The Company has 3 projects in Mali, viz.: Bananko (133 square km), Silimana (110 square km) and Mikaya (150 square km) for a total of approximately 675 square km of mineral rights.
The properties are in the prolific gold producing Birimian stratigraphy of West Africa which contains, among many other deposits, the Ashanti–Obuasi deposits in Ghana, and the Sadiola, Syama, Morila, and Lolou deposits in Mali.
Distribution of the Birimian of west Africa and location of major gold deposits. (click the map to enlarge)
Location of the projects, major gold deposits and the Keneiba Corridor of Western Mali and Guinea. (click the map to enlarge)
The exploration permit for the Bananko Property was acquired on September 8, 2009. The Bananko Property is a conceptual gold project in the Birimian stratigraphy of West Africa. The property is 225 km southeast of Bamako and 60 km SE of the Morila Mine (7.5 MM oz.). The property is within the Massigui greenstone belt of volcanic rocks, sedimentary rocks, and plutons, metamorphosed to greenschist facies. The Morila gold deposit is in the northern part of the belt. The Morila deposit is hosted by silicified turbidite with quartz–arsenopyrite veins.
The Company has completed a low density geochemical survey of the permit and has excavated 33 pits. Three corridors of geochem anomalies are interpreted, two trending NE and one trending NW. Further termite mound sampling and pit excavations are planned in areas with gold concentrations in termite mound samples. Six pits were excavated at Bananko in January 2012. Sixty-one samples plus six standards, blanks, and duplicates were submitted for assay. The bottom saprolite sample in pit 11 BP 47 bis consisted of silicified greywacke and contained 1,145 ppb gold. In addition, 10 rock samples from sites of artisanal workings, plus three standards, duplicates, and blanks were assayed for quality control.
If the results from this work are positive, it is anticipated that the Company will complete a preliminary drilling program consisting of approximately 2,500 metres of air core or reverse circulation drilling.
The Mikaya Project consists of 150 square kilometres in western Mali. An application for an exploration permit has been submitted. It is not known when, or if, it will be granted.
On 19 August, 2010, the Company received a 90 day Authorization to complete due diligence on the Silimana Permit in southern Mali which has an area of 110 km2. The Silimana project is an early stage, conceptual exploration project. It is expected that the Company will collect approximately 2,000 termite mound samples in 2012 and, if warranted, complete follow up exploration on any anomalies with additional termite mound sampling and pit excavations.
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