Indigo Commences Work on Moule Gold Permit in Burkina Faso
October 14 2010 - 9:45AM
Marketwired Canada
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
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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.
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