35.58 m of 3.2 g/t Au at Osikonmaki Very good NEWS and still at .04 cents whats wrong here?
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REBgold drills 35.58 m of 3.2 g/t Au at Osikonmaki
2012-04-24 10:05 ET - News Release
Mr. Mark Burridge reports
HIGH GRADE GOLD DISCOVERY AT OSIKONMAKI PROSPECT CONFIRMED AND EXTENDED
REBgold Corp. has released the final results from the recently completed drill program at the Osikonmaki East prospect on the Rantasalmi gold property. The most significant hole since the last news release, BELOSI 081, continues to develop and extend the upper east HW zone discovered in the 2011 drilling campaign. Almost the entire 205-metre length of BELOSI 81 was mineralized, with the most significant intercept of 18 metres averaging 5.7 grams per tonne (g/t) gold (Au) within a 35-metre zone averaging 3.2 g/t. This zone has now been intersected by four drill holes, the results of which are tabulated in the attached table, and represents a significant new discovery. The zone, though still requiring further delineation, appears to be steeply dipping to the south and occurs from bedrock surface. It has a true thickness of at least 12 metres, a strike of at least 100 metres and remains open at depth and along strike. Adjacent to the high-grade zone in the hanging wall of the main shear there appears to be a zone of lower-grade mineralization, representing potential for a bulk tonnage target.
OSIKONMAKI EAST -- SIGNIFICANT DRILL RESULTSHole ID From To Interval Au Au gram metres (m) (m) (m) (g/t) BELOSI044(i) 4.31 27.35 23.04 5.8 133.6including 7.53 21.71 14.18 9.14 129.6BELOSI077(i) 26.4 42.05 15.65 9.96 155.9BELOSI078(i) 46.04 100.3 54.26 2.91 157.9including 46.04 65.9 19.86 6.32 125.6BELOSI081 55.23 90.81 35.58 3.2 113.9including 58.72 77.05 18.33 5.69 104.4(i) Previously announced in a news release May 17, 2011, Sept. 14, 2011, and Feb 28, 2012. Note: All intersections into upper east HW zone. Intersections are based on a 0.3 g/t Au cut-off (higher-grade intervals at one g/t Au cut-off) with a grade thickness greater than 2 gram metres. No top cut is applied. Maximum grade is 69.6 g/t Au over 0.67 metres (BELOSI081), one of 20 individual samples over 10 g/t Au (0.32 ounces per ton). Intersections are estimated to be 70 to 90 per cent of true width.
Mark Burridge, chairman, comments: "The latest drilling continues to increase the potential for Osikonmaki East to become a significant gold deposit. Every intersection into the new eastern hangingwall zone has yielded greater than 100 gram metres, displaying potential for both high-grade and bulk tonnage mineralization. There is strong evidence to suggest that the Osikonmaki East deposit extends at depth and along strike. While the Osikonmaki East project has been the focus of recent work, we also remain excited about the overall potential of the Rantasalmi project. Several other target areas, including the historical resources at Osikonmaki West and Pirila are yet to be tested."
Additional drill hole results not previously announced are published in the attached table.
OSIKONMAKI EAST -- ADDITIONAL DRILL RESULTSHole ID From To Interval Au Au gram metres (m) (m) (m) (g/t)BELOSI081 17.16 20.15 2.99 1.15 3.4BELOSI081 55.23 90.81 35.58 3.2 113.9BELOSI081 96.33 130.88 34.55 0.69 23.7BELOSI081 160.38 165.7 5.32 1.65 8.8BELOSI081 178.93 188.12 9.19 0.36 3.3BELOSI082 189.8 193.97 4.17 0.51 2.1BELOSI084 125.24 131.23 5.99 1.49 8.9BELOSI084 163.11 172.93 9.82 0.93 9.1BELOSI086 96.33 97.25 0.92 2.52 2.3BELOSI086 110.06 118.14 8.08 0.43 3.4BELOSI090 9.09 18.04 8.95 0.65 5.8BELOSI091 68.62 73.64 5.02 0.49 2.5Note: Intersections are based on a 0.3 g/t Au cut-off with a grade thickness greater than two gram metres. No top cut is applied. Intersections are estimated to be 70 to 90 per cent of true width.
Other drill holes confirmed the depth and western strike potential of the systems. BELOSI 84 was drilled to target the main shear zone at depth on the eastern portion of the shear zone. The hole intersected 9.8 metres at 0.9 g/t Au and identified additional mineralization in the hanging wall, including six metres at 1.5 g/t Au.
