Sanu Gold Provides Update and Announces Additional Drilling Plan, Bantabaye Project, West Africa
Sanu Gold Provides Update and Announces
Additional Drilling Plan, Bantabaye Project,
West Africa
Initial holes at Targets 1 to test geophysics below strong gold
at surface
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) -
Sanu Gold Corporation (CSE:
SANU) (OTCQB: SNGCF)
("Sanu Gold" or the "Company") is pleased to announce that drilling is
progressing well with 29 holes and 3,330m completed at Target 2 and 12 holes completed for 1,871m at
Targets 3 and 7, on the Company's flagship Bantabaye Project ("Bantabaye"), located on the prolific
western margin of the Siguiri Basin of Guinea, West Africa.
The Company has been integrating its latest
geophysical data into a structural geology model for Target 1. This model has provided a basis for
planning an initial drill test comprised of up 6 holes along two lines for an estimated maximum of 600m.
Highlights
Drilling at Target 2:
Twenty-nine holes have been completed to-date in the priority area of Target
2. Each hole has intersected zones of alteration, quartz veining and sulfides over meters to tens of
meters.
Drilling at Targets 3 & 7 has commenced:
Twelve holes have been completed on five lines
across the interpreted root of the structure mapped with the recent geophysical survey. Each hole
has intersected zones of silicification, quartz veining and sulfides over meters to tens of meters.
Sample dispatches:
Samples are dispatched regularly and results for the initial holes at Target 2
will be available soon.
Initial Drill Testing planned at Target 1:
The geophysics and surface sampling at Target 1 have
resulted in the area being selected for initial drill testing. Extrapolating the structures from Targets
2, 3 and 7 along trend shows that Target 1 has potential to host mineralization over a strike length
of at least an additional 800m.
Martin Pawlitschek, President, and CEO of Sanu Gold commented:
"We are excited that the drilling program at Bantabaye, currently focused on Target 7, is progressing
very well with 12 holes now completed there in addition to the 29 holes completed at Target 2. We have
also extended our structural model and plans for initial drill testing to Target 1. Target 1 sits on the same
contiguous structure that is linked to Target 2. With over 800m of strike length, this presents a significant
size target. The area has extensive, abandoned surface artisanal workings, spoils around these indicate
that the key felsic and mafic contacts are also present in this area."
Program Summary
The initial target test program at Target 1 consists of between 3 to 6 planned holes for an estimated 300-
600m (Figures 1 and 2).
The Company has integrated the recent geophysics, 2023 drilling and surface
data into the structural model shown in Figure 2. Similar work is in progress for additional targets and will
be announced as soon as practical.
The Company interprets the data collected to-date as a 50 to 60 degree south dipping structural contact
marked by the same sequence of lithologies as those observed at Target 2, namely an upper package
of volcaniclastics, followed by a mafic unit in contact with a felsic unit and a foot wall sequence of
sediments. It is the felsic unit and its sheared contact with the hanging wall mafic that form the main
target package.
These access and drill pad preparations will be underway in the coming weeks after completion of
priority drill pads at Targets 3 and 7.
The program will test the structure in one or possibly two lines
across the 800m trend spaced 100m apart. The lines are planned so that the structure is intercepted
near surface and down dip to a vertical depth of up to 120-150m. Additionally, more systematic, lines of
drilling are likely on receipt of positive results.
Figure 1:
Target 1, Gradient IP Chargeability map, interpreted structures (black dashed lines), planned
holes and traces (solid black lines and dots) and gold geochemical anomalies (yellow outlines).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8941/210198_bea29f9c04a4d87e_001full.jpg
Figure 2:
Target 1, perspective view towards the northeast. 3D model of the main structure at Target 1
with view along strike to Target 2 and 3, integrating geophysics, surface data and field observations. The
grey polygon at surface is the surface trend of the key structure mapped by elevated resistivity and
coincident high chargeability.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8941/210198_bea29f9c04a4d87e_002full.jpg
Next Steps
Access and drill pad preparations at Target 1 will commence on completion of priority drill pads at
Targets 7 and 3. Initial target testing will commence on completion of priority holes at Targets 3 and 7.
Quality Assurance / Quality Control ("QA/QC")
The sampling was completed following industry best practices, conducted under the supervision of the
Company's project geologists and the chain of custody from the project to the sample preparation facility
is continuously monitored. An appropriate number and type of certified reference materials (standards)
and blanks totaling 5% of the total number of samples shipped to the laboratory was inserted
approximately every 20th sample to ensure an effective QA/QC program was carried out. Data
verification of the analytical results includes a statistical analysis of the standards and blanks that must
pass certain parameters for acceptance to ensure accurate and verifiable results. All samples were
analyzed using Fire Assay FAA505 at the SGS Laboratory in Bamako, Mali ("SGS"). SGS is an
internationally recognized and commercially certified laboratory and is independent of Sanu Gold.
The Company is being advised on the IP survey by
in3D Geoscience Inc.,
an independent geophysical
consulting firm based in British Columbia.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved
by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG),
Exploration Manager of the Company and a qualified person within the meaning of National Instrument
43-101 -
Standards of Disclosure for Mineral Projects
("NI 43-101").
The technical information with respect to the geophysical data contained in this press release has been
reviewed and approved by Todd Ballantyne, P.Geo., a member of Engineers and Geoscientists of
British Columbia (EGBC), independent geophysical consultant (through in3D Geoscience Inc.) to the
Company and a qualified person within the meaning of NI 43-101.
About Sanu Gold
Located within the world class Siguiri Basin, host to several operating mines, Sanu Gold is exploring
three high quality gold exploration permits in Guinea, West Africa targeting multi-million-ounce gold
discoveries. The Company has defined multi-kilometer scale gold bearing structures on each of the gold
exploration permits, with multiple high-value drill targets. Sanu Gold is operated by a highly experienced
team with successful records of discovery, resource development and mine permitting.
Martin Pawlitschek
President & CEO, Sanu Gold Corp.
For further information regarding Sanu Gold, please visit the Company's website at
www.sanugoldcorp.com
or contact:
Anthony Simone
Simone Capital
416-881-5154
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning
of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sanu believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to
risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and
uncertainties include, but are not limited to, the Company's plans for exploration and drilling on its properties and ability to execute on plans within the
anticipated time frames disclosed, ability to raise sufficient capital to fund its obligations under its property agreements going forward, ability to
maintain its material property agreements, mineral tenures, permits and concessions in good standing, to explore and develop its projects; changes in
economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of gold and
other metals, changes in general economic conditions and local risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource
and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to
explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and
business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other
laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on
key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs,
estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no
obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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