Desert Gold Ventures Inc. Receives One Year Extension on its Farabantourou Permit in Western Mali
Vancouver, October 24, 2016 - Further to the press release dated September 12, 2016, Desert Gold Ventures Inc., (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) (the "Company") is pleased to announce that on October 21, 2016 the Company was granted official approval of its application for a one year extension on its exploration license at the Company's Farabantourou permit in Western Mali. The permit is now secured until November 19, 2017. About Farabantourou
- Farabantourou is located on the Senegal-Mali Fault Zone (SMFZ) 40km south of the IAMGOLD/AngloGold Anshanti Sadiola Mine and 50km north of Randgold's Loulou Mine. Both these mines are on the SMFZ.
- The Company has declared a NI 43-101 resource in the North Eastern sector of the property known as the Barani East Deposit. The resource contains the following gold content;
- An indicated mineral resource of 652,00 tons at 2.22 grams per ton for 46,600 ounces of gold.
- An inferred mineral resource of 317,000 tons at 2.29 grams per ton for 23,000 ounces of gold.
- Mineral resource estimates were made using a cut-off grade of 0.5 grams per ton.
- In addition to the Barani East deposit, Farabantourou hosts 5 other known mineralized zones that are largely unexplored combining for nearly 5 km of strike. The Company is actively seeking joint venture partners and investors to assist in the development of Farabantourou.
- The Company has developed a USD $1.5 million exploration program to asses the remaining targets at Farabantourou and complete the necessary engineering work to transition the permit into an exploitation license. Program highlights include;
- 3,000 meters of trenching
- 8,000 meters of RC drilling
- 3,500 meters of Diamond drilling
To view an enhanced version of the Known Mineralized Zones at Farabantourou, please visit: http://orders.newsfilecorp.com/files/4954/23166_a1477325526378_64.jpg
(Known Mineralized Zones at Farabantourou)
Other Targets on the Farabantourou Permit
At Barani East there is the possibility to further define the resource by exploring along the strike extension of the interpreted fault, to the northeast, increasing the potential overall strike to roughly 3 km.
At Keniegoulou the possibility of extending the target along strike to approximately 2 km exists as the first 14 lines of drilling have all intersected mineralisation and a north-northwest to south-southeast trend is observed along an interpreted fault.
At Dambamba it is possible to increase the overall target strike extent to 2.5 km to the south along the interpreted fault line as it is postulated.
At Kousilli the current drilling in this area intersected some mineralization in only two of the four fence lines. If the drilling is overlain by the geochemistry anomalies, as well as the structural interpretation from the IP resistivity work, two northeast to southwest trending targets can be postulated.
The Company is in discussions with several mining companies seeking a partnership to complete the development of Farabantourou. The Company intends to apply for a mining exploitation license once this work has been completed should the results prove favourable.
Desert Gold CEO Sonny Janda commented, "Securing the Farabantourou permit for another year is a significant success for Desert Gold. It will allow the company to continue the development at Farabantourou and will also allow us to advance discussions with neighbouring mining companies and other prospective partners we are currently engaged with."
Furthermore, the Company granted 258,880 stock options to its officers and directors, exercisable at $0.30 for a two year period from today's date.
Shaun Dykes, M.Sc. (Eng); P.Geo (#20044), a Qualified Person as defined in NI 43-101, is responsible for the review of all scientific and technical information contained in this release.
ON BEHALF OF THE BOARD
"Jared Scharf"
___________________________
Jared Scharf
Director
+1 (416) 662 - 3971
About Desert Gold
Desert Gold Ventures Inc. is an advanced exploration and development company which holds mining assets in Mali and Rwanda.
For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company's profile.
This news release contains forward-looking statements respecting the Company's ability to successfully obtain an exploitation license for its Byumba permit. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete and obtain the necessary permits to develop its operations. These uncertainties and risks include, but are not limited to, the strength of the capital markets, permitting risk, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither the 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the united states. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a u.s. person absent an exemption from the registration requirements of such act.