BELOSI 82 was drilled to test the depth extension of the main shear zone 700 metres further to the west, and it confirmed the extension of the shear zone at depth, but assay results were modest, at around 0.5 g/t Au. The hole appears to have intersected the low-grade zone in-between the higher-grade chutes identified in previous holes.
BELOSI 83 and BELOSI 85-91 were shallow exploratory holes drilled to test the shear zone as it continues westward toward the Osikonmaki West mineralization. The main shear was intersected in all holes but from the limited drilling undertaken, grades appear generally lower in this portion of the shear zone, with individual samples up to 2.75 g/t Au recorded.
Other continuing work related to the project include the surveying and quality assurance/quality control (QA/QC) assaying of historic holes not used in the previous resource estimates. These, combined with the results from this year's drilling program, will form the basis for updating the mineral resource estimate.
Osikonmaki geology
The Osikonmaki project occurs in a three-kilometre-long shear complex, hosted by a Proterozoic-aged tonalitic intrusion. Most of the drilling to date has focused on the eastern 800 metres of the shear where the mineralization is primarily associated with a 45-degree-south-dipping shear zone between four and 30 metres thick. A series of higher-grade chutes that pitch at shallow angles across the plane of the main shear, plunging 20 degrees to the east-southeast, contain the better part of the mineralization and extend for at least 600 metres down-plunge. These chutes have been grouped into three principle lode systems -- the S, T and U lode systems. The resources included in the attached table have been outlined on the Rantasalmi property to date.
OUTLINED MINERAL RESOURCES ON THE RANTASALMI PROPERTY Resource ContainedProperty Prospect category Tonnes Au ounces (g/t)Rantasalmi Osikonmaki East Indicated 1,296,000 1.7 68,000Rantasalmi Osikonmaki East Inferred 3,542,000 2.09 244,000Rantasalmi Osikonmaki West Historical 90,000 4.86 14,000Rantasalmi Pirila Historical 150,000 8.9 43,000
The drilling was undertaken by Drillcon SMOY of Finland, providing a 42-millimetre diameter core. Samples comprise half diamond core. Intersections are estimated to be 70 to 90 per cent of true width. No top cuts are applied with the highest individual assay being 47.8 g/t Au over 0.46 metre. Core samples are sawn in half on site, then prepped and assayed by 30-gram fire assay with an AAS finish at the internationally accredited laboratories of ALS Chemex in Finland. The QA/QC program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15 per cent of the samples assayed. The remaining half core is retained on site for verification and reference purposes.
The resources were previously announced in a press release on Oct. 11, 2011. An NI 43-101-compliant technical report, "Mineral Resource Estimate of the Rantasalmi Gold Project in Finland," was filed on SEDAR on Oct. 19, 2011. The mineral resource estimate for Osikonmaki East was prepared by Golder Associates (UK) Ltd. under the supervision of Alexandra Akyurek (CSci, MSc MIMMM), acting as an independent qualified person as defined by National Instrument 43-101. Ms. Akyurek is a member of the Institute of Materials, Minerals and Mining (member No. 447670). The qualified person has not done sufficient work to classify the historical estimates at Osikonmaki West and Pirila as current resources under NI 43-101, and suggests that the historical estimates should be considered an historical reference of tonnes and grade, and not resources. These historical estimates have not been validated by Golder and no reliance should be placed on these figures.
About the joint venture with Belvedere Resources
REBgold has the right to earn up to a 50-per-cent interest in a special purpose joint venture company which holds the Kiimala and Rantasalmi projects by contributing expenditures of $6-million over a four-year period. If REBgold proceeds with and completes the feasibility study it will increase its stake in the projects to between 55 per cent and 75 per cent, depending on the level of Belvedere's contribution to the study. A further 5 per cent can be earned if REBgold's bioleaching technology can lead to a material improvement in the project economics.
Qualified person
The technical aspects of this news release have been prepared by Dr. Toby Strauss (CGeol), who is acting as the qualified person in compliance with National Instrument 43-101 with respect to this release. Mr. Strauss is the chief operating officer of Belvedere Resources. The data supporting this news release have been provided in a Surpac database and has been verified against the original laboratory assay certificates. The qualified person has not undertaken any independent sampling of the drill core, but has reviewed the QA/QC procedures and considers the results to be within expected margins of error.
We seek Safe Harbor.