SEMAFO Inc. (
TSX: T.SMF,
Stock Forum) provided an update on its ongoing soil sampling program at Mana, Burkina Faso, which has identified a strong and continuous north-trending corridor within the Kokoi shear zone measuring more than 14 kilometers long and up to four kilometers wide.
The anomaly is located approximately eight kilometers north of the Siou Deposit.
According to the
SEMAFO press release, numerous individual samples from the anomalous area returned significant values, with some of the highest returning more than 10,000 parts-per-billion gold.
A 7,100-soil-sample program was carried out over areas where auger drilling is difficult due to rugged terrain and outcropping bedrock.
Samples were taken primarily from the Mana West, the Kokoi Southwest Block and the Bouna East Block area, along line spacing of 400 meters with sample points at every 25 meters.
The program for the Bouna East Block was designed to extend the existing survey towards the south, along the Kokoi shear zone, in order to trace an existing geochemical anomaly further south near the contact between the Siou granodiorite intrusive and its host volcanic rocks.
The corporation also reported that the Government of Burkina Faso has granted exploration rights to the new Pompoi North permit located east of the Mana East permit, host to the Siou deposit. The Pompoi North permit covers an area of 61 square kilometers, including the east contact of the Siou intrusive, and should be prospective for gold mineralization given its similar geology and structural similarities with the Siou deposit environment. Soil sampling and auger drilling will commence early December on Pompoi North.
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa.
On Monday, SEMAFO rose 4.2% and was trading at $2.585 a share. The company had a market cap of $709.7 million, based on 274.5 million shares outstanding.