Mali, West Africa; Desert Gold Secures its 100% Owned Djimbala Gold Exploration Permit for 7-Year Term
Delta, British Columbia--(Newsfile Corp. - May 30, 2019) - Desert Gold Ventures Inc. (TSXV: DAU) ("Desert Gold" or "the Company") is pleased to announce that it has successfully renewed its 100% owned Djimbala permit for an initial 3-year term. Furthermore, the license grants Desert Gold the option to renew the permit for two additional 2-year terms giving the Company control of Djimbala until May 2026.
The permit is 100km2 and is located in the Yanfolila Gold Belt of southern Mali and is proximal to several large operating mines and gold deposits including Hummingbird's 2.2 million oz Au Komana East and West deposits, Wassoul Or's Kodieran Mine and Endeavour's 3.25 million oz Au Kalana deposit. Note that mineralization hosted on adjacent properties is not necessarily indicative of mineralization hosted on the Company's Djimbala Property.
To date only ~10% of the property has been covered by soil geochemistry with 20 gold-in-soil anomalies returning values >100 ppb gold including values up to 22,600 ppb gold (see Figure 1). The conceptual target on the Djimbala project is structurally controlled gold mineralization similar to other projects in the Yanfolila Gold Belt. The project has more than seven artisanal gold workings in altered sedimentary host rock and in elluvial deposits with most of them occurring within the sampled area.
Immediately north of the Djimbala permit boundary is the extension of the Faliko and Fodela structures with significant intersections from a 2010 Gold Fields AC and RC drilling program (see Figure 1).
DJIMBALA EXPLORATION WORK
An additional 2,150 soil samples, that were collected over the north-western portion of the permit, will be assayed and results analyzed in Q2, 2019. This work, in conjunction with follow-up field evaluation and property-scale mapping and soil sampling over the remaining portion of the permit, is expected to lead to the development of a significant number of drill targets on the property which has seen no reported drilling to date.
To view an enhanced version of Figure 1, please visit:
Don Dudek, P.Geo. is a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the Desert Gold scientific and technical information contained in this press release.
ON BEHALF OF THE BOARD
President & Director
ABOUT DESERT GOLD
Desert Gold Ventures Inc. is a gold exploration and development company which holds 3 gold exploration permits in Western Mali (Farabantourou, Segala West and Djimbala) and its Rutare gold project in central Rwanda. Furthermore, Desert Gold is in the process of acquiring a large property package on and near the Senegal Mali Shear zone as part of its SMSZ project, which is anchored by the Farabantourou Concession. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca
Jared Scharf, President and Director
Tel. No.: +1 (858) 247-8195
(1) Humingbird's Komana Easrt and West deposits have a total gold inventory of 2.2 million ounces grading 2.4 g/t fold - Q1, 2019 Operational Update posted on Humngbird's website May 29, 2019. Endeavour's Kalana Project has Measured and Indicated mineral resources of 3.25 million ounces grading 3.92 g/t gold and Inferred mineral resources of 0.265 million ounces grading 4.1 g/t gold - source Endeavour website, May 29, 2019.
This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45148