First Phase of Drilling Completed at Fromenda Prospect Intersects Further High Grade Gold Values
22 August 2012 - 5:51PM
PR Newswire (Canada)
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR
TO U.S. NEWS AGENCIES/ VANCOUVER, Aug. 22, 2012 /CNW/ - Key Points:
-- First phase of drilling has now been completed at the Fromenda
Prospect, located 15km south-west of PMI Gold's Obotan Project,
intersects further high grade gold mineralization of up to 38.18g/t
Au. -- A total of 68 RC drill holes have been drilled for 6,775m.
Assay results from the remaining 55 holes have now been received.
-- The Fromenda Prospect lies within the Asankrangwa Gold Belt and
sits on the prospective regional, north-east trending Fromenda
Shear, which is parallel to the regional Nkran Shear to the west,
at the intersection with favourable east-northeast trending
cross-cutting structures. -- Significant results received include
(true width is 60-70% of the downhole intersection lengths): o 26m
@ 1.74g/t Au from 82m o 40m @ 2.06g/t Au from 55m o 17m @ 4.28g/t
Au from 4m (including 3m @ 15.58g/t Au from 12m) -- Results further
confirm the occurrence of a gold system over a strike extent in
excess of 500m, which remains open down-dip. PMI Gold Corporation
is pleased to announce the further positive results for the first
phase of RC drilling carried out at the Fromenda Prospect.
The Prospect is located within the Obotan Exploration Area of
Influence defined by a 15km trucking radius of the Nkran Deposit
where a feasibility study is due for completion planned within the
September Quarter, to evaluate a proposed 200,000oz per annum
operation. The prospect is situated on the north-east trending
regional Fromenda Shear, which is interpreted from geophysical data
to occur towards the eastern margin of a regional, north-east
trending 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-northeast structures as characterizes PMI's
Obotan deposits to the north (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). Drilling at the
Fromenda Prospect commenced in February 2012, with 68 RC holes
drilled for a total of 6,775m. The drilling program was planned to
evaluate the broader extent of the mineralized system at shallow
depths, with some infilling of the historical drill pattern over a
previously delineated gold in soil anomaly. The results of 13 holes
were released in April (refer to ASX/TSX release dated April 30(th)
2012). All outstanding assays have now been received, with
significant gold intercepts (0.5g/t Au) listed in Table 1.
Highlights of the remaining results include: -- NBRC12-021 5m @
1.33g/t Au from 36m -- NBRC12-030 2m @ 3.94g/t Au from 21m --
NBRC12-035 36m @ 1.74g/t Au from 82m (including 1m @ 11.78g/t Au
from 86m) -- NBRC12-036 3m @ 2.07g/t Au from 116m -- NBRC12-038 40m
@ 2.06g/t Au from 55m -- NBRC12-054 8m @ 6.80g/t Au from 18m
(including 1m @ 38.18g/t Au from 25m) -- NBRC12-055 17m @ 4.28g/t
Au from 4m (including 3m @ 15.58g/t Au from 12m) Drilling has
delineated a gold system over a strike extent in excess of 500m
(Figure 2). Many of the largest gold deposits in Ghana have short
strike lengths with substantial steep plunging deep roots. Gold is
hosted in a steeply dipping stockwork of quartz veins hosted by a
sequence of metavolcanics and sedimentary rocks (Figure 3).
The drilling results have confirmed the internal continuity of
known mineralization and extended it to depths in excess of 100m.
