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.
Neither the TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Contacts: Indigo Exploration Inc. Tim Henneberry (604)
681-3422
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