TORONTO, Canada, November 30 /PRNewswire/ --
TSX: VTR
Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) announced today that it has commenced a 28 hole reverse circulation ("RC") drilling program for a total of approximately 2,900 metres on its 100% owned Gaoua Project in southern Burkina Faso, West Africa (See Figure 1). This follows positive geochemical auger drilling results at the Boussera prospect and extensions to the Gongondy copper-gold porphyry deposit. The drill rig, from Volta's Kampti III property, where drilling has recently been completed on Target Zone B on the Maména-Fofora prospect has been deployed directly to Gaoua.
The current program will follow up recent positive geochemical auger results (See Volta news release dated September 28, 2009). These include ( see Figure 2):
1. A fourth copper-gold porphyry target, uncovered beneath transported alluvium and lateritic regolith, in the 6 kilometer gap between the Gongondy and Dienemera deposits. The nature of the geochemical auger anomaly at Boussera is similar to that encountered at the two copper-gold porphyry deposits where a maiden NI43-101 compliant resource (see below) has been estimated for the Gaoua project. 2 A 300 metre southerly extension of the Gongondy copper-gold deposit. 3. Copper-gold mineralization encountered to the west of the post- mineral gabbro intrusive at Gongondy, where the strike length is sufficient to potentially double the size of the Gongondy resource. 4. A 250 metre to 400 metre wide relatively gold-rich halo ((greater than)0.1g/t to a maximum of 1.9g/t) even further west of the copper-gold mineralization at Gongondy.
Vic King, Volta's COO, said, "Additional success from this round of drilling will increase our confidence in growing the overall resource at Gaoua. It will also support the further potential yet to be defined along Volta's extensive 35 kilometer porphyry corridor. To this end auger drilling is continuing to define extensions to the Dienemera deposit and the Mont Biri prospect".
On February 5, 2009, the Company announced an independent NI 43-101 compliant inferred resource estimate for the Gongondy and Dienemera deposits on the Gaoua project (See Volta press release dated February 5 2009). The resource estimate was calculated by SRK Consulting (UK) Ltd. At a 0.45% copper equivalent cut-off grade, the Dienemera and Gongondy deposits host an initial Inferred Resource of 82,600,000 tonnes grading 0. 40% copper and 0.40 g/t gold for a total of 724,880,000 lbs of copper and 1,072,900 ounces of gold. The individual resource estimate for each deposit is provided in the table below. Copper Equivalent ("CuEQ") has been calculated from assumed revenues of USD 3,000 per tonne of copper and USD 700 per ounce of gold with metallurgical recovery assumed to be 85% and 70% respectively based on initial QEMSCAN results. Gold grade has been multiplied by 0.6 and added to the copper grade to provide CuEQ grade. The cut off grade further assumes typical costs of USD 2 per tonne for mining and USD 10 per tonne for processing and general administration costs.
------------------------------------------------------------------ Cut-off Grade Tonnage Copper Gold --------------------------------------------------------- DEPOSIT (CuEQ %) (tonnes) % lbs g/t Oz ------------------------------------------------------------------ Dienemera 0.45 23,000,000 0.50 255,075,000 0.21 155,300 ------------------------------------------------------------------ Gongondy 0.45 59,600,000 0.36 469,805,000 0.48 917,600 ------------------------------------------------------------------ TOTAL 0.45 82,600,000 0.40 724,880,000 0.40 1,072,900 ------------------------------------------------------------------ ----------------------------------- Copper Equivalent ------------------------- DEPOSIT % lbs ----------------------------------- Dienemera 0.63 319,009,000 ----------------------------------- Gongondy 0.65 847,236,000 ----------------------------------- TOTAL 0.64 1,166,245,000 -----------------------------------
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua project is Mr. Guy Franceschi, Vice President, Exploration for Volta. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
To view Figures 1 and 2, please go to:
http://files.newswire.ca/407/Volta_Nov30.docForward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results " may", "could", "would", "might" or "will be taken", "occur" or "be achieved ". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
For further information: please refer to our website
http://www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: +1-(416)-867-2299, Fax: +1-(416)-867-2298, Email:
kbullock@voltaresources.com/For further information: please refer to our website
http://www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: +1-(416)-867-2299, Fax: +1-(416)-867-2298, Email:
kbullock@voltaresources.com/
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