Indigo Commences Work on Moule Gold Permit in Burkina Faso
October 14 2010 - 11:53AM
Marketwired
Indigo Exploration Inc. (TSX VENTURE: IXI) reports that it has
started a comprehensive fall 2010 sampling exploration program on
its Moule Gold Permit in Burkina Faso, West Africa, in preparation
for drilling expected to follow next month. The program will
consist of rock and soil sampling and trenching focused in areas
that previously graded greater than 1 g/t Au. Results of the
sampling program will be used to optimize and rank the sequence of
the multiple drill targets.
The Moule Gold Permit covers 249 square kilometres of
prospective Birimian greenstone geology. Much of West Africa is
underlain by the Birimian Greenstone Belt, one of the most prolific
gold producing areas in the world.
Past and current artisanal workings are scattered over the
entire Moule permit. To date, there has been property-wide mapping
and sampling of quartz veining and quartz float. Previous explorers
subsequently focussed their efforts in a 7 kilometre by 6 kilometre
area with a soil grid, detailed mapping and local induced
polarization (IP) survey. Rock sampling on this grid returned 46 of
480 grab samples with gold values between 1 g/t Au and 16.5 g/t Au.
Multiple long and wide linear targets are evident within the grid.
One target is a 500 metre wide northwest trending corridor,
traceable for at least 1.6 kilometres, where multiple shear zones
and parallel multiple quartz float trends have coincident
chargeability, elevated gold soil anomalies and local artisanal
workings. A second target is a 2.5 kilometre long linear gold soil
anomaly with coincident quartz float, chargeability high and local
artisanal workings. A third target is a 0.8 kilometre long trend of
quartz veining which can swarm to at least 50 metres wide, where
grab samples reached a high of 7 g/t Au. In addition, other quartz
trends on the property with elevated gold values in soils and rocks
and local artisanal workings are worthy of future attention. Indigo
geologists have identified multiple prospective targets for bulk
tonnage gold systems, based on the artisanal workings combined with
previous sampling programs.
Indigo plans an initial program of rock sampling, trenching and
soil geochemistry over selected quartz trends to optimize drill
targets. A phase one combination air core/reverse circulation
drilling program up to 5,000 metres is scheduled for late
November.
Indigo is earning a 100% interest, subject to a 1.5% Net Smelter
Return (NSR) royalty in the Moule Gold Permit by making cash
payments totalling US$410,000 over 3 years. Indigo retains the
right to purchase the entire 1.5% NSR for US$1,800,000.
About Burkina Faso
The Moule property lies in the West African nation of Burkina
Faso. Much of West Africa is underlain by the Birimian Greenstone
Belt, one of the most prolific gold producing areas in the world.
Many 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 politically
and economically stable and relies on farming and mining as its
primary sources of revenue.
In other news, Simon Tam has stepped down as a director. The
board would like to extend their appreciation to Simon for his
contributions to the Company.
On Behalf of the Board of Directors,
R. Tim Henneberry, P.Geo., President and CEO
Paul Cowley, P.Geo., Director of Indigo Exploration Inc., is the
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 the Company
believes, expects or anticipates will or may occur in the future
including the Company's strategy, exploration 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
the Company'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 the Company 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: risks related to the
exploration and potential development of the Company's projects,
risks related to international operations, the actual results of
current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be
refined, future prices of gold, as well as those factors discussed
in the sections relating to risk factors of the Company set out in
the Company's MD&A 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, the Company 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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