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Regional Air Core Drilling Continues to Identify Anomalous Gold at PMI Gold’s Kubi Gold Project

Posted on 11 March 2013 by Africa Business

Key Points:

  • PMI Gold’s Kubi tenements are located 15km south of and along strike from AngloGold Ashanti’s high grade Obuasi Mine (60Moz pre-mined), and 12km north-east of Perseus Mining’s 6.6Moz Edikan Gold Mine.
    • Regional Air Core drilling, targeting favourable structures and gold anomalies identified in previous auger drilling, continues to identify zones of shallow gold mineralization along the highly prospective Ashanti and Kubi Shears which strike for the length of the Kubi Project.
    • A total of 549 Air Core holes have been drilled for 24,818m. All assay results have been received.
  • Results indicate shallow anomalous gold is extensively distributed along the Ashanti and Kubi Shears, identifying valuable exploration targets for further follow-up drilling.
  • Encouraging intersections received include (true width is 60-70% of the stated intersection length):
    • 24m @ 1.87g/t Au from 0m
    • 10m @ 3.42g/t Au from 9m
    • 11m @ 1.19g/t Au from 21m
    • 2m @ 5.43g/t Au from 18m

PMI Gold Corporation (TSX: PMV) (ASX: PVM) is pleased to announce a regional Air Core drilling program at their 100% owned Kubi Gold Project has been completed and all assay results have been received.

The Kubi Gold Project is located 65km east of the Obotan Project and 15km south and along strike from AngloGold Ashanti’s 60Moz Obuasi Gold Mine, the largest underground mine in West Africa.  Kubi also lies 12km northeast of Perseus Mining’s 6.6Moz Edikan Gold Mine (Figure 1).  The Project contains an existing NI43-101 and JORC compliant resource: Measured Resources of 0.66Mt @ 5.30g/t for 112,000oz, Indicated Resources of 0.66Mt @ 5.65g/t for 121,000oz, and Inferred Resources of 0.67Mt @ 5.31g/t for 115,000oz at the Kubi Main Deposit.

 

An extensive regional Air Core drilling program undertaken at Kubi was aimed at generating new prospects by testing high priority targets along the length of the Ashanti and Kubi Shears identified from historical drill intercepts; favorable structural settings interpreted from airborne and ground geophysical surveys; and gold anomalism delineated from auger drilling. The Ashanti and Kubi Shears are the bounding structures of the Ashanti Shear Zone, which extend for the length of the Project (Figure 2).

 

A total of 549 Air Core holes were drilled for 24,818m, broadly testing a 10km strike of the Ashanti Shear and 2km strike of the Kubi Shear (Figure 2). Holes were drilled on a variable traverse spacing, 20m apart to a maximum depth of 81m. Samples were submitted to MinAnalytical Laboratory in Perth, Western Australia, for 50g Fire Assay treatment with Atomic Absorption Spectrometry (AAS) finish. All assay results have been received and are discussed below.

Preliminary interpretations of the results indicate shallow anomalous gold (>0.3g/t Au) is extensively distributed along the length of the Ashanti and Kubi Shears tested within the Project area (Figure 3), providing valuable exploration targets for further follow-up Reverse Circulation (RC) drilling planned for 2013. The drilling has been divided into 4 Blocks (Block 1, 2, 3 & 4), for ease of discussion, and are outlined in Figures 2 & 3.

 

Block 1

Shallow anomalous gold has been intersected consistently over a strike length of 900m, trending parallel to the Ashanti Shear. All intercepts >0.3g/t Au are listed in Table 1. Highlights include:

  • KUAC12-008 7m @ 0.70g/t Au from 10m (including 1m @ 2.30g/t Au from 16m)
  • KUAC12-071 2m @ 5.43g/t Au from 18m
  • KUAC12-093 3m @ 1.57g/t Au from 12m and 11m @ 1.19g/t Au from 21m
  • KUAC12-180 5m @ 1.24g/t Au from 5m (including 1m @ 4.27g/t Au from 9m)
  • KUAC12-219 14m @ 0.50g/t Au from 8m

 

Block 2

To the east of the Ashanti Shear, a significant intercept in KUAC12-138 is sited along the same trend as the 513 Prospect, 500m north of the collar location. Further anomalous gold values have also been intercepted south along strike of this trend over the 2km tested. This trend along strike of the 513 Prospect remains largely untested. All intercepts >0.3g/t Au are listed in Table 2. Highlights include:

  • KUAC12-118 14m @ 0.64g/t Au from 23m
  • KUAC12-133 5m @ 1.05g/t Au from 5m (including 1m @ 3.43g/t Au from 9m)
  • KUAC12-138 10m @ 3.42g/t Au from 9m (including 2m @ 11.91g/t Au from 12m)
  • KUAC 12-282 15m @ 0.48g/t Au from 20m

 

Block 3

Shallow anomalous gold has been intercepted along strike north of historical drilling intercepts. Much of this trend remains untested. All intercepts >0.3g/t Au are listed in Table 3. Highlights include:

  • DGAC12-002 3m @ 0.84g/t Au from 4m
  • DGAC12-009 6m @ 0.44g/t Au from 6m
  • DGAC12-230 2m @ 1.34g/t Au from 22m and 3m @ 0.73g/t Au from 29m
  • DGAC12-233 1m @ 7.97g/t Au from 42m

 

Block 4

Nearly 2km of strike of the Ashanti Shear was tested by a series of traverses on 50m spacing. Multiple zones of anomalous gold mineralization were consistently intercepted along each traverse over the strike length (Figure 4). All intercepts >0.3g/t Au are listed in Table 4.  Highlights include:

  • DGAC12-038 2m @ 2.30g/t Au from 23m
  • DGAC12-061 24m @ 1.87g/t Au from 0m  (including 1m @ 13.8g/t from 12m)
  • DGAC12-065 5m @ 1.12g/t Au from 7m
  • DGAC12-202 5m @ 1.36g/t Au from 11m

 

The Kubi Project is the second project that PMI is currently developing in Ghana, along with the Obotan Project where the results of a feasibility study forecast an annual gold production of 221,500 oz Au over the first five years.  The Kubi Main Deposit was mined by the previous tenement holder up until 2005, yielding 59,000oz Au at an average grade of 3.65g/t Au. PMI is undertaking an evaluation of this resource in parallel with a broader regional exploration push targeting major new discoveries.

 

PMI Gold’s Managing Director & CEO, Mr Collin Ellison, said “The results from the regional Air Core drilling program over the Kubi Project will allow us to further prioritize targets for follow-up Reverse Circulation (RC) drilling planned for 2013. Exciting targets have been generated south of the 513 Prospect (Block 2) and along the Ashanti Shear in the areas outlined from drilling in Blocks 1, 2 & 4.”

 

 

On behalf of the Board,

“Collin Ellison”

Managing Director & CEO

 

 

For further information please contact:

Investor Relations Canada: Investor Relations Australia:
Rebecca Greco, Fig House Communications                Nicholas Read/Paul Armstrong, Read Corporate

P. +1 (416) 822-6483                                                        P. +61 8 9388 1474

E. fighouse@yahoo.com                                                   M. +61 419 929 046

 

PMI Contact Canada: PMI Contact Australia:
Marion McGrath, Corporate Secretary                           Collin Ellison, Managing Director & CEO

P. +1 (604) 684-6264                                                        P. +61 8 6188 7900
Toll-Free: 1 (888) 682-8089

 

or visit the PMI Gold Corporation website at www.pmigoldcorp.com

 

 

 

 

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