Volta Resources increases inferred resources by 182% at Gaoua copper-gold porphyry deposits to 282 million tonnes at 0.53% copper equivalent
Thursday, Jan 24, 2013
Volta Resources Inc. ("Volta Resources" or the "Company") (TSX: VTR) announces the results of the updated Mineral Resource Estimate for the Gaoua copper-gold porphyry project undertaken by independent consultants, SRK Consulting (UK) Limited. The Mineral Resource estimate has been reported according to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards and will be supported by a National Instrument 43-101 independent report which will be published and filed on the Company's website and SEDAR profile within 45 days.
The Gaoua Project is located in southern Burkina Faso on the Boromo Greenstone Belt (see Figure 1). The project is located on 3 permits with a total area of 558.2 km[ 2 ], which significantly includes over 30km of strike of a "porphyry corridor" with multiple porphyry targets. The current Mineral Resource is focussed on only two of these targets, Gongondy and Dienemera.
Kevin Bullock, Volta Resources President and CEO, stated, "We are delighted to have significantly grown the Inferred Resources at Gaoua to 282.4 Mt of ore for 2.01 billion pounds of copper and 3.17 million ounces of gold. In addition 7% of the global resource has been converted to the Indicated category. This clearly demonstrates the potential to substantially further increase the size of the resources within the project. Both Gongondy and Dienemera are still open along strike and down dip. Initial drilling on another two targets, Mont Biri and Bouserra, has intersected similar copper-gold porphyry mineralization, while many more co-incident geophysical and geochemical anomalies represent first class porphyry targets that remain to be drill tested along the 30km long porphyry corridor on Volta Resources' ground."
The modelled mineralisation at Gongondy, ranges between 300 and 700 meters wide and displays continuity for 900 meters to 2 km along strike and 150 to 500 meters down dip. At Dienemera, the mineralised zone ranges between 100 and 600 meters wide and extends with good continuity for 400 meters to 1 km along strike and 200 to 400 meters down dip.
Copper-gold mineralisation is associated with a hydrothermal breccia, with occasional, rare intersections outside the main areas of hydrothermal brecciation. The hydrothermal breccia is identified by triangular cement clots, comprising of quartz, K-feldspar, epidote, Fe-rich chlorite, amphibole, magnetite, chalcopyrite, pyrite, calcite and anhydrite.
Grade estimation was undertaken in domains defined at a 0.25% CuEQ assay cut-off, while conforming to geological features and offset where appropriate. A composite length of 5m was used and high grade capping was applied based on log probability plots. Optimum Kriging parameters were determined and applied in an Ordinary Kriging routine on 20 x 50 x 20 m blocks.
In 2009 SRK and the Company used a 0.45% CuEq cut-off grade. This has been reduced to 0.30% CuEQ for the current Mineral Resource estimate, reflecting the improved economics for copper-gold projects due to relatively higher commodity prices.
A comparison of the February 2009 and January 2013 Inferred Mineral Resource Estimates at different CuEQ cut-off grades for each of Gongondy and Dienemera is provided below. Comparing like-for-like, at a 0.45% CuEQ cut-off, there has been a global 115% increase in tonnage with a 4% decrease in CuEQ grade for the Gaoua Project. This can be ascribed to: i) extension through drilling, particularly on the western flank of Gongondy and a new satellite deposit at Dienemera, ii) higher commodity prices and updated economic assumptions expanding the limiting pit shells.
About Volta Resources:
Volta Resources has a portfolio of quality gold exploration projects in Burkina Faso and Ghana, both mining-friendly West African jurisdictions with proven world-class gold deposits. VTR will focus on fast-tracking its flagship Kiaka Gold Project (NI-43-101 compliant resources include 153.26 Mt @ 0.99 g/t Au for 4,862,000 ounces in the Measured and Indicated categories and 33.74 Mt @ 0.93g/t for 1,006,000 ounces in the Inferred category [Please see VTR press release dated January 10, 2013] including 34.38 million tonnes @ 1.04 g/t Au for 1,145,969 ounces of gold in the Proven category and 91.70 million tonnes @ 0.93 g/t Au for 2,742,353 ounces of gold in the Probable category (Please see VTR press release dated May 3, 2012) towards a development decision, aiming to complete a Feasibility Study in Q3, 2013. Recent acquisition of properties around the Kiaka Gold Project has provided VTR with an extensive ground position along the highly prospective Markoye Fault Corridor in an important emerging gold province.
Source: Volta Resources Inc.