It has also shown that the gold mineralization is open along strike
to both the north and south, and is open down-dip offering the
potential to be a more extensive system than presently drilled. PMI
Gold's Managing Director and CEO, Mr Collin Ellison, said the
results from drilling at Fromenda clearly indicate the broader
potential for the Fromenda Shear within the Belt to host
significant gold mineralization. "Further high grade values and
broad intercepts received from the Fromenda Prospect confirm this
area as a high priority target. Geological interpretations and
modelling are ongoing to gain a greater understanding of the
structural controls on mineralization and enable optimal planning
of further drilling planned for later in the year." On behalf of
the Board, "Collin Ellison" Managing Director & CEO Competent
Person Statement Exploration Results: The information in this
announcement that relates to Exploration Results is based on
information compiled by Thomas Amoah, who is employed by
Adansi Gold Company (Gh) Ltd, a wholly owned subsidiary of PMI Gold
Corporation. Mr Amoah, who is a Member of the Australian Institute
of Geoscientists (MAIG), has sufficient experience which is
relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves'. Mr Amoah consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears. Scientific and technical
information contained in this news release has been reviewed and
approved by Thomas Amoah-n, MAIG, MSEG. a "qualified person" as
defined under National Instrument 43-101. Field work was
supervised by Mr Amoah (VP-Exploration). Drill cuttings were
logged and sampled on site, with 3kg samples sent to the
MinAnalytical prep laboratory on site, and analyzed for gold by
fire assay-AA on a 50 gram sample charge or by screened metallics
AA finish in MinAnalytical laboratory in Perth. Internal QC
consisted of inserting both blanks and standards into the sample
stream and multiple re-assays of selected anomalous samples. Where
multiple assays were received for an interval, the final value
reported was the screened metallic assay if available, or in lieu
of that the average of the other results for the interval. Results
from the QC program suggest that the reported results are accurate.
Intercepts were calculated with a minimum 0.5 g/t Au cut off at the
beginning and the end of the intercept and allowing for no more
than three consecutive metres of less than 0.5 g/t Au internal
dilution. True widths are estimated at from 60% to 70% of the
stated core length. Obotan Resource Estimate 2012: Information that
relates to Mineral Resources at the Obotan Gold Project is based on
a resource estimate that has been completed by Mr Peter Gleeson,
who is a full time employee of SRK Consulting, Australia.
Mr Gleeson is a Member of the Australian Institute of
Geoscientists (MAIG) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and as a Qualified Person (by ROPO) as
defined in terms of NI43-101 standards for resource estimation of
gold. Mr Gleeson has more than 5 years' experience in the
field of Exploration Results and of resource estimation in general.
Mr Gleeson consents to the inclusion of matters based on
information in the form and context in which it appears. Cautionary
Note Regarding Forward-looking Statements This news release
includes certain forward-looking statements or information.
All statements other than statements of historical fact included in
this release, including, without limitation, statements relating to
the potential mineralization and geological merits of the Obotan,
Kubi and Asanko Projects and the plans, objectives or expectations
of the Company with respect to the advancement of these projects
and completion of scoping and pre-feasibility studies, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such
statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include risks relating to the actual results of current exploration
activities; fluctuating gold prices; possibility of equipment
breakdowns, delays and availability; exploration cost overruns;
availability of capital and financing; general economic, market or
business conditions; regulatory changes; timeliness of government
or regulatory approvals; and other risks detailed herein and from
time to time in the filings made by the Company with securities
regulators, including in the section entitled "Risk Factors" in the
Company's Annual Information Form dated September 20, 2011.
