New Gold deposits Discovered In Ghana

Toronto Stock Exchange-listed PMI Ventures has announced that it has again intersected significant high gold grades (27 g/t Au over four metres) in the ongoing drill programme on its Fromenda concession – one of nine contiguous concessions that comprise the Ashanti II project area, located along a 50 km length on the axis of the Asankrangwa Gold Belt of southwestern Ghana.

Drill hole 03FBRC36 was drilled on section 2 000 North, 200 m to the west of the main Fromenda Grid B gold mineralised area.

The hole bottomed in gold mineralisation, as the rotary drill was not able to proceed beyond 41 m in depth.

“This result is particularly encouraging as it is the first significant gold assay in drilling from a 1,5 km-long gold and arsenic soil geochemical anomaly, which parallels the gold mineralisation outlined to the east, and confirms that this structure is also capable of hosting potentially economic gold grades,” the company said.

The balance of the proposed 3 000 m drill campaign, which was laid out to test the entire strike length and width of the Fromenda Grid B anomaly, will continue in the new year after completion of a major deep sounding geophysical programme and with larger drill rigs capable of deeper drilling.

Based on the excellent gold results previously announced for discovery hole 03FBRC09, at School Zone North – L17N area, and on the strong coincident geophysical IP responses, a further 1 134 m of drilling in 19 shallow holes were completed in this area on a mean 25 m hole spacing.

The drill results suggest that gold mineralisation is hosted by quartz-rich, graphitic, altered and brecciated meta-sediments.

Depth of oxidation and weathering in this area could exceed 75 m or well below the depth limitation of the drill rig.

In this part of Ghana, as a result of leaching of the mineralised zones located near surface, gold grades in trenches and at shallow depth are often lower-grade than those found in the unoxidized zones located at greater depth. Additional diamond drilling in the new year is, therefore, planned to further outline this discovery to depth.

In order to test a large 300 m by 600 m IP anomaly, in the School Zone East – L16N area, a fence consisting of 733 m of drilling in 14 holes was completed.

The gold mineralised intervals appear to be near vertical and suggest a wide and deep-seated gold-bearing target.

An additional fence of holes, located 50 m to the north, is in progress and the results will be announced when received. Further deep drilling on this large zone is anticipated in the new year, after completion of the deep sounding geophysical programme.