as applicable, the
technical information contained in this press release. Mr. Reading
has over 40 years' experience in the mining industry covering all
stages of mine development, including exploration, feasibility,
financing, construction and operations. He has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geologists.
Notes to Editors:
DFR Gold Inc. is a TSX Venture Exchange listed exploration and
mine development company focused on gold in West Africa. DFR holds interests in a
portfolio of West African gold exploration projects including the
highly prospective Cascades gold project ("Cascades") in
Burkina Faso. Cascades has a
Mineral Resource* prepared in accordance with NI 43-101 comprising
5.41 million tonnes of indicated resources at an average grade of
1.52g/t Au for a total 264,000 ounces of gold: and 6.93 million
tonnes of inferred resources at an average grade 1.67g/t Au for a
total of 371,000 ounces of gold. Please see the Company's technical
report titled "Amended and Re-stated Technical Report on the Labola
Project Burkina Faso" dated April 2,
2022, with an effective date of April
20, 2022 for further information regarding Cascades. This
report can be located at www.dfrgold.com.
In Madagascar, DFR has an
advanced high grade hard rock zircon exploration prospect located
in the west of the country, approximately 220km east of the port of
Maintirano and close to a state road. DFR acquired Beravina from
Pala Investments and Austral Resources in 2016.
The Company's public documents may be accessed at
www.sedarplus.ca
Neither the TSX-V 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.
Additional Mineral Resource Estimate Disclosures
- *Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
marketing, or other relevant issues. The Mineral Resources in this
note were reported using CIM (2014) Standards on Mineral
Resources and Reserves, Definitions and Guidelines and adopted by
CIM Council.
- The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define this Inferred Resource as an Indicated or
Measured Mineral Resource. It is uncertain if further exploration
will result in upgrading the Inferred Resource to an Indicated or
Measured Mineral Resource category.
- The Mineral Resource has been constrained by an open pit
evaluation using a gold price of US$1900 per ounce, and then reported at a cut-off
of 0.5 g/t Au.
- Contained metal and tonnes figures in totals may differ due to
rounding.
Forward-Looking Statements:
This release contains certain "forward-looking information"
within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact in this
release that address activities, events, or developments that DFR
expects or anticipates will or may occur in the future are
forward-looking statements or information. Often, but not always,
forward-looking information can be identified by the use of words
such as "aim", "aspire", "strive", "will", "expect", "intend",
"plan", "believe" or similar expressions as they relate to DFR.
Forward- looking information is subject to a variety of risks and
uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking
information.
There are a number of important factors that could cause DFR's
actual results to differ materially from those indicated or implied
by forward-looking statements and information. Such factors
include, among others: the ability to obtain requisite regulatory
approvals; the ability to finance the drilling campaign; commodity
prices; the gold exploration and mining industry in general; the
potential impact of the announcement on relationships; including
with regulatory bodies, employees; suppliers, customers and
competitors; changes in general economic, business and political
conditions, including changes in the financial markets; changes in
applicable laws; and compliance with extensive government
regulation. Should one or more of these risks, uncertainties or
other factors materialize, or should assumptions underlying the
forward-looking information or statement prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated, or
expected.
DFR cautions that the foregoing list of material factors is not
exhaustive. When relying on DFR's forward-looking statements and
information to make decisions, shareholders should carefully
consider the foregoing factors and other uncertainties and
potential events. DFR has assumed that the material factors
referred to in the previous paragraph will not cause such forward
looking statements and information to differ materially from actual
results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors. The forward-looking information contained in this
release represents the expectations of DFR as of the date of this
release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While DFR may elect to, it does not undertake to update
this information at any particular time except as required in
accordance with applicable laws.
SOURCE DFR Gold Inc. (formerly Diamond Fields Resources
Inc.)
