{kanada_flagge}Desert Gold Ventures Inc. (TSX.V: DAU, FSE: QXR2) has delivered the long-awaited Maiden Resource at its SMSZ project in western Mali, exceeding the one million ounce gold total resource mark at the first attempt!
Conservative parameters were deliberately applied in the calculation, as used by producing neighbors Barrick or Endeavour: 28.47 percent or 310,300 ounces of gold (8.47 million tonnes grading 1.14 g/t Au) are accounted for by the Measured and Indicated Mineral Resource category. In addition, there are a further 769,200 ounces in the Inferred Resource category – 20.7 million tonnes grading 1.16 g/t Au. The total resource of 1,079,500 ounces across all categories involves the five sub-projects of Mogoyafara; Linnguekoto; Gourbassi East and West; and Barani East, which are located within 12 kilometers of each other. For each of the sub-projects, Desert Gold has already submitted the outline of a potential open pit. Resource calculations were based on a gold price of $1,800/ounce, mining costs including G&A of $11/tonne, mining costs between $2.25 and $2.75/tonne, a processing recovery of 92% and slopes of 45 to 50 degrees.
Jared Scharf, President & CEO of Desert Gold, stated, “The release of this initial mineral resource is a significant milestone for the Company and represents an excellent starting point. We believe that with further drilling, the Company will be able to significantly expand these resources and develop new resource areas such as the Gourbassi North West discovery. We anticipate a busy 2022 working towards a 20,000+ meter drill program with high expectations for results.”
Results pending from 2,890 meters of drilling – resource expected to grow rapidly
At Gourbassi North West, Desert Gold drilled a total of 72 aircore drill holes totaling 2,890 meters along a strike length of 1.5 kilometers over the 2021/2022 year end. Assay results from these drill holes are expected to be released in the coming weeks. Desert Gold is looking to drill an additional 17,000 meters or so this season, particularly in the Gourbassi West North and Mogoyafara areas. CEO Jared Scharf will surely use the tailwinds from the resource to continue funding Desert Gold, preferably at higher levels. Just a few days ago, on January 13, 2022, Desert Gold closed its current capital round early at CAD 1,678,696. In November 2021, Desert Gold had announced the CAD 3 million capital raise at CAD 0.14 per unit.
Figure 1: The SMSZ project is located along the Senegal Mali Shear Zone with 6 producing gold mines producing 600,000 ounces annually. Desert Gold’s license is 440 km² in size. On the map all resources are marked with a black star. Desert Gold has only included the resources of the projects to the south in its Maiden Resource.
Mogoyafara South – the largest single resource
The largest single resource included in the calculation of the total resource is Mogoyafara South at the southern end of the SMSZ license. There lies 12.29 million tonnes grading 1.05 g/t gold for 412,800 ounces of gold. Modeling indicates that the zone is likely open at depth with more lenses possible to the east and west. Desert Gold has not drilled here at all itself, but bases its calculation on data from previous owner Hyundai in the early 2000s. The resource model is based on 24,362 meters of drilling in 329 holes. High-grade intercepts contain 20.87 g/t Au over 6 meters (true width is unknown due to lack of data).
The Mogoyafara South zone lies immediately east of the Senegal-Mali shear zone. Desert Gold geologists see indications that the zone can be extended an additional 1,200 meters to the south and 800 meters to the north.
Figure 2: Modeled resource at Mogoyafara South with pit design.
Gourbassi West
The Gourbassi West deposit is located in the southwest corner of the SMSZ property, immediately north of the Senegal-Mali border marked by the Faleme River. The concession area that hosts this deposit and the Gourbassi East deposit was acquired in 2019 through the acquisition of Ashanti Gold. Since the acquisition, Desert Gold has developed a new mineralization model and drill hole tested the revised model. The Gourbassi West zone consists of 36 interpreted lenses of gold mineralization traced along strike for approximately 1,100 metres (see Figure 4) and to a depth of 185 metres.
Figure 3: Modeled resource at Gourbassi West with pit design.
Gourbassi East Zone
The Gourbassi East zone (see Figure 1 for location) consists of at least seven north-northwest trending lenses of gold mineralization up to 37 metres wide that were traced along strike for approximately 800 metres to a depth of 250 metres (see Figure 5). One of the deeper holes returned 7.49 g/t gold over 11 metres (true width approximately 6 metres).
Figure 4: Modeled resource at Gourbassi East with pit design.
Summary: With the release of its first resource, Desert Gold finally moves from kids’ table to the grown-up table where its big neighbors sit. Barrick Gold to the south and Endeavour-Teranga on the Senegalese side to the west will surely study the just released resource closely. The press release, peppered with technical details, was probably written in no small part for this critical audience. Now that Desert Gold has reached the resource stage, the rules of the game are changing for the company. The market (and its neighbors) now expect the resource to be expanded as quickly and purposefully as possible. Even the pending drill results from Gourbassi North West could provide an important clue here. Good results could turn the sentiment in Desert Gold’s favor in an instant, because nothing is as enticing to investors as the prospect of the next million ounce(s) resource.
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