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We continue to explore Kubi to find new high grade ore shoots to add to the already defined 604,085 ounce indicated gold resource at the Kubi Main zone which was the subject of a NI 43-101 assessment by Golder Associates Ltd.
At the Nkran deposit at Obotan, drilling has confirmed the presence of magnetic pyrite which is intimately associated with gold mineralization. This suggests that magnetic susceptibility high anomalies at the intersection of favourable structural breaks may represent yet undiscovered gold mineralization and will be high priority exploration targets.
Douglas MacQuarrie,
President & CEO
August 2010
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| | Thu Oct 26, 2006
PMI GOLD CORP. -- DRILL UPDATE -- VISIBLE GOLD NOTED IN TRENCHES, NEW CFO -- EGM MEETING RESULTS
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| | October 26, 2006, Vancouver BC - PMI Gold Corporation (TSX/V: PMV) -- Douglas MacQuarrie, President, announces that final results have been received from the recently completed drill program on our Ashanti II Gold Project in Ghana.
A total of 3,337 metres of diamond drilling in 18 holes were completed in the program, of which 2,280 metres in 12 holes were previously announced. The program tested old workings, geophysical, geological and geochemical targets over a 50 kilometre strike length of the Asankrangwa Gold Belt, and on our Ofoase concession located on the Ashanti Gold Belt.
Switchback North Concession -- New Gold Mineralized Reef System Located
Two drill holes, totalling 220 metres, were completed near SBN004 (previously reported 2.79 g/t Au over 4.10 metres). SBN006 was drilled azimuth 090 degrees parallel to and 40 metres northwest of SBN004 to test for a down dip extension of the mineralization. Minor gold values and narrow 'low angle' quartz intersections were obtained, suggesting the target was east dipping sub-parallel to the drill hole.
SBN007 was collared 100 metres east of SBN004 and drilled to the northwest. This hole intersected 20 metres of intermixed limonitic, vuggy quartz reef and saprolite from 54.5 metres to 74.5 metres down hole. The 10.1 metre interval from 58.9 to 69.0 metres (approximate true width) graded 1.47 g/t Au based on standard 50 gram fire assays with atomic absorption finish. Bulk leach extractable gold assays on the >0.50 g/t Au rejects, were on average 26% higher, suggesting a coarse, nugget gold component to the mineralization and a potential for a grade increase with larger sample sizes.
To further define this target, detailed IP/Resistivity surveys were completed on a 12.5 metre station and 50 metre line spacing. A 200 metre long resistivity high was outlined, trending 020 degrees, co-incident with the gold mineralized intercept in SBN007 and with a 2.63 g/t Au soil sample taken 100 metres to the northeast and a 11.20 g/t Au soil sample taken uphill, 110 metres to the southwest. A sub-parallel 250 metre long resistivity high was also defined co-incident with the quartz reef intersected at the collar of SBN004.
A series of trenches have been started to confirm the drilling/geophysical interpretation. Trench SBN1, azimuth 135 degrees, was started 40 metres east of the collar of SBN004, and has intersected a 12 metre wide quartz reef at a depth of 2 metres and striking +/- 020 degrees. Visible gold has been noted in initial grab samples of the reef, associated with oxidized coarse sulfide mineralization. In addition, several other one to two metre wide quartz reefs were also noted. Trench SBN2, located 30 metres to the south of SBN004 has also intersected quartz reefs, with minor visible gold noted.
The above data suggests that a series of gold mineralized, en echelon quartz reefs cutting a favourable sulfide rich spotted phyllite unit and controlled by a strong regional east-northeast trending deformation zone, may account for the large +/- 2 kilometre long gold in soil anomaly. This target is located 7 kilometres west of the former Obotan and Adubiaso Mines. The Company is encouraged by the strength and width of the quartz reef system and local assays of up to 9.94 g/t in drilling and 11.2 g/t Au in grab samples. Additional trenches will continue to test the above zone, as well as numerous other resistivity highs outlined by the IP survey. Sampling of the reefs in trenches 1&2 has commenced.
Juabo Concession
Four drill holes totalling 947 metres were completed on the Juabo concession, located just south of the centre of our Asankrangwa properties. These wide spaced reconnaissance holes were spotted on interpreted IP/structural/geochemical anomalies located from 600 metres to 2300 metres west of the main regional SRK defined ASZ2 shear zone. Only minor gold values were noted in a weak shear in JG009 located 600 metres west of the Old Kukunapi mine workings. No further work is currently planned on these target areas.
Sample analyses were completed at SGS Analabs Pty. Ltd. at Bibiani, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Selected samples were also submitted for comparative BLEG assay at Transworld Laboratories in Tarkwa. In addition, 120 sample pulps were analyzed for 36 elements including gold by Acme Analytical in Vancouver using ICP/mass spectrometer. The comparative techniques generally confirmed the earlier FA values. Random blanks were also added to the sample stream. The work program was under the direction of Douglas R. MacQuarrie, P.Geo. (B.C).
Please refer to our web site for further information that augments this news release.
Ghana is Africa's second largest gold producer and has recently attracted some US$1.5 billion in committed foreign investment due to its long mining history, prospective resource base, reasonable taxation, stable government and low cost labour. PMI Gold's 382 sq. km. Ashanti II Gold Project is strategically situated near the middle of Ghana's Golden Triangle -- outlined by Newmont's Ahafo and Akyem mines on the north and east and Goldfield's Tarkwa mines on the south. To date 6 out of the 17 target areas selected by SRK Consulting in their 2005 project review have been partially drill tested for gold mineralization. Exploration on these and the other target areas is ongoing. Additional acquisitions, which are accretive to and complement our Ashanti II Gold Project are also under consideration.
New Chief Financial Officer Appointed
The Board is pleased to announce that Mr. Ford Cannon has been appointed CFO, effective immediately. Mr. Cannon has a wide background in banking, financial management and reporting. Past projects include heap leach and underground gold projects from feasibility through procurement and production.
Extraordinary General Meeting Held on 23rd October 2006
At the shareholders meeting called to approve an updated Shareholders Rights Plan, the Board is pleased to announce that 99.1% of the shares represented at the meeting have voted in favour of the motion. The Plan is currently being drafted and is subject to further approval by the appropriate regulatory authorities. We would like to take this opportunity to thank the shareholders for their support.
On behalf of the Board,
"Douglas R. MacQuarrie"
Douglas R. MacQuarrie
President & CEO
For further information please contact:
Douglas R. MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (604) 682-8094
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com or in German: http://pmi.goldseiten.de
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR RELEASE OR DISTIBUTION IN THE USA.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
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