Jun 3 2013
True Gold Mining Inc.("True Gold" or the "Company") is pleased to announce that new assay results returned encouraging gold intersections 600 metres north of the Karma Gold Project's ("Karma Project") Kao deposit ("Kao") and highlight the potential to expand the deposit, which currently contains a 360,501-ounce Indicated resource averaging 0.897 g/t gold in 12.5 million tonnes1 of oxide material.
"We are very excited by these results as they reveal the potential to support the Company's key overall objective to add near-surface gold mineralization in close proximity to the Karma Project's five gold deposits," said Dwayne Melrose, President & CEO, True Gold. "Gold mineralization identified through this drilling is strikingly similar in grade and width of zones compared to mineralization at the Kao deposit."
The reverse circulation ("RC") drill campaign around True Gold's 100%-owned Kao deposit is aimed at identifying additional gold mineralization along north and west-northwest structural corridors. Drilling on an east-west cross-section of holes spaced 150 metres apart, approximately 600 metres north of the main Kao resource area, returned promising widths and grades of gold mineralization similar to the Kao deposit along with narrower intervals of higher grade mineralization (in six holes representing 700 metres across strike).
Gold mineralization remains open to the north and northwest, and both areas will be tested through upcoming drill programs. This drilling potentially adds an additional 40% of the strike length of the Kao deposit, which is currently 1,400 metres along strike by 900 metres in width.
Assay highlights from recent drilling include:
- 1.01 g/t Au over 62.0 metres, in KAO-13-RC-406, including
- 1.39 g/t Au over 38.0 metres, including
- 2.04 g/t Au over 12.0 metres
- 0.76 g/t Au over 24.0 metres, in KAO-13-RC-395 including
- 4.35 g/t Au over 2.0 metres
- 0.60 g/t Au over 16.0 metres, in KAO-13-RC-397, including
- 1.01 g/t Au over 6.0 metres
- 34.20 g/t Au over 2.0 metres, in KAO-13-RC-402
- 0.36 g/t Au over 14.0 metres, in KAO-13-RC-404
- 0.38 g/t Au over 30.0 metres, in KAO-13-RC-405
- 0.82 g/t Au over 14.0 metres, in KAO-13-RC-407
True Gold has completed 2,839 metres of RC drilling in 20 holes to date at the Kao extension as part of an initial 7,500-metre drilling program for 2013 on the Karma Project. With the initial 2013 program at Kao largely concluded, True Gold plans to invest $400,000 to complete another 4,200 metres of drilling in an effort to expand the footprint of Kao mineralization up to 2.4 kilometres to the north, a site of strong historical soil and rock geochemical results. The 1.8-kilometre zone between the newly released drill holes 600 metres north of Kao and the area of anomalous soil and rock geochemistry contains no previous drilling or sampling results, due to excessive overburden.
To review a drill map for the Kao extension and future drilling around Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/Map1320.pdf
For a full table of recent results related to gold mineralization, please click on this link: http://www.truegoldmining.com/sites/default/files/DrillResults1320.pdf
Gold mineralization at Kao is entirely hosted within granodiorite and takes the form of up to eight parallel, shallow east-dipping zones ranging from three to 50 metres thick, and a set of steeper west-northwest trending structures controlling higher grade mineralization.
The 856-square-kilometre Karma Project is located in Burkina Faso, West Africa, and includes five closely spaced deposits - Kao, Goulagou I and Goulagou II, Rambo and Nami - with a proposed central processing facility. The Karma Project is currently undergoing a feasibility study, which entails the development of a fully engineered construction and operating plan. It will include considerations for social management planning, environment, geotechnical engineering, hydro-geology, water management, metallurgical testing, process design, and mine planning.
The Company has not made a production decision and the Company's strategic plan to develop a stand-alone heap leach operation at the Karma Project is subject to the results of its feasibility study, which is currently underway. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101. See True Gold news release dated March 27, 2013 titled, "Karma Project Update: Activities Related to Feasibility Study Progressing."
(1) See the Company's news release dated October 3, 2012 and independent NI 43-101-compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.
Ian Cunningham-Dunlop, P. Eng., is the Company's Senior Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the information contained in this release is accurate and approves of the written disclosure of same. All holes were drilled at 090, 225 or 270 degrees azimuth, with dips of either -60 or -90 degrees, and to an average depth of 150 metres. True widths are estimated to be 70 to 90% of the intersected widths. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. ALS Global laboratory operations are covered by ISO 9001:2008 certification. Assays were by Fire Assay with AAS finish and repeats of all AAS assays over 5.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis every ten samples. Results were monitored on receipt of assays.
Source: http://www.truegoldmining.com