Savary Gold Completes Earn-In on Option Agreement for Hounde South From Endeavour Mining
July 08 2014 - 7:17AM
Marketwired Canada
Savary Gold Corp. (TSX VENTURE:SCA) ("Savary") has completed the earn-in portion
of the option agreement for the Hounde South gold project located in south-west
Burkina Faso. The Option and Earn-in Agreement (the "Earn-in Agreement") called
for Savary to incur US$3 million in exploration expenditures and issue Savary
Gold shares representing 19.99% of the outstanding share count to Endeavour
Mining Corporation. These expenditure obligations have been met and the share
issuance is expected to take place upon transfer of the concessions to Savary's
Burkina Faso exploration subsidiary.
Savary has completed 11,744 metres of drilling in 82 core and reverse
circulation holes on its Hounde South property. The latest campaign tested
previously recognized gold zones and geochemical and geophysical targets in the
Karangosso, Kien and Kueredougou areas. The gold-bearing trends were extended in
all three areas, with the best results returned from Kien where at least eight
gold-bearing zones were intersected over a large area.
"We are very pleased to have completed the earn-in for the Hounde South
Property" stated Don Dudek, President & CEO of Savary Gold Corp. "Management is
currently modelling the four different mineralized zones in order to prioritize
future drilling and more accurately plan drill hole placement. Savary's goal is
to define a maiden inferred mineral resource of at least 1 million ounces."
About Savary Gold
Savary Gold is a Canadian exploration company focused on exploring the Hounde
South Gold Property in Burkina Faso. The property is in the Birimian age Hounde
Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits
that are presently subject to extensive exploration efforts (including Endeavour
Mining's Hounde Project, Roxgold's Yaramoko Project and Sarama's South Hounde
Project, which is adjacent to Savary Gold's property). For additional
information please visit our website at www.savarygold.com and follow us on
Facebook, Linked-In and Twitter: @SavaryGold.
Don Dudek, P.Geo., President and CEO of the Company and a "Qualified Person"
under National Instrument 43-101, has reviewed and approved the scientific and
technical information in this press release.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
Cautionary Notes
Neither 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.
This news release may contain forward-looking statements. These statements
include statements regarding the earn-in portion of the option agreement for the
Hounde South gold project, the details and timing of Savary's exploration plan,
the results of the recently completed drilling and sampling, the exploration
potential of Savary's properties and the satisfaction of work commitments
related to the option on the Hounde South property. These statements are based
on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of our interim and
most recent annual financial statements or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements, except as
required by applicable laws.
2014 Hounde South Project Assay Composite Table
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FROM TO LENGTH
ZONE HOLE (m) (m) (m)(i) g/t Au
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Karangosso HS-DH-14-01 32.50 52.60 21.30 3.12
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Karangosso HS-DH-10-1B 24.00 51.00 27.00 2.90
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Karangosso HS-DH-10-1B 111.35 132.00 20.15 0.79
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Karangosso HS-DH-14-02 180.55 181.00 0.45 0.60
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Karangosso HS-DH-14-02 203.00 208.00 5.60 2.92
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Karangosso HS-DH-14-02 217.10 218.10 1.00 0.90
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Karangosso HS-DH-14-02 222.10 229.30 7.20 0.55
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Karangosso HS-DH-14-03 106.00 106.70 0.70 0.92
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Karangosso HS-DH-14-04 179.20 205.30 26.10 0.77
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Karangosso incl. 179.20 186.05 6.85 1.23
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Karangosso incl. 199.50 204.40 4.90 1.62
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Karangosso HS-DH-14-04 231.95 236.15 4.20 0.86
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Karangosso HS-DH-14-04 243.20 249.50 6.30 1.53
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Karangosso HS-DH-14-05 9.60 11.30 1.50 1.22
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Karangosso HS-DH-14-05 134.00 135.00 1.00 2.74
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Karangosso HS-DH-14-05 174.60 175.30 0.70 0.54
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Kien HS-DH-14-06 69.00 84.00 15.00 1.51
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Kien HS-DH-14-06 63.75 71.00 7.25 0.62
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Kien incl. 69.00 71.00 2.00 1.60
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Kien HS-DH-14-06 80.00 84.00 4.00 3.30
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Kien HS-DH-14-06 91.00 92.00 1.00 1.59
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Kien HS-DH-14-06 113.20 115.10 1.90 0.82
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Kien HS-DH-14-06 194.70 201.70 7.00 0.67
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Kien HS-DH-14-07 1.80 17.50 15.70 1.52
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Kien HS-DH-14-07 100.00 125.55 25.55 0.91
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Kien incl. 100.00 103.00 3.00 2.34
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Kien incl. 122.00 125.55 3.55 1.71
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Kien HS-DH-14-07 141.15 144.00 2.85 2.14
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Kien HS-DH-14-07 156.60 161.70 5.10 1.35
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Kien HS-DH-14-08 101.00 105.00 4.00 3.77
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Kien HS-DH-14-08 176.38 178.05 1.67 0.90
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Kien HS-DH-14-09 20.00 22.25 2.25 1.06
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Kien HS-DH-14-09 145.70 156.30 10.60 1.54
