NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICE
VANCOUVER, BRITISH COLUMBIA, CANADA: 13 JUNE 2022, KALO GOLD CORP. (“Kalo”, “Kalo Gold” or the “Company”) is pleased to provide an exploration and geological update of the Company’s wholly owned Vatu Aurum Gold Project (the “Project”) located in the Republic of Fiji.
- Kalo Gold holds a 100% interest in the 367 square kilometers (“km 2 ”) Vatu Aurum Gold Project that hosts a minimum of seven volcanic arc related calderas (see figure 1), ranging between 1 kilometer (“km”) to 10 km in diameter in a geological setting directly analogous to the alkaline related low sulphidation epithermal gold deposits of both the Vatukoula and Tuvatu Gold Deposits. The giant Vatukoula Gold Deposit, or Emperor Mine, is associated with the 5 km wide Tavua caldera and has produced over 7 million ounces of gold since 1937. The Tuvatu Gold Deposit is associated with the 7 km wide Navilawa caldera.
- The Project sits within a 300 km long northeast trending extensional fault zone (see figure 2) which contains multiple Eocene age calderas, two of which host both the Vatukoula and Tuvatu Gold Deposits.
- Exploration on the Project has identified extensive areas of hydrothermal alteration, including silicification, argillic and propylitic alteration and several areas of intense clay-sulphate alteration interpreted to represent steam heated alteration associated with several low sulphidation epithermal gold systems (see figure 3).
- Large gold and epithermal pathfinder element soil anomalies have been identified along with a significant number of gold in rock and trench sample results have identified fifteen named prospects including two known gold deposits which are open along strike and at depth.
Work completed to date in 2022 consisted of geological and alteration mapping, rock and trench sampling and a 992.5-meter (“m”) three-hole diamond drilling program. Analytical results will be announced upon receipt of final certified assays. The Company intends to continue its methodical exploration approach to advance the Project with next steps to include ongoing field exploration and importantly a remote spectral geology and structural studies to integrate remote sensing data with the current exploration database to define and prioritize possible alkaline related, epithermal gold targets and with subsequent drill testing to discover an economic gold deposit.
Vatu Aurum Gold Project Summary
The Project sits within a 300 km long northeast trending extensional fault zone which hosts multiple Eocene age volcanic calderas associated with a volcanic arc. Several low sulphidation, alkaline type, epithermal gold deposits are associated with these collapsed calderas, extending from the Tuvatu Gold Deposit in the southwest, to the giant multimillion ounce Vatukoula or Emperor Mine to the Vatu Aurum Gold Project located in the northwest of Fiji (see figure 2).
The Project covers 367 km 2 and hosts a minimum of seven caldera features with extensive areas of hydrothermal alteration, including silicification, argillic and propylitic alteration and several areas of intense clay-sulphate alteration interpreted to be representative of steam heated alteration associated with a low sulphidation epithermal gold system (see figure 3). Replacement silicification typical of a paleo water table environment representing the top or old surface of the once active hydrothermal system is also present. Exploration work conducted by Kalo during the 2021 and 2022 field seasons to date, in addition to the previous exploration work, has been successful in prioritizing several key prospects:
- Wainikoro Complex
- Gold in soil anomalies associated with a 3.3 km by 2.5 km silica and silica clay alteration zone
- A 2.49 grams per tonne (“g/t”) gold outcrop sample and 12 m trench sample averaged 1.0 g/t gold
- A 24 m trench sample averaged 1.0 g/t gold, including 2 m @ 3.41 g/t gold
- The Daloga Mine, which produced manganese and copper between 1956 and 1960
- Coqeloa Prospect
- Situated in an analogous geological setting as Vatukoula (Emperor) Mine being a prominent caldera with significant structural complexity
- Gold in soil anomalies associated with a 3.0 km by 0.5 km mapped silica clay alteration zone
- Grab rock samples of up to 9.05 g/t, 2.22 g/t, 2.16 g/t and 2.01g/t gold
- Mouta Prospect
- A 330 m long NE-trending soil anomaly characterized by coincident Au-Ag-As-Sb-Hg-Cu-Pb-Zn
- 6.2 g/t gold, 645 g/t silver and 3.12% copper from rock grab sampling
- 3.06 g/t gold, 819 g/t silver and 1.63% copper from historical stockpile grab samples
- A 47-tonne historical bulk sample with average of 14% copper
- Qiriyaga Zone
- Defined by a 3.3 km by 1.2 km gold in soil anomaly
- Exploration has concentrated on the Qiriyaga Hill Gold Deposit and is limited to a 250 m by 150 m area to an average hole depth of 129 m
- The Qiriyaga Hill Gold Deposit contains a near surface historical Inferred Mineral Resource (see new release dated 12.1.2022) of gold and is open along strike and at depth.
- Vuinubu Ridge Zone
- Defined by a 1 km by 0.4 km gold in soil anomaly
- The Vuinubu Ridge Gold Deposit is defined by 13 drill holes drilled to a maximum vertical depth of 100 m and contains a near surface historical Inferred Mineral Resource (see new release dated 12.1.2022) and is open along strike and at depth.
About Kalo Gold Corp.
Kalo Gold Corp, a gold exploration company, is focused on exploration of low sulphidation epithermal gold deposits of the Vatu Aurum Gold Project on the island of Vanua Levu (North Island) in the Republic of Fiji. Kalo holds a 100% interest in two Special Prospecting Licenses, covering 367 km 2 , located along what is known as the Pacific “Ring of Fire”. The Ring of Fire hosts many of the largest gold deposits in the world. Historical exploration work includes 11,423 m of diamond drilling, concentrated on the Qiriyaga Hill and Vuinubu Ridge Gold Deposits and the identification of over fourteen epithermal gold exploration targets.
The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo., a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
On behalf of the Board of Directors of Kalo Gold Corp.
Terry L. Tucker, P.Geo
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements Disclaimer
Certain statements in this release are forward-looking statements, which are statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the timing for receipt of results from the Company’s current exploration program, and the Company’s plans for future exploration on the Project. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements, other than statements of historical fact, included in this release, including statements regarding the timing for receipt of results from the Company’s current exploration program, and the Company’s plans for future exploration on the Project, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, the Company’s inability to raise the necessary capital to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company’s filing statement dated February 9, 2021 and latest interim Management Discussion and Analysis filed with certain securities commissions in Canada.
The reader is cautioned that assumptions used in the preparation of any forward-looking statements herein may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Figure 1 – Vatum Aurum Gold Property with seven caldera features
Figure 2 – A 300 km long epithermal gold mineralization corridor – associated with Tertiary calderas
Figure 3 – Vatu Aurum Gold Property – caldera features associated with alteration and rock and soil geochemistry results