In particular, statements relating to the Company's plans to
complete a feasibility study on the Obotan Gold Project by the end
of June 2012 are subject to various factors, including positive
results from ongoing exploration; expansion and upgrading of
existing mineral resources; and completion of favourable
geotechnical drilling programs, metallurgical test work, mine plan
engineering, environmental and community relations assessments, and
preliminary economic assessments. Due to the uncertainty
which may attach to inferred mineral resources, it cannot be
assumed that all or any part of the inferred mineral resources will
be upgraded to indicated or measured mineral resources as a result
of continued exploration. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
legislation. Neither the 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. Table 1: Significant Gold Intercepts (0.5
g/t Au) NOTE : True widths are approximately 60-70% of the
length of the stated intersection lengths
_____________________________________________________________________________
| | | | | | |Depth|Depth|Interval|Weighted| | Hole ID |Easting
|Northing| RL |Dip|Azimuth|From | To | (m) | Avg. | | | (UTM) |
(UTM) |(UTM)| | | (m) | (m) | | Grade | | | | | | | | | | | (g/t) |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-013 |602431.8|684430.3|167.7|-50| 135 | 8 | 9 | 1 | 1.33 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-014 |602400.1|684467.1|170.8|-50| 135 | 4 | 6 | 2 | 0.55 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-016 |602213.4|684790.5|152.1|-50| 135 | 2 | 3 | 1 | 0.90 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 47 | 48 | 1 | 0.98 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-017 |602251.6|684753.7|159.5|-50| 131 | 78 | 80 | 2 | 0.56
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-018 |602285.5|684723.0|164.3|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 5 | 6 | 1 | 1.04 | |NBRC12-019
|602321.2|684681.9|172.0|-50| 135 |_____|_____|________|________| |
| | | | | | 43 | 46 | 3 | 0.77 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-020 |602367.8|684642.9|192.3|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-021 |602394.7|684608.3|198.7|-50| 135 | 36 | 41 | 5 | 1.33
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 23 | 24 | 1 | 3.68 | | | | | | |
|_____|_____|________|________| | | | | | | | 27 | 28 | 1 | 0.96 |
|NBRC12-022 |602421.7|684572.8|192.6|-50| 135
|_____|_____|________|________| | | | | | | | 43 | 46 | 3 | 1.61 |
| | | | | | |_____|_____|________|________| | | | | | | | 72 | 74 |
2 | 1.14 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-023 |602458.3|684543.7|188.2|-50| 135 | 58 | 62 | 4 | 1.86
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-024 |602526.0|684473.1|171.6|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-025 |602493.9|684506.0|176.4|-50| 135 | 48 | 49 | 1 | 1.30
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-026 |602545.0|684619.7|206.7|-50| 136 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-027 |602578.8|684585.2|198.2|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-028 |602607.5|684553.0|191.1|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-029 |602476.2|684695.4|210.3|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 0 | 2 | 2 | 0.87 | |NBRC12-030
|602799.3|684914.7|150.9|-50| 135 |_____|_____|________|________| |
| | | | | | 21 | 23 | 2 | 3.94 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-031 |602830.4|684878.7|151.5|-50| 135 | 48 | 49 | 1 | 1.11
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-032 |602865.8|684845.1|155.2|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 12 | 16 | 4 | 0.80 | |NBRC12-033
|602673.1|684851.9|190.5|-60| 135 |_____|_____|________|________| |
| | | | | | 53 | 57 | 4 | 0.61 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 16 | 17 | 1 | 1.75 | | | | | | |
|_____|_____|________|________| | | | | | | | 24 | 27 | 3 | 2.21 |
| | | | | | |_____|_____|________|________| |NBRC12-034
|602683.9|684891.4|194.7|-60| 135 | 58 | 59 | 1 | 1.18 | | | | | |
| |_____|_____|________|________| | | | | | | | 72 | 73 | 1 | 1.97
| | | | | | | |_____|_____|________|________| | | | | | | | 117 |
118 | 1 | 1.52 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 16 | 17 | 1 | 1.29 | |NBRC12-035
|602610.1|684882.8|206.0|-60| 135 |_____|_____|________|________| |
| | | | | | 82 | 108 | 26 | 1.74 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| including | 86 | 87 | 1 | 11.78 |
|_______________________________________________|_____|_____|________|________|
|NBRC12-036 |602640.1|684889.0|201.5|-60| 135 | 116 | 119 | 3 |
2.07 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 57 | 61 | 4 | 0.61 | |NBRC12-037
|602630.0|684864.9|202.3|-60| 135 |_____|_____|________|________| |
| | | | | | 73 | 75 | 2 | 3.19 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 55 | 95 | 40 | 2.06 | |NBRC12-038
