|By Marketwired .||
|August 6, 2013 07:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/06/13 -- True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to announce that additional results from recent reverse circulation ("RC") drilling show that gold mineralization extends at least 1,400 metres north of the Kao deposit, the largest of five deposits at the Company's Karma Gold Project (the "Karma Project") in Burkina Faso, West Africa.
The new results reinforce the potential to expand Kao, with gold mineralization now doubling from 1,400 metres to 2,800 metres along strike, and by 900 metres in width. Assay highlights from the 30 holes released today include:
-- 1.08 g/t Au over 50.0 metres, in KAO-13-RC-410, including -- 2.21 g/t Au over 16.0 metres -- 0.78 g/t Au over 14.0 metres and 0.66 g/t Au over 20.0 metres, in KAO- 13-RC-411 -- 1.09 g/t Au over 10.0 metres, in KAO-13-RC-414 -- 1.56 g/t Au over 26.0 metres and 5.22 g/t Au over 4.0 metres, in KAO-13- RC-419 -- 0.75 g/t Au over 30.0 metres, in KAO-13-RC-423, including -- 1.18 g/t Au over 12.0 metres -- 0.49 g/t Au over 8.0 metres, in KAO-13-RC-435 -- 1.15 g/t Au over 20.0 metres, in KAO-13-RC-438
"These assays demonstrate excellent continuity of gold mineralization in North Kao, and support True Gold's objective to discover additional near-surface gold mineralization at the Karma Project," said Dwayne Melrose, President and CEO, True Gold. "We are extremely encouraged by the results received to date at North Kao, and have approved a 9,000-metre infill RC and core drilling program for September 2013."
To review a drill map for the drilling around Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/KarmaDrillMap1327.pdf
For a full table of recent results related to gold mineralization, please click on this link: http://www.truegoldmining.com/sites/default/files/KarmaDrillResults1327.pdf
True Gold completed 10,064 metres of RC drilling in 69 holes in the first half of 2013 around the periphery of the Kao deposit to test for additional gold mineralization along north and west-northwest trending structural corridors. Given the strong results returned from the first 20 step-out holes north of Kao in June (including 1.01 g/t gold over 62.0 metres(1)), the Company completed four additional widely spaced fences of RC holes to extend the drill grid as far as Anomaly B, located 2,400 metres north of Kao. The holes were drilled on 150-metre centres, on east-west oriented fences approximately 400 to 500 metres apart, and at dips of -60 degrees at 090 or 270 degrees azimuth, to an average depth of 150 metres. Assay results for a further 19 RC holes are pending. Mineralization remains open to the northwest, north, and northeast of Kao.
The region north of Kao was not drill-tested earlier due to wide-spread wind-blown sands masking any gold geochemical response. Results announced today validate True Gold's use of IP and magnetic geophysical datasets in a strong framework of structural geology as a targeting tool.
Gold mineralization at Kao is entirely hosted within an intrusive granodiorite and takes the form of up to eight parallel, north trending, shallow east-dipping zones ranging from three to 50 metres thick, and a set of steeper west-northwest trending structures controlling higher grade mineralization.
The 856-square-kilometre Karma Project includes five closely spaced deposits - Kao, Goulagou I and Goulagou II, Rambo, Nami - with a proposed central processing facility. Kao hosts a 360,501-ounce Indicated Resource averaging 0.897 g/t gold (Au) in 12.5 million tonnes(2) of oxide material.
The Karma Project is currently undergoing a feasibility study, which remains on schedule for release in Q4 2013. The study entails the development of a fully engineered construction and operating plan. It will include considerations for social management planning, environment, geotechnical engineering, hydro-geology, water management, metallurgical testing, process design, and mine planning.
The Company has not made a production decision and the Company's strategic plan to develop a stand-alone heap leach operation at the Karma Project is subject to the results of its feasibility study. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101.
(1) See the Company's news release dated June 3, 2013 titled True Gold intersects 1.01 g/t gold over 62.0 metres in drilling 600 metres north of Kao
(2) See the Company's news releases dated October 3, 2012 and March 20, 2013 and the independent NI 43-101-compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.
Ian Cunningham-Dunlop, P. Eng., is the Company's Senior Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
All holes were drilled at 090 or 270 degrees azimuth, with dips of -60 degrees and to an average depth of 150 metres. True widths are estimated to be 70 to 90% of the intersected widths. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. Assays were by Fire Assay with AAS finish and repeats of all AAS assays over 5.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis every ten samples. Results were monitored on receipt of assays.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
Neither 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.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to deposits hosting gold mineralization, the assumptions set forth in this news release and in the Company's news releases of October 3, 2012 March 20, 2013, March 27, 2013 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the Feasibility Study on the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe 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 forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.