Concordia defines broad zones of near-surface gold mineralization including 35 metres at 1.87 g/t at surface in Burkina Faso trenching programConcordia Resource Corp. (TSX-V:CCN) ("Concordia" or "the Company") is pleased to report positive results from excavator trenching at its 100% owned Kerboulé Project in northern Burkina Faso, with on-going drilling to define an initial resource.
Highlights from Concordia's recently-completed trenching program at the Kerboule South area include 35 metres averaging 1.87 g/t Au, including 14 metres at 3.12 g/t Au (trench AT11-001); and 44 metres at 0.9 g/t Au, including 22 metres at 1.57 g/t Au (trench AT11-002A). A seven metre intersection of 0.73 g/t Au, including three metres at 1.43 g/t, has been sampled in trench AT11-010 in the Kerboulé North area, a distance of approximately two kilometres. In particular, the results have shown that gold mineralization continues well beyond high-grade vein controls and into the surrounding host rock.
The trenching was designed to identify extensions to zones of known gold mineralization outlined in last year's drilling program. This year's work has identified further mineralisation at surface along the Kerboulé trend, and provides additional evidence for extensive, wide, disseminated gold mineralisation over a strike of at least four kilometres.
As a follow up to the trenching program, Concordia has commenced a core and RC drilling program. The Company has to date completed 3,420 metres of core drilling (7 holes) and 6,849 metres of RC drilling (47 holes) as part of a definition process to generate of an initial NI 43-101 resource as well as following up on new zones identified by the trenching and auger sampling.
The core drilling was designed specifically to step out from historic holes that included 50 metres (from 0 to 50 metres depth) at 1.69 g/t Au and 46 metres (from 1 to 47 metres) at 1.73 g/t Au with an interval of 7 metres at 7.94 g/t Au. A number of the historical drill holes ended in mineralization. RC drilling is on-going, with an additional 10,000 metres planned in the current program, and a further 10,000 metres planned for a second phase during Q2 2012. The Company has also completed approximately 23,000 metres of auger sampling throughout the 400 km2 Araé/Gassel-Manéré licenses as part of the regional target generative program.
The exploration program has been designed to investigate the extent of mineralization within the Birimian greenstone volcano-sedimentary sequences on the Company's licenses, and more specifically, extensions of the Inata shear zone, a regional north-northeast trending structure that hosts the nearby 3.46 million ounce Inata gold deposit. It is estimated that Birimian greenstones are host to approximately 7 million ounces of gold production per year throughout West Africa.
A total of 3.8 line kilometres of trenching have been completed; results have been received for 12 out of 14 trenches excavated during this program (588 out of 3,821 samples). Significant results from the trenching program to date are shown below.
Notes: Cut-off for intersections is 0.2 g/t. No top-cut has been applied
Horizontal channel sampling was carried out at approximately 1m from the base of the trench. Samples were assayed using Bottle Roll analysis.
Figure 1: Map showing the positions of the trenches and artisanal workings in the southern part of the Araé/Gassel-Manéré licenses.
Concordia Chairman and CEO, Edward Flood, stated, "Initial results support our assessment that the Kerboulé Project has extensive upside potential as demonstrated by the widespread nature and continuity of the gold mineralization identified to date. These results confirm our initial valuation and acquisition of Swala Resources as well as demonstrating the potential for further discoveries in Burkina Faso."
KERBOULÉ PROPERTY DETAILS
The property covers 400 km² of which approximately 80 % has been mapped and sampled with numerous additional targets identified for follow-up work. The trenches confirm a favorable NNE structural vein control with numerous folds and offsets, similar to that found at the Inata Mine, successfully operated by Avocet Mining approximately 20 kilometres south of Concordia's current drilling program. Concordia has 100% ownership of the Kerboulé property, subject to a 3% NSR, which can be reduced to 1.5% with the payment of US$1.5 million.
Mr. Barry Bayly, is a member of the South African Council for National Scientific Professionals (SACNSP), South Africa and is a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). He is responsible for the exploration program in the Araé and Gassel-Manéré licenses. He has verified the data disclosed in this news release. The trench samples were submitted to the Bigs Global Laboratory in Ouagadougou, Burkina Faso for preparation and assaying using the bottle-roll 'leachwell' flame-AAS technique. In order to ensure the Quality Control of the samples 4% of the samples were Standards, 3% were Blanks and 3% Duplicates. These were inserted at regular intervals to ensure a constant control of the quality of the sample results. Mr. Bayly is the chief operating officer of Swala and is therefore not independent within the meaning of NI 43-101.
Concordia is a well-financed junior exploration company with an emphasis on developing mineral deposits in Africa and South America. Concordia has an extensive exploration portfolio in the resource-endowed regions of Burkina Faso, Gabon, the Democratic Republic of Congo (the "DRC") and Zimbabwe, with a land package in Africa totalling over 12,400 km2. In addition, Concordia has acquired an option to purchase 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 14,000 ha Cerro Amarillo-Cajon Grande copper-gold-molybdenum property located in the Malargüe District of Argentina. The company has an experienced management team and board of directors with extensive expertise across the globe.
On behalf of the Board of
Concordia Resource Corp.
"R. Edward Flood"
R. Edward Flood, Chairman
Concordia Resource Corp.
Karl Cahill, VP, Investor Relations
Telephone: +1 (604) 331-9814; 1 (858) 531-6100
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the British Columbia Securities Act. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions, identify forward-looking information. The forward-looking information relate to, among other things, the receipt of necessary permits to conduct exploration and construction, timing of anticipated exploration program and results of current exploration program, the number of the holes and metres to be drilled and future plans of the Company. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of metals; appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update the forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such information, other than as required by applicable law. Accordingly, readers are advised not to place undue reliance on forward-looking information.
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
You can return to the main News Releases page, or press the Back button on your browser.