Volta More Than Doubles the Gold Resource at its Kiaka Gold Project in Burkina Faso
By Volta Resources Inc., PRNETuesday, June 28, 2011
TORONTO, June 29, 2011 -
- Measured and Indicated Resources Increase 118% to
3,018,000 ounces of gold AND Inferred Resources Increase 163% to
1,260,000 ounces of gold
Volta Resources Inc. (”Volta” or the “Company”) (TSX: VTR)
announces that an updated NI 43-101 compliant Mineral Resource
estimate has been completed for the Kiaka Gold Project which is
located 140 kilometers south-east of Ouagadougou in Burkina
Faso. The updated Mineral Resource estimate was prepared by
SRK Consulting UK Limited (Cardiff) (”SRK”) in collaboration with
Volta’s personnel.
The new and updated resource estimate for the Kiaka deposit is
summarized in Table 1 below:
Table 1: Mineral Resources at the Kiaka deposit as at June
2011
SRK Mineral Resource Statement, Kiaka Gold Project 28th June
2011
Metal Metal
Au Au
Type Category Tonnes (Kt) Au (g/t) (Kg) (Koz)
Mineralised
Bands Measured 14,040 1.43 20,030 644
Indicated 25,770 1.31 33,870 1,089
Measured and Indicated 39,810 1.35 53,900 1,733
Inferred 15,900 1.30 21,300 680
Halo
Mineralisation Measured 15,220 0.79 12,050 387
Indicated 35,260 0.79 27,910 897
Measured and Indicated 50,480 0.79 39,960 1,284
Inferred 22,600 0.80 17,900 580
Combined Total Measured 29,260 1.10 32,100 1,031
Indicated 61,030 1.01 61,800 1,987
Measured and Indicated 90,290 1.04 93,900 3,018
Inferred 38,520 1.00 39,200 1,260
Notes
Mineralised Bands based on a cut-off grade
of 1 Au (g/t) within mineralised wireframe
Halo Mineralisation based on a cut-off grade
of 0.6 Au (g/t) within mineralised wireframe
“Our drilling programs have more than doubled the mineral
resource base from last year’s estimate at Kiaka while also
significantly increasing the confidence of the geological model”
stated Kevin Bullock, Volta’s President & CEO.
He went on to say “The Volta team has once again delivered the
estimate on time and on budget and I commend them on their
efforts. The extent of the current resource upgrade elevates
the Kiaka deposit to the next category in terms of quality and
size. Notwithstanding the success of the Phase 2 campaign, the
Kiaka deposit is not closed off yet, with further potential
indicated along strike and down dip. There are also untested
targets in close proximity that will be drilled in Phase 3.
Combined with its favorable location and positive results from
initial metallurgical test work, the prospects for the Kiaka
deposit have been considerably enhanced.”
This mineral resource estimate is based on approximately 72,500
m of diamond and RC drilling: 35 drill holes for 8,083m from
Randgold, the previous owners, and 365 drill holes for 64,484 m
from Volta’s ongoing drilling campaign. In comparison to 2010, an
additional 245 drill holes have been incorporated, representing an
additional 45,409 m of drilling and 45,862 new assays, representing
a 69% increase in the size of the assay database.
Phase 2 drilling has now extended the Kiaka deposit to >1.5km
along strike (illustrated in plan and longitudinal section in
Figures 1 and 2) and down to an average depth of approximately 450m
below surface (illustrated in cross sections in Figures 3 and
4). The additional drilling has confirmed that higher grade
“mineralized bands” ranging between 5 metres and 50 metres wide
extend with good continuity for 100 metres to 400 metres along
strike and 50 metres to 200 metres down dip. These “mineralized
bands” are hosted within a lower grade “halo mineralization” within
a structural corridor that is 100 metres to 250 metres wide. SRK
has elected to report resources from the “mineralized bands” at a
cut-off grade of 1.0 g/t gold and the “halo mineralization” at a
cut-off grade of 0.6 g/t gold.
Infill drilling has resulted in considerably increasing the
confidence in the geological model, leading to 1,031,000 ounces now
reporting to Measured Resources. Measured and Indicated
Resources have increased by 118% from 1,384,000 ounces to 3,018,000
ounces and Inferred Resources by 163% from 480,000 ounces to
1,260,000 ounces. The change in the Mineral Resources from June
2010 to June 2011 is highlighted in Table 2.
Table 2: Change in the Mineral Resources from June 2010 to June
2011 at the Kiaka deposit.
2010 KIAKA RESOURCE 2011 KIAKA RESOURCE
STATEMENT STATEMENT
Metal Metal
Au Au Tonnes Au Au
Type Category Tonnes (Kt) (g/t) (Koz) (Kt) (g/t) (Koz)
Mineralised
Bands Measured - - - 14,040 1.43 644
Indicated 16,990 1.42 773 25,770 1.31 1,089
Measured
and
Indicated 16,990 1.42 773 39,810 1.35 1,733
Inferred 4,510 1.4 200 15,900 1.3 680
Halo
Mineralisation Measured - - - 15,220 0.79 387
Indicated 24,260 0.78 611 35,260 0.79 897
Measured
and
Indicated 24,260 0.78 611 50,480 0.79 1,284
Inferred 11,400 0.8 280 22,600 0.8 580
Combined Total Measured - - - 29,260 1.10 1,031
Indicated 41,250 1.04 1,384 61,030 1.01 1,987
Measured
and
Indicated 41250 1.04 1,384 90,290 1.04 3,018
Inferred 15,900 0.90 480 38,520 1.00 1,260
The estimate is based on a combination of diamond core and
RC chip samples which were fire assayed for gold by ALS, SGS and
BIGS laboratories in Ouagadougou. Field rejects from the
mineralized intersections of the Randgold drill holes have been
re-sampled and included in Volta’s assay database; comprehensive
QAQC has demonstrated that sample preparation and laboratory
performance for all drilling campaigns provided assays which are
fit for the purpose of this estimate.
