Simba Gold Corp. (TSX VENTURE:SGD)(FRANKFURT:S7G) ("Simba" or the
"Company") is pleased to announce initial results from a 4,000
meter drill program and trenching program at its Miyove Gold
Project ("Miyove" or "Project") in the northwest of Rwanda, Africa.
The program was designed follow-up the surface exploration program
earlier this year which consisted of extensive soil and rock
sampling, a ground magnetic survey, and detailed geological
mapping. This program was successful in testing 3 of the 4 target
areas at Miyove.
"We are excited about the Miyove Gold Project and how it is
developing," says Igor Vishnevskiy, President & CEO of Simba.
"We are fortunate to have SRK, a well-known provider of exploration
services, overseeing the program and are very happy with the
exploration program. Miyove, has excellent infrastructure on the
property, and we look forward to continue success with the gold
mineralization that has been discovered so far."
Highlights
Masogwe mineralization zone: this has been traced over 400
meters along strike by diamond drilling and remains open down dip
and to the NW and SE flanks. Diamond core assay results show a
broad mineralized zone with higher grade intervals within it:
-- 31.1 m @ 1.0 g/t Au, including 2.75m @ 2.3g/t;
-- 18.2 m @ 1.4 g/t Au, including 3.0 m @ 2.5 g/t Au and 4.0 m @ 2.6 g/t Au
-- 14.5 m @ 1.1 g/t Au, including 3 m @ 2.67g/t;
-- 11.7 m @ 1.0 g/t Au, including 1 m @ 2.92 g/t;
-- 10.5 m@ 1.0 g/t Au, including 2.25 m @ 2.58 g/t.
At the Murehe occurrence a number of broad geochemical soil
anomalies for gold extend in a NW-SE direction and contain up to
0.4 g/t Au. Three trenches spaced 80 m apart crossed one anomaly
and show a broad mineralized zone with higher grade intervals
within:
-- 44.0 m @ 0.41 g/t Au, including 4 m @ 0.94 g/t Au and 1.0 m @ 2.2 g/t
Au;
-- 5.0 m @ 1.75 g/t Au;
-- 7.0 m @ 1.1 g/t Au.
At the Baradega occurrence total of eight profiles spaced 80 m
apart have been performed across the shear zone. Each profile
contained a trench and most of them one or two diamond holes to
trace mineralization to depth. As a result the strike length of the
occurrence was increased from approximately 250 m of previously
identified mineralisation up to 620 m. Gold-bearing intervals occur
in silicified sandstone and breccia zones filled with quartz and
hematite:
-- 16.2 m @ 1.57 g/t Au;
-- 4.15 m @ 2.44 g/t Au;
-- 1.3 m @ 2.27 g/t Au;
-- 3.2 m @ 0.96 g/t Au.
The Miyove Project - background
The Miyove gold project comprises 2,937 hectares and is located
in the northern portion of Rwanda, approximately 65 kilometres from
the capital city of Kigali. Infrastructure at the property includes
excellent road access, water and commercial power access. The
project includes two exploration licences which comprise a total of
seventeen exploration blocks. In accordance with the mining
legislation of Rwanda the area of each exploration block does not
exceed 400 Ha. The licences were originally issued in 2006 and 2008
by the MINITERE, MINIRENA and MINIFOM, in the Republic of Rwanda
and have been renewed until 2014 and 2016.
The Miyove gold project is located within the orogenic
Mezoproterosoic Kibarin belt which hosts a number of gold deposits
and occurrences in the Democratic Republic of Congo and Rwanda. The
Miyove Project comprises three mineralized zones referred to as
Karenda, Baradega, and Masogwe and a number of occurrences
(including Murehe), all of which lie along a northwest-southeast
mineralized trend which extends for six kilometres.
Current work at the Miyove Gold project
The 2012 Exploration programme started in June and includes soil
sampling on a grid 100 x 20 m and a ground magnetic survey over the
Murehe zone, and trenching and drilling in the Masogwe, Baradega
and Murehe sites. A summary of the work programme is presented in
the table below.
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Progress Length/Area Samples
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Trench Completed 1791 m 1330
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Drilling Running 3449 m 3725
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Traverses Completed 5000 m 18
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Soil survey Completed 5.2 km2 2540
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Mag survey Running 57 km
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Results from the geochemical soil survey recently completed at
Murehe, in the SE flank of the Project are currently incomplete.
The Murehe occurrence was not previously investigated and is
considered to be a new high potential area.
The drilling has been conducted along drilling lines 80 m apart.
Each drilling line comprises one to three boreholes to cross the
axial part of the mineralized shear zone at a depth of 40 m, 80 m
and 120 m below the surface.
Exploration in the Miyove Gold project is being supervised by
SRK Exploration Services Limited ("SRK ES").
Dr. Tsypukov, FIMMM, Principal Exploration Geologist with SRK ES
is the Qualified Person, as defined by NI 43-101, for the Miyove
Gold project. Dr. Tsypukov has reviewed and approved the technical
content if this news release.
About Simba Gold Corp.
Simba Gold Corp. is an exploration company focused on the
development of quality gold assets in Rwanda, Africa. Simba owns
26% of Rogi Mining Limited ("Rogi") and has an option to purchase
up to 100% over five years. Rogi owns three properties in Rwanda,
with the principal asset being the Miyove Gold Project which
comprises 2,937 hectares over the largest historic gold-producing
area in the country.
On behalf of the Board of Directors
Igor Vishnevskiy, President and CEO
Simba Gold Corp.
Cautionary Statement Regarding Forward-Looking Information
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond Simba's control.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Simba Gold Corp. Julie Hajduk Investor Relations +1
604.568.2486julie@simbagoldcorp.com www.simbagoldcorp.com