Indigo Reports New Artisanal Site at Lati
May 11 2011 - 8:00AM
Marketwired
Indigo Exploration Inc. (TSX VENTURE: IXI)(FRANKFURT: INE) reports
that a new artisanal site is rapidly developing on its 100 percent
owned Lati gold permit, Burkina Faso, West Africa. The Company is
currently conducting surface exploration at Lati, which will
optimize drill targets for the upcoming drill program.
Key points are:
-- The new active artisanal site spans an area 500 metres long by 100 to
200 metres wide and lies 2.5 kilometres to the northwest of the
previously reported artisanal site.
-- The previously reported expanding artisanal site (NR 11-06) is 1200
metres long by 50 - 500 metres wide.
-- The two artisanal sites are on the sheared contact between volcanics and
intrusives.
-- Artisanal activity is recovering coarse gold, suggesting a proximal
source.
-- Previous grab sampling in the area returned values to 11 gpt Au.
-- The current surface program consists of soil and lag quartz sampling at
a line spacing of 200 metres and a sample spacing of 50 metres over the
5 kilometre by 2 kilometre area. Results are pending.
-- 5,000 metres of the upcoming 15,000 metre drilling program is earmarked
for Lati with the balance being used to follow-up and expand upon the
new Vein 3 and Zelingpe 1 discoveries at the Moule permit.
The 246 sq. km Lati permit is located in the Boromo greenstone
belt, approximately 150 km by road from the capital of Ouagadougou
and 45 km north of the Poura Gold Mine. Much of the large permit
remains unexplored. The north side of the Lati permit that has seen
a sizeable increase in artisanal activity is underlain by a
north-northeast trending 1500 metre wide band of bimodal volcanics
surrounded by felsic intrusives. Mineralized quartz veins are
common through this area, ranging from thin stockworks to
metre-scale structures associated with regional scale shearing and
fracturing mainly in mafic volcanic rocks. Several artisanal
workings and prospects lie along the sheared contacts between the
volcanics and intrusives, including the rapidly expanding artisanal
site. The artisanal areas have minimal saprolite, with depths
generally being 2 to 4 metres. Artisanal activity is recovering
coarse gold, suggesting a proximal source.
Indigo's President, Tim Henneberry, said: "The discovery of a
second expanding artisanal site at Lati is very exciting and
further enhances the potential of the Lati project. Based on the
growing artisanal activity the Company has moved up its exploration
plans and will include Lati in the upcoming 15,000 metre drill
program in late May/early June."
About Burkina Faso
The Kodyel, Loto and Moule properties lie 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 it primary sources of revenue. Burkina Faso
saw gold production double from 2008 to 2010 and is currently the
5th largest gold producing country in Africa.
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.
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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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