Indigo Closes Share Purchase Agreement and Acquires the Burkina Faso Subsidiary of NGEx Resources Inc.
June 30 2010 - 4:00PM
Marketwired Canada
Indigo Exploration Inc. (TSX VENTURE:IXI) reports that it has closed the Share
Purchase Agreement and has acquired all of the issued and outstanding shares of
Sanu Resources Burkina Faso SARL, ("Sanu Burkina") formerly an indirectly owned
subsidiary of NGEx Resources Inc. NGEx is a mineral exploration company listed
on the TSX and which trades under the symbol "NGQ". The primary assets of Sanu
Burkina consist of four gold mineral exploration permits in the Republic of
Burkina Faso, West Africa. The consideration for the Acquisition was Cdn$65,000
and 3,000,000 common shares of Indigo. The $65,000 has been paid and the Company
has issued the 3,000,000 shares to NGEx. The shares are subject to a four month
hold until October 31, 2010.
The Burkina Faso property package consists of four exploration permits in
greenstone belts that contain significant gold discoveries: Kodyel, Tordo, Lati
and Loto. The four permits held by Sanu Burkina are government granted licenses.
The following description of the four permits is summarized from the individual
43-101 Technical Reports by Christopher J. Wild, P.Eng., an independent
Qualified Person as defined in National Instrument 43-101. Technical reports on
each of the four permits can be found under the Company's profile on SEDAR.
Kodyel Exploration Permit
The Kodyel permit lies close to the Niger border approximately 300km east of
Ouagadougou. Access is by paved road as far as Fada N'gourma about 200km east of
Ouagadougou and thence by laterite roads.The Kodyel permit covers an extension
of the Sirba greenstone belt that hosts the Samira Hill gold mine just across
the border in Niger. The Kodyel permit is traversed by a regional
northeast-trending fault that stretches from Ghana to Niger and separates the
mafic and felsic volcanics and metasedimentary rocks of the Fada belt from the
migmatites and granites to the northwest. There are several active artisanal
workings within the permit, including: Hantekoura (CFA), Kodyel 1, Tangounga and
Songonduari.
The Hantekoura orpaillage consists of a series of pits and cuts oriented at 060o
over 550 metres strike. Mineralization consists of quartz veins, 5 - 25
centimetres thick, hosted in intermediate tuffs near the granite contact. The
Kodyel 1 site consists of a large cut 70 metres long and up to 40 metres wide,
exploiting strongly kaolinitized and sheared rocks hosting white and rose quartz
veins in a zone striking to the northeast and dipping to the northwest and
southeast. Tangounga hosts multiple massive quartz veins 1-5 metres wide
outcropping over more than 400 metres. Local miners have been working at to a
depth of over 7 metres. Songonduari is located near the Niger border and was the
site of a recent gold rush involving up to 10,000 artisanal miners. Highlights
of grab samples of quartz from artisanal gold mining sites on veining, and
alteration, within intermediate tuffs and highly altered, sheared and kaolinized
felsic volcanics include 7 gpt Au and 9 gpt Au. A large part of the permit
including the major Tangounga artisanal mining site remains unexplored.
The permit was held from 1995-1997 by SEMAFO who drilled over 493 RAB, 26 RC and
12 DD holes into the CFA prospect and outlined a small resource. The best
intersection was Hole 196 with 43m of 4.3 gpt Au.
The permit is 100% owned by Sanu Burkina.
Tordo Exploration Permit
The 143 sq. km Tordo permit lies about 150km east of Ouagadougou and is 100%
owned by Sanu Burkina. The permit covers a portion of the Fada N'gourma
greenstone belt which consists of meta-tuff, meta-sediment and mafic
metavolcanic rocks and has never been previously explored. A dilational fault
splay is focused near the contact of the greenstone belt and enclosing granites.
Quartz float debris fields and a number of artisanal workings are associated
with these structures. Quartz veins are most numerous in the central part of the
mapped area displaying variable orientations including 070o, 110o, and 130o. In
the metasedimentary rocks in the centre of the permit, mineralization consists
of relatively narrow quartz veining and associated silicification. A regional
and locally detailed soil geochemistry program has defined a 1300x 300m soil
gold anomaly in saprolite with peak values to 3000 ppb gold. Trenching of the
anomaly by Sanu Burkina suggests these stockworks may host significant gold
mineralization but more work is required to determine controls and extent. The
trenching returned 8 metres of 1.175 gpt Au, 70 metres of 0.525 gpt Au, 22
metres of 0.405 gpt Au and 38 metres of 0.278 gpt Au.
