VANCOUVER, BC, Feb. 13,
2023 /CNW/ - DFR Gold Inc.
(TSXV: DFR) ("DFR" or the
"Company") is pleased to announce the start of a 10,000
metre drilling program (the "Drilling Program") on the
Cascades Project in Burkina Faso,
West Africa. The Drilling Program
represents the first part of a longer-term plan to systematically
test exploration targets that have now been identified within
the mineralised corridor at the Cascades
Project.
The Drilling Programme will be in two phases. The first 5,000
metres target extensions to the current resources and several new
targets:
- Two newly defined targets immediately north and southwest of
the Daramandougou resource pit shell respectively;
- Step-out drilling on the TT13 target, a significant new gold
zone identified during 2022; and
- First-pass drilling on several other of the newly delineated
targets in the Wuo Land 2 licence area.
Phase two will be a results-driven follow-on programme targeting
the highest priority results from the first phase.
The Cascades Project comprises two exploration license areas,
Wuo Land and Wuo Land 2 in the Comoé province of southern Burkina
Faso. Moydow Holdings, the Company's subsidiary, completed
4,739 metres of reverse circulation drilling between May and
August 2021 in a program designed to
validate the historical High River Gold Mines Limited ("High
River") and Taurus Gold Limited ("Taurus") drilling databases. This
allowed DFR to prepare a maiden mineral resource estimate on the
property in accordance with the provisions of National Instrument
43-101 – "Standards of Disclosure for Mineral Projects" ("NI
43-101") (see DFR announcement dated 25
October 2021):
Indicated mineral resource estimate*: 5.41Mt @
1.52g/t Au (264,000oz)
Inferred mineral resource estimate*:
6.93Mt @ 1.67g/t Au (371,000oz)
A subsequent 4,975 reverse circulation drilling program,
executed by DFR during 2022 (see DFR announcement dated
6 September 2022), demonstrated the
potential for increasing the resource estimate at Wuo Ne and
Daramandougou targets in addition to a new discovery at TT13, a
newly identified target some 6km southeast of the Wuo Ne resource
areas.
Field exploration to date during the 2022-2023 dry season has
concentrated on delineating and prioritising a number of newly
discovered targets and progressing them to drill ready status
Cascades Project exploration
The Cascades Project lies in the Banfora Birimian Greenstone
Belt, one of the three major mineralized belts in western
Burkina Faso. Gold mineralization
at the Cascades Project is spatially associated with sulfides and
quartz sericite alteration. Following the addition of the Wuo Land
2 license to the project in early-2022 (see DFR's announcement
dated March 11, 2022) an extensive
mapping program has been completed with the assistance of drone
photography and multispectral remote sensing surveys.
Historical geophysics (IP and EM) surveys have helped define
a 30km long mineralized corridor.
Within this corridor, historical and recent mapping and sampling
combined with the widespread activity of artisanal miners has
identified at least seven northeast-southwest trending shear
structures with mapped strike extent of 15km to 25km.
The Drilling Program is summarised in Figure 1.
David J Reading, M.Sc., FIMM, Fellow SEG, a director of DFR and
a Qualified Person as defined under NI 43-101 has prepared or
supervised the preparation of, or approved, as applicable, the
technical information contained in this press release. Mr. Reading
has over 40 years' experience in the mining industry covering all
stages of mine development, including exploration, feasibility,
financing, construction and operations. He has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geologists.
DFR GOLD INC.
Join McGloin, CEO
Notes to Editors:
DFR Gold is a TSX Venture Exchange listed exploration and mine
development company focused on gold in West Africa. DFR Gold holds interests in a
portfolio of West African gold exploration projects including the
highly prospective Cascades gold project ("Cascades") in
Burkina Faso. Cascades has a
Mineral Resource prepared in accordance with NI 43-101 comprising
5.41 million tonnes of indicated resources at an average grade of
1.52 g/t Au for a total 264,000 ounces of gold: and 6.93 million
tonnes of inferred resources at an average grade 1.67 g/t Au for a
total of 371,000 ounces of gold. Please see the Company's technical
report titled "Amended and Re-stated Technical Report on the Labola
Project Burkina Faso" dated April 2,
2022 with an effective date of April
20, 2022 for further information regarding Cascades. This
report can be located at www.dfrgold.com
In Madagascar, DFR Gold has an
advanced high grade hard rock zircon exploration prospect located
in the west of the country, approximately 220km east of the port of
Maintirano and close to a state road. DFR Gold acquired Beravina
from Pala Investments and Austral Resources in 2016.
Website: www.dfrgold.com
The Company's public documents may be accessed at
www.sedar.com
Neither the TSXV 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.
Additional Mineral Resource Estimate Disclosures**
- **Mineral Resources, which are not Mineral Reserves, do not
have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting,
legal, marketing, or other relevant issues. The Mineral Resources
in this note were reported using CIM (2014) Standards on Mineral
Resources and Reserves, Definitions and Guidelines and adopted by
CIM Council.
- ^ The quantity and grade of reported Inferred Resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define this Inferred Resource as an Indicated or
Measured Mineral Resource. It is uncertain if further exploration
will result in upgrading the Inferred Resource to an Indicated or
Measured Mineral Resource category.
- The Mineral Resource has been constrained by an open pit
evaluation using a gold price of US$1900 per ounce, and then reported at a cut-off
of 0.5 g/t Au.
- Contained metal and tonnes figures in totals may differ due to
rounding.
Forward-Looking Statements:
This release contains certain "forward-looking information"
within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact in this
release that address activities, events or developments that DFR
Gold expects or anticipates will or may occur in the future are
forward-looking statements or information. Often, but not always,
forward-looking information can be identified by the use of words
such as "aim", "aspire", "strive", "will", "expect", "intend",
"plan", "believe" or similar expressions as they relate to DFR
Gold. Forward- looking information is subject to a variety of risks
and uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking
information.
There are a number of important factors that could cause DFR
Gold's actual results to differ materially from those indicated or
implied by forward-looking statements and information. Such factors
include, among others: the ability to obtain requisite regulatory
approvals; the ability to finance the drilling campaign; commodity
prices; the gold exploration and mining industry in general; the
potential impact of the announcement on relationships; including
with regulatory bodies, employees; suppliers, customers and
competitors; changes in general economic, business and political
conditions, including changes in the financial markets; changes in
applicable laws; and compliance with extensive government
regulation. Should one or more of these risks, uncertainties or
other factors materialize, or should assumptions underlying the
forward-looking information or statement prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or
expected.
DFR Gold cautions that the foregoing list of material factors is
not exhaustive. When relying on DFR Gold's forward-looking
statements and information to make decisions, shareholders should
carefully consider the foregoing factors and other uncertainties
and potential events. DFR Gold has assumed that the material
factors referred to in the previous paragraph will not cause such
forward looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors. The forward-looking information contained in
this release represents the expectations of DFR Gold as of the date
of this release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While DFR Gold may elect to, it does not undertake to
update this information at any particular time except as required
in accordance with applicable laws.
SOURCE DFR Gold Inc. (formerly Diamond Fields Resources
Inc.)