2021-05-03 07:19 ET - News Release
Mr. Greg McCunn reports
GALIANO ANNOUNCES ACQUISITION OF EXPLORATION PROPERTIES IN MALI
Galiano Gold Inc. has acquired 100 per cent of ABG Mali Exploration SARL from a subsidiary of Barrick Gold for consideration paid of $1.5-million (U.S.). The ABG Mali property covers over 167 square kilometres and includes four exploration licences. All dollar amounts are U.S. dollars unless otherwise stated.
The ABG Mali property is strategically located on the Senegal Mali shear zone (SMSZ), host to established gold deposits, including Loulo-Gounkoto and Fekola to the south and Sadiola and Yatela to the north.
A review of historical work including previous drilling and six multikilometre gold-in-soil trends is under way. A soil sampling campaign is planned for this year, together with unmanned-aerial-vehicle-borne geophysical surveys planned for later in 2021, to assist in drill targeting scheduled for 2022.
"Acquiring the ABG Mali properties is a small but meaningful step for Galiano. We believe that the properties have a lot of promise including several attractive intercepts from previous drilling," said Greg McCunn, chief executive officer. "Including Asumura, we now have two greenfield projects, both of which are located in prospective geological regions."
ABG Mali property description
The ABG Mali property is located in southwest Mali, near the Senegal border. The property is located at the top of greenstone belts where gold deposits commonly occur. There are widespread Tarkwaian equivalent rocks on site as well as known gold occurrences and artisanal workings.
ABG Mali geology
The ABG Mali concessions straddle the SMSZ, a major crustal-scale terrane boundary that plays host to several established gold deposits. Gold mineralization along the structure is commonly associated with second and third order subsidiary shear zones, varying in strike from north-south to northeast and northwest. Of note, many such structures can be seen transgressing the ABG Mali property. Concessions located on the eastern side of the SMSZ are dominated by the Kofi series, which consists of a sequence of clastic sedimentary rocks and peraluminous granite plutons, and most notably, by sericite-tourmaline-altered sandstones, a common feature of the gold deposits along the SMSZ. Concessions on the western side of the SMSZ are underlain by sedimentary rocks of the Diale-Dalema supergroup, locally represented by a sequence of sandstone, conglomerate and chert, intruded by gabbroic and dacitic bodies.
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business capable of long-term value creation for its stakeholders through exploration and disciplined deployment of its financial resources. The company currently operates and manages the Asanko gold mine, located in Ghana, West Africa, which is jointly owned with Gold Fields Ltd