|602599.5|684852.7|207.6|-60| 135 |_____|_____|________|________| |
| | | | | | 128 | 131 | 3 | 0.93 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| | | | | | | 30 | 31 | 1 | 2.02 | | | | | | |
|_____|_____|________|________| |NBRC12-039
|602569.9|684870.7|210.3|-60| 135 | 88 | 96 | 8 | 0.73 | | | | | |
| |_____|_____|________|________| | | | | | | | 133 | 134 | 1 |
1.02 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-040 |602367.6|684792.7|168.1|-50| 135 | 76 | 81 | 5 | 1.60
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-041 |602392.0|684763.3|174.3|-50| 135 | 9 | 11 | 2 | 0.95 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-042 |602424.0|684715.7|191.7|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-043 |602512.2|684886.4|197.3|-60| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 35 | 36 | 1 | 1.8 | |NBRC12-044
|602690.9|684944.8|185.3|-60| 135 |_____|_____|________|________| |
| | | | | | 69 | 72 | 3 | 1.86 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-045 |602533.3|684882.8|202.3|-60| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-046 |602143.3|684364.5|164.5|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-047 |602185.2|684347.5|175.7|-61| 139 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-048 |602247.8|684260.1|236.7|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-049 |602214.3|684297.4|180.8|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-050 |602309.2|684339.7|156.4|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-051 |602234.9|684406.6|163.0|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 15 | 18 | 3 | 0.99 | | | | | | |
|_____|_____|________|________| |NBRC12-052
|602272.1|684369.7|227.3|-55| 135 | 61 | 62 | 1 | 1.29 | | | | | |
| |_____|_____|________|________| | | | | | | | 84 | 88 | 4 | 0.57
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-053 |602207.1|684445.5|166.1|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
| | | | | | | 8 | 9 | 1 | 3.57 | |NBRC12-054
|602640.5|684854.1|197.7|-60| 135 |_____|_____|________|________| |
| | | | | | 18 | 26 | 8 | 6.8 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
| including | 25 | 26 | 1 | 38.18 |
|_______________________________________________|_____|_____|________|________|
| | | | | | | 56 | 57 | 1 | 2.19 | |NBRC12-054
|602640.5|684854.1|197.7|-60| 135 |_____|_____|________|________| |
| | | | | | 83 | 84 | 1 | 1.34 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-055 |602617.0|684821.3|198.2|-55| 135 | 4 | 21 | 17 | 4.28
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
| including | 12 | 15 | 3 | 15.58 |
|_______________________________________________|_____|_____|________|________|
|NBRC12-056 |602782.9|684949.0|152.0|-50| 135 | 49 | 50 | 1 | 2.98
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-057 |602747.6|684993.1|154.0|-55| 135 | 49 | 51 | 2 | 0.63
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-058 |602694.8|685020.9|151.8|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-059 |603006.8|684843.5|156.4|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-060 |602974.2|684877.6|154.7|-60| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-061 |602936.1|684916.6|152.5|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-062B|602907.1|684941.9|213.7|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-063 |602868.3|684995.5|149.9|-50| 135 | 27 | 28 | 1 | 3.02
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-064 |602841.8|685035.9|148.9|-50| 135 | 47 | 48 | 1 | 0.86
|
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-065 |602764.6|685095.2|148.6|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-066 |602803.1|685064.2|148.8|-50| 135 | No Significant
Result |
|___________|________|________|_____|___|_______|_____________________________|
|NBRC12-067 |601937.4|683865.5|153.4|-60| 135 | 3 | 4 | 1 | 0.79 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
|NBRC12-068 |602639.8|684945.3|186.1|-60| 135 | 132 | 133 | 1 |
6.77 |
|___________|________|________|_____|___|_______|_____|_____|________|________|
SOURCE PMI Gold Corporation PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8844_DOC_EN_17148.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8844_DOC_EN_17149.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/22/20120822_C8844_DOC_EN_17150.pdf
PMI Gold Corporation CONTACT: Investor Relations Canada: Rebecca
Greco, Fig House Communications P. +1 (416) 822-6483 E.
fighouse@yahoo.com Investor Relations Australia:Nicholas Read/Paul
Armstrong, Read CorporateP. +61 8 9388 1474 M. +61 419 929 046PMI
Contact Canada:Marion McGrath, Corporate SecretaryP. +1 (604)
684-6264 Toll-Free: 1 (888) 682-8089PMI Contact Australia:Collin
Ellison, Managing Director & CEOP. +61 8 6188 7900 or visit the
PMI Gold Corporation website at www.pmigoldcorp.com
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