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Kien HS-DH-14-09 188.40 190.40 2.00 0.96
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Kien HS-DH-14-10 48.50 48.90 0.35 2.33
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Kien HS-DH-14-10 68.87 70.10 1.15 0.78
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Kien HS-DH-14-10 192.22 194.70 2.48 1.32
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Kien HS-DH-14-10 198.35 199.15 0.75 5.15
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Kien HS-DH-14-11 16.50 18.00 1.10 0.97
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Kien HS-DH-14-11 51.78 54.50 2.72 2.67
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Kien HS-DH-14-11 85.40 104.89 19.49 0.87
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Kien incl. 99.80 104.89 5.09 1.70
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Kien HS-DH-14-11 199.23 206.00 6.77 0.41
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Kien HS-DH-14-12 34.00 34.92 0.92 0.51
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Kien HS-DH-14-12 190.90 194.70 3.80 8.90(ii)
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Karangosso HS-RC-14-05 61.00 62.00 1.00 0.98
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Karangosso HS-RC-14-07 5.00 20.00 15.00 0.20
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Karangosso HS-RC-14-07 29.00 44.00 15.00 0.47
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Karangosso HS-RC-14-07 51.00 100.00 49.00 0.35
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Karangosso HS-RC-14-10 27.00 30.00 3.00 2.06
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Karangosso HS-RC-14-10 72.00 75.00 3.00 3.65
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Karangosso HS-RC-14-10 77.00 87.00 10.00 0.24
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Karangosso HS-RC-14-11 12.00 17.00 5.00 0.45
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Karangosso HS-RC-14-11 76.00 77.00 1.00 0.90
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Karangosso HS-RC-14-11 111.00 112.00 1.00 0.96
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Kueredougou HS-RC-14-13 23.00 24.00 1.00 2.49
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Kueredougou HS-RC-14-15 31.00 34.00 3.00 2.24
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Kueredougou HS-RC-14-15 39.00 40.00 1.00 1.27
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Kueredougou HS-RC-14-15 70.00 71.00 1.00 0.70
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Kueredougou HS-RC-14-15 82.00 83.00 1.00 0.52
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Kueredougou HS-RC-14-15 95.00 98.00 3.00 7.26
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Kueredougou HS-RC-14-15 106.00 107.00 1.00 0.50
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Kien HS-RC-14-17 56.00 57.00 1.00 0.61
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Kien HS-RC-14-17 66.00 70.00 4.00 0.74
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Kien HS-RC-14-17 83.00 88.00 5.00 0.64
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Kien HS-RC-14-18 2.00 5.00 3.00 1.10
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Kien HS-RC-14-18 40.00 41.00 1.00 0.51
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Kien HS-RC-14-18 84.00 85.00 1.00 1.21
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Kien HS-RC-14-19 10.00 11.00 1.00 0.83
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Kien HS-RC-14-19 47.00 48.00 1.00 0.55
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Kien HS-RC-14-20 3.00 4.00 1.00 2.29
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Kien HS-RC-14-21 38.00 39.00 1.00 0.91
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Kien HS-RC-14-22 71.00 72.00 1.00 1.13
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Kien HS-RC-14-23 86.00 87.00 1.00 0.88
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Kien HS-RC-14-23 101.00 102.00 1.00 0.71
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Kien HS-RC-14-23 109.00 110.00 1.00 1.49
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Kien HS-RC-14-24 58.00 59.00 1.00 0.60
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Kien West HS-RC-14-26 49.00 50.00 1.00 1.97
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Kien HS-RC-14-27 11.00 12.00 1.00 2.18
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Kien HS-RC-14-27 57.00 64.00 7.00 2.34
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Kien HS-RC-14-27 73.00 84.00 11.00 1.06
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Kien HS-RC-14-28 16.00 20.00 4.00 0.82
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Kien HS-RC-14-28 27.00 34.00 7.00 0.80
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Kien HS-RC-14-28 26.00 54.00 28.00 0.89
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Kien incl. 45.00 51.00 6.00 2.53
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Kien HS-RC-14-28 65.00 66.00 1.00 0.53
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Kien HS-RC-14-29 21.00 24.00 3.00 1.81
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Kien HS-RC-14-29 104.00 107.00 3.00 1.56
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Kien HS-RC-14-29 104.00 134.00 30.00 0.89
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Kien incl. 121.00 127.00 6.00 2.65
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Kien HS-RC-14-30 79.00 80.00 1.00 0.80
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Kien HS-RC-14-31 33.00 46.00 13.00 1.35
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Kien incl. 33.00 38.00 5.00 2.74
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Kien HS-RC-14-32 2.00 17.00 15.00 1.36
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Kien incl. 2.00 11.00 9.00 1.90
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Kien HS-RC-14-32 94.00 103.00 9.00 1.87
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A 0.5 g/t cut-off has been applied
(i) true widths are not estimated at this time due to insufficient
information, however, a reasonable guide is that true width is approximately
70% of the drilled length.
(ii) when capped at 30 g/t gold, interval grades 6.14 g/t Au
FOR FURTHER INFORMATION PLEASE CONTACT:
Savary Gold Corp.
Michael McAllister
Manager, Investor Relations
416-309-2134
info@savarygold.com
www.savarygold.com
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