The grade estimation domains comprise the wide KMZ corridor and
flanking KHZ structures that were wire-framed using an approximate
0.3 g/t shell. A block model was then generated using block
dimensions of 20 metres x 10 metres x 5 metres, into which up to 24
x 3 meter composite samples per block were used for estimation
employing an ordinary kriging routine.
SRK has considered sampling density and distance from samples in
order to classify the Mineral Resource according to the
terminology, definitions and guidelines given in the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Mineral Reserves (December 2005) as required
by National Instrument 43-101. Further, SRK has used reasonable
costs for the region, process recoveries based on the results of an
internal scoping study (currently being completed by SRK) and a
long term upside gold price of US$ 1,175/oz to determine that the
current resource and its potential depth extensions have
sufficiently high grade, width and proximity to surface to have
reasonable prospects for economic extraction by producing a Whittle
open pit shell.
Table 3: Sensitivity of SRK’s block model within the Whittle
open pit, at a range of cut-off grades from 0.0g/t to 1.4g/t
Grade - Tonnage Table, Kiaka Deposit 28th June 2011
Measured & Indicated Inferred
Au Metal
Cut-off Tonnes Au Grade Metal Au Metal Au Tonnes Grade Metal Au Au
g/t Kt g/t Kg (Koz) Kt g/t Kg (Koz)
1.40 12,210 1.77 21,640 700 3,900 1.89 7,300 230
1.20 22,760 1.55 35,250 1,130 8,200 1.57 12,900 410
1.00 39,810 1.35 53,900 1,730 15,900 1.34 21,300 680
0.90 51,160 1.26 64,670 2,080 21,100 1.24 26,200 840
0.80 63,340 1.18 75,020 2,410 26,300 1.16 30,700 990
0.70 76,690 1.11 85,020 2,730 32,600 1.08 35,300 1,140
0.60 90,290 1.04 93,860 3,020 38,500 1.02 39,200 1,260
0.50 102,320 0.98 100,500 3,230 42,800 0.97 41,600 1,340
0.40 112,210 0.94 104,980 3,380 45,600 0.94 42,900 1,380
0.20 122,060 0.89 108,060 3,470 48,000 0.91 43,600 1,400
0.00 167,730 0.68 114,860 3,690 80,000 0.61 48,400 1,560
Volta will continue with the Phase 3 (50,000 meter) drilling
program to further extend and enhance the Kiaka deposit, test other
local targets already identified within a 3 kilometer radius of the
currently defined deposit and to carry out scout drilling on the
other regional targets on the 184
km[2] Kiaka property.
Volta plans to enter into a pre-feasibility study over the
second half of the year that will concentrate on optimizing
metallurgical test work and mining schedules. This will be
done in tandem with generating appropriate and project specific
operating and capital cost parameters for the Kiaka deposit.
This is consistent with Volta’s stated objective of fast-tracking
the development of the Kiaka deposit to generate the best return
for shareholders.
A copy of the full technical report that accompanies the NI
43-101 resource statement will be posted on Volta’s website and on
SEDAR within 45 days.
To view “Figure 1: Kiaka Deposit - Plan View”, “Figure 2: Kiaka
Deposit - Longitudinal Section”, “Figure 3: Kiaka Deposit - Cross
Section 5450N” and “Figure 4: Kiaka Deposit - Section 5200N”,
please click
Pursuant to National Instrument 43-101, the qualified persons
responsible for the technical data provided in this press release
are Mr. Martin Pittuck, Director and Corporate Consultant (Resource
Geology) and Mr. Ben Parsons, a Senior Resource Geologist; both
full time employees of SRK Consulting (UK) Ltd. Mr. Pittuck is a
Chartered Engineer and a Member of the IOM3 and Mr. Parsons is a
member of the AusIMM. Mr. Pittuck has reviewed and approved the
contents of this news release.
Volta is a mineral exploration company primarily focused on
becoming a leader in the identification, acquisition, exploration
and development of gold properties in West Africa.
Forward Looking Information Caution:
This press release presents “forward-looking statements” within
the meaning of Canadian securities legislation that involve
inherent risks and uncertainties. Forward-looking statements
include, but are not limited to, statements with respect to the
future price of gold and other minerals and metals, the estimation
of mineral reserves and resources, the realization of mineral
reserve estimates, the capital expenditures, costs and timing of
the resources, the realization of mineral reserve estimates, the
capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of forward
looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Volta to be materially
different from those expressed or implied by such forward looking
statements, including but not limited to: risks related to
international operations, risks related to the integration of
acquisitions; risks related to joint venture operations; actual
results of current exploration activities; actual results of
current or future reclamation activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be
refined; future prices of gold and other minerals and metals;
possible variations in ore reserves, grade or recovery rates;
failure of equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
and delays in obtaining governmental approvals or financing or in
the completion of development or construction activities.
Although the management and officers of Volta believe that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions and have attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Volta Resources does
not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with
applicable securities laws.
For further information, please refer to our website
or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: +1-647-388-1842
Fax: +1-416-867-2298
Email:
or
Andreas Curkovic, Investor Relations
Tel: +1-416-577-9927
.
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