Lati Exploration Permit
The 246 sq. km Lati Permit, located in the Boromo greenstone belt, covers a
major north-south shear zone and a number of known but under-explored prospects
as well as an active artisanal mining area. The Lati permit is about 150 km by
road, of which about 100 km is paved, west of Ouagadougou. Lati was previously
explored by the UNDP (United Nations Development Program) and BUMIGEB (Burkina
Faso Office of Mines and Geology) for volcanic-hosted massive sulfides (VHMS)
similar to the Perkoa zinc deposit, as well as by Carlin Resources and Incanore
Resources.
Prior exploration included airborne geophysics, soil geochemistry, trenching,
and drilling. Several anomalous areas that were not followed up include a
gold-in-soil anomaly (1000m by 200m) in the northern part of the permit in which
three samples yielded over 1 gpt Au with a peak value of 6.5 gpt Au; a UNDP
prospect that reported 12m of 2.45 gpt Au in a diamond drill hole; and the
Kwademen artisanal mining area where reported gold mineralization over an area
of 1250m x 250m with isolated values up to 65 gpt Au occurs in quartz veins and
veinlets in a sheared granites and felsic volcanics.
Sanu Burkina has completed a detailed mapping and soil and trench sampling
program at Kwademen to verify and better understand the extent of the reported
gold anomalies before embarking on a program of RC drilling in the most
prospective areas of the permit. The preliminary results show a significant gold
and base metal anomaly approximately 1.5km x 300m near a sediment volcanic
contact in the Kwademen prospect.
Sanu Burkina has also concentrated on relocating previously discovered anomalies
in the northern part of the permit since there appeared to significant
positional errors in the earlier work. Grab sampling of quartz lag and veining
within the basalt rocks in this area has identified a series of plus one gram
per tonne values to a maximum of 11 gpt Au.
Loto Exploration Permit
The 93 sq. km Loto exploration permit is located in the Boromo greenstone belt.
The Loto permit lies near the town of Diebougou, approximately 270km by road
from Ouagadougou of which 250km is paved. The area is intensely farmed and it
has taken time to establish a working relationship with the local community.
Attention was first drawn to this area by outcrops of strongly anomalous (1-2
gpt Au) quartz vein swarms in intermediate to mafic volcanics. Sanu Burkina has
covered the areas of quartz veining by a 200 x 100m soil geochemistry, rock chip
and lag sampling and geological mapping. Eight of the ninety soil samples
analyzed returned values greater than 50 ppb Au with a high value of 226 ppb
Five of the 167 grab rock chip and lag quartz samples collected assayed greater
than 1 gpt, including values of 22.15 gpt Au, 4.49 gpt Au, 8.08 gpt Au, 11.15
gpt Au and 14.55 gpt Au.
Indigo plans programs of concurrent soil geochemistry and air core drilling on
the Lati and Tordo permits and a program of concurrent soil geochemistry and
reverse circulation drilling on the Kodyel permit.
About Burkina Faso
The property package lies in the West African nation of Burkina Faso. West
Africa is underlain by the Birimian Greenstone Belt, one of the most prolific
gold producing areas in the world. A number of the world's major gold companies
are active in West Africa, several with producing mines, including: IAMGOLD
Corporation, AngloGold Ashanti Limited, Randgold Resources Limited, Gold Fields
Limited and Newmont Mining Corporation. Burkina Faso is considered to be
relatively stable, both politically and economically and relies primarily on
farming and mining as it main sources of revenue.
On Behalf of the Board of Directors,
R. Tim Henneberry, P.Geo., President and CEO
Christopher J. Wild, P.Eng., is the independent Qualified Person as defined in
National Instrument 43-101, who has reviewed and approved the technical content
of this news release.
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other
than statements of historical fact, constitute "forward-looking statements" and
include any information that addresses activities, events or developments that
Indigo believes, expects or anticipates will or may occur in the future
including Indigo's strategy, plans or future financial or operating performance
and other statements that express management's expectations or estimates of
future performance.
Forward-looking statements are generally identifiable by the use of the words
"may", "will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these words or other
variations on these words or comparable terminology. All such forward-looking
information and statements are based on certain assumptions and analyses made by
Indigo's management in light of their experience and perception of historical
trends, current conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances. These
statements, however, are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, performance
or achievements of Indigo to be materially different from those expressed,
implied by or projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from these
forward-looking statements include but are not limited to: inability to enter
into a final binding agreement with respect to Sanu Burkina, risks related to
the exploration and potential development of Indigo's projects, risks related to
international operations, the conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, future prices of gold, as
well as risk factors discussed in certain of Indigo's continuous disclosure
documents filed on SEDAR.
There can be no assurance that any forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader should not place any
undue reliance on forward-looking information or statements. Except as required
by law, Indigo does not intend to revise or update these forward-looking
statements after the date of this document or to revise them to reflect the
occurrence of future unanticipated events.
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