VANCOUVER, BC, July 10,
2023 /CNW/ - DFR Gold Inc. (TSXV: DFR) ("DFR" or the
"Company") is pleased to announce, with its joint venture
partner Panthera Resources plc (AIM: PAT), the commencement of a
drilling programme on the Kalaka Gold Project in Mali (the "Drilling Programme").
Kalaka is a large gold system where multiple intersections
exceeding 150 metres at greater than 0.5 g/t have been identified
by previous diamond and RC drilling. The Drilling Programme will
include:
- Approximately 1,500 metres of RC drilling to complement
existing diamond and reverse circulation drilling at the K1A target
which is intended to be utilised to define a Maiden Mineral
Resource estimate
- Step-out drilling to the north will target an untested
interpreted geophysical mineral trend
- Collection of samples for a metallurgical test programme.
A broad soil anomaly above 30 ppb Au covers most of the
metasediments on the tenement area and offers significant
opportunity for further discovery and extension to known
mineralisation. Historical drilling has consistently demonstrated
significant wide gold intercepts at the K1A target, including
diamond hole K1AD002 (191.8m @ 0.52
g/t Au) and reverse circulation drill hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au).
John McGloin, CEO of DFR,
commented:
"While DFR has primarily focussed on the exciting
pre-feasibility Cascades Gold Project in Burkina Faso, the Kalaka Project represents an
exciting opportunity in Mali with
large scale bulk-mineable gold potential.
"It is hoped that the metallurgical test work programme will
demonstrate the positive economics of the project. The drilling
programme is expected to be completed this month with results in
the third quarter of 2023."
Background
Panthera and DFR each have 40% interest in Kalaka held through
their interest 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 Kalaka gold project is situated in southern Mali, 260 km southeast of Bamako. It lies approximately 80 km south of
the 8 Moz Au Morila Mine and 85 km northwest of Resolute's 6Moz Au
Syama Mine.
Historical work in the area has included airborne geophysical
surveys, soil sampling, structural interpretations, geological
mapping, and preliminary drilling activities focussed on the
metasediments. This has included 20,952m of diamond, air core (AC), reverse
circulation (RC) and Rotary Air Blast (RAB) drilling in 372 holes.
During 2021 Panthera completed 2,430m
of AC drilling in 94 holes. On the K1A prospect multiple
intersections exceeding 150m at 0.5
g/t have been identified by diamond and RC drilling.
The primary mineralisation at the K1A prospect, is
associated with an intrusive tonalite / micro granodiorite with
metasediments in contact with the intrusive. The alteration
envelope is dominantly characterised by silica-feldspar flooding
and sulphide mineralisation. Elsewhere there are also numerous
artisanal workings within the Kalaka tenement, mainly targeting
eluvial gold.
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 is a TSX Venture Exchange listed exploration and mine
development company focused on gold in West Africa. DFR Gold 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.
The Company's public documents may be accessed at
www.sedar.com
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
Gold expects or anticipates will or may occur in the future are
forward-looking statements or information. Forward-looking
statements in this news release include statements regarding the
Debenture Offering and the completion thereof; and the intended use
of proceeds of the Debenture Offering. 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
Gold. 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
Gold'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 Gold cautions that the foregoing list of material factors is
not exhaustive. When relying on DFR Gold's forward-looking
statements and information to make decisions, shareholders should
carefully consider the foregoing factors and other uncertainties
and potential events. DFR Gold 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 Gold 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 Gold 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.)