SAVARY GOLD CORP. (TSX VENTURE:SCA) announces that it has commenced the next phase of exploration at the Hounde South project in Burkina Faso. The Company is very pleased with the success of its previous drill program completed in April 2013 and looks forward to advancing the project with Phases Three and Four of the planned exploration program.
Phase Three of the exploration program started on July 21, 2013 and consists mainly of field work, including geological mapping and soil survey with the objective to collect additional geological and geochemical data to help identify new drill targets on underexplored zones of the Hounde South Property. Mapping and soil survey will be carried out along and across prominent lineament structures revealed through interpretation of geophysical data. Of note is that these structures are of similar trends to those spatially associated with mineralization at the Kien and Kueredougou zones, suggesting they may constitute valuable metallotects.
Phase Four of the exploration program is expected to commence in November 2013 after the end of the rainy season. Plans for this phase are to build on the results of the Phase Three program and additional drilling targets identified therein. Drilling will also be required around the Phase Two drill program targets completed in April 2013, which, of the 35 reverse circulation boreholes drilled, 27 intercepted significant gold grades, including 4 holes returning grade x width intersections of greater than 40 (g/t)m and an interval grading up to 100.5 (g/t). Targets identified in Phase Three will be in addition to drilling that needs to be completed around the Kien, Karangosso I and Kueredougou North zones (please see news release dated May 9, 2013).
As part of Phase Four, a ground penetrating radar survey is planned to help define the structures and the geological bodies that host the mineralization. The GPRS could assist to determine certain details of the structures i.e. dip and thickness of the structure and the number of structures. This would aid in the placement of core drill holes to help define the geology. Infill reverse circulation drill holes aiming at determining the potential size and grade of the mineralized zones would follow.
“We are extremely pleased to be progressing with the next phase of the exploration program at Hounde South,” stated Charles Mostert, CEO, Savary Gold. “We have an excellent technical team in place and management is very excited to continue proving its belief, that the Hounde South project hosts a deposit similar to other deposits throughout the Hounde Greenstone Belt.”
In addition, further to the Company’s June 14, 2013 news release, Savary announces that it has received final TSX Venture Exchange approval in relation to its previously announced private placement financing. The Company notes that final approval was received in relation to the sale of 14,567,000 common shares at a price of $0.06 per common share for gross proceeds of $874,020.
About Savary Gold
Savary Gold is a Canadian company focused on exploring the Hounde South Gold Property in Burkina Faso. The property is in the Birimian age Hounde Greenstone Belt, which hosts Semafo’s Mana mine and additional gold deposits which are presently subject to extensive exploration efforts (including Endeavour Mining’s Hounde Project and Sarama’s South Hounde Project).