DFR Gold Inc. Announces Commencement of Kalaka Drilling Programme
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DFR Gold Inc. Announces Commencement of Kalaka Drilling Programme
Vancouver, B.C. ( 10 July, 2023) – DFR Gold Inc. (TSX -V:DFR) (“DFR” or the “Company ") i s
pleased to announce, with its joint venture partner Panthera Resources plc (AIM:PAT), the
commencement of a drilling programme on the Kalaka Gold Project in Mali ( the “ Drilling
Programme”).
K
alaka is a large gold system where multiple intersections ex ceeding 150 metres at greater
than 0.5 g/t have been identified by previous diamond and RC drilling. The Drilling Programme
will include:
• Ap
proximately 1,500 metres of RC drilling to complement existing diamond and
reverse circulation drilling at the K1A target which is intended to be utilised to define
a Maiden Mineral Resource estimate
• Step-out drilling to the north will target an untested interpreted geophysical mineral
trend
• Collection of samples for a metallurgical test programme.
A
broad soil anomaly above 30 ppb Au covers most of the metasediments on the tenement
area and offers significant opportunity for further discovery and extension to known
mineralisation. H istorical drilling has consistently demonstrated significant wide gold
intercepts at the K1A target, including diamond hole K1AD002 (191.8m @ 0.52 g/t Au) and
reverse circulation drill hole K1ARC028 (117m @ 0.59 g/t Au including 41m @ 1.02 g/t Au).
J
ohn McGloin, CEO of DFR, commented:
“W
hile DFR has primarily focuss ed on the exciting pre -feasibility Cascades Gold Project in
Burkina Faso, the Kalaka Project represent s an exciting opportunity in Mali with large scale
bulk-mineable gold potential.
“I
t is hoped that the metallurgical test work programme will demonstrate the positive
economics of the project. The drilling programme is expected to be completed this month
with results in the third quarter of 2023.”
B
ackground
P
anthera and DFR each have 40% interest in Kalaka held through their interest in Maniger
Ltd. The remaining 20% interest is owned by a local partner, Golden Spear Mali SARL.
Panthera is the operator of the project.
T
he Kalaka gold project is situated in southern Mali , 260 km southeast of Bamako . It lies
approximately 80 km south of the 8 Moz Au Morila Mine and 85 km northwest of Resolute’s
6Moz Au Syama Mine.
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Historical work in the area has included airborne geophysical surveys, soil sampling, structural
interpretations, geological mapping, and preliminary drilling activities focussed on the
metasediments. This has included 20,952m of diamond, air core (AC), reverse circulation (RC)
and Rotary Air Blast (RAB) drilling in 372 holes. During 2021 Panthera completed 2,430m of
AC drilling in 94 holes. On the K1A prospect multiple intersections exceeding 150m at 0.5 g/t
have been identified by diamond and RC drilling.
The primary mineralisation at the K1A prospect, is associated with an intrusive tonalite / micro
granodiorite with metasediments in contact with the intrusive. The alteration envelope is
dominantly characterised by silica -feldspar flooding and sulphide mineralisation. Elsewhere
there are also numerous artisanal workings within the Kalaka tenement, mainly targeting
eluvial gold.
ENDS
David J Reading, M.Sc., FIMM, Fellow SEG, a director of DFR and a Qualified Person as defined
under NI 43-101 has prepared or supervised the preparation of, or approved, as applicable,
the technical information contained in this press release. Mr. Reading has over 40 years’
experience in the mining industry covering all stages of mine development, including
exploration, feasibility, financing, construction and operations. He has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society
of Economic Geologists.
DFR Gold Inc.
John McGloin, CEO
Contact: [email protected]
Michael Oke/Andy Mills: +44 20 7321 0000
Aura Financial LLP: www.aura-financial.com
Notes to Editors:
DFR Gold is a TSX Venture Exchange listed exploration and mine development company
focused on gold in West Africa. DFR Gold holds interests in a portfolio of West African gold
exploration projects including the highly prospective Cascades gold project (“Cascades”) in
Burkina Faso. Cascades has a Mineral Resource* prepared in accordance with NI 43 -101
comprising 5.41 million tonnes of indicated resources at an average grade of 1.52g/t Au for a
total 264,000 ounces of gold: and 6.93 million t onnes of inferred resources at an average
grade 1.67g/t Au for a total of 371,000 ounces of gold. Please see the Company’s technical
report titled “Amended and Re -stated Technical Report on the Labola Project Burkina Faso”
dated April 2, 2022, with an effective date of April 20, 2022 for further information regarding
Cascades. This report can be located at www.dfrgold.com.
The Company’s public documents may be accessed at www.sedar.com
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Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Additional Mineral Resource Estimate Disclosures
1. *Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic
viability. The estimate of Mineral Resources may be materially affected by environmental,
permitting, legal, marketing, or other relevant issues. The Mineral Resources in this note were
reported using CIM (2014) Standards on Mineral Resources and Reserves, Definitions and
Guidelines and adopted by CIM Council.
2. The quantity and grade of reported Inferred resources in this estimation are uncertain in
nature and there has been insufficient exploration to define this Inferred Resource as an
Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in
upgrading the Inferred Resource to an Indicated or Measured Mineral Resource category.
3. The Mineral Resource has been constrained by an open pit evaluation using a gold price of
US$1900 per ounce, and then reported at a cut-off of 0.5 g/t Au.
4. Contained metal and tonnes figures in totals may differ due to rounding.
Forward-Looking Statements:
This release contains certain “forward -looking information” within the meaning of applicable
Canadian securities legislation. All statements other than statements of historical fact in this release
that address activities, events or developments that DFR Gold expects or anticipates will or may occur
in the future are forward-looking statements or information. Forward-looking statements in this news
release include statements regarding the Debenture Offering and the completion thereof; and the
intended use of proceeds of the Debenture Offering. Often, but not always, forward -looking
information can be identified by the use of words such as “aim”, “aspire”, “strive”, “will”, “expect”,
“intend”, “plan”, “believe” or similar expressions as they relate to DFR Gold. Forward - looking
information is subject to a variety of risks and uncertainties which could cause actual events or results
to materially differ from those reflected in the forward-looking information.
There are a number of important factors that could cause DFR Gold’s actual results to differ materially
from those indicated or implied by forward-looking statements and information. Such factors include,
among others: the ability to obtain requisite regulatory approvals; the ability to finance the d rilling
campaign; commodity prices; the gold exploration and mining industry in general; the potential impact
of the announcement on relationships; including with regulatory bodies, employees; suppliers,
customers and competitors; changes in general economic, business and political conditions, including
changes in the financial markets; changes in applicable laws; and compliance with extensive
government regulation. Should one or more of these risks, uncertainties or other factors materialize,
or should ass umptions underlying the forward -looking information or statement prove incorrect,
actual results may vary materially from those described herein as intended, planned, anticipated,
believed, estimated or expected.
DFR Gold cautions that the foregoing list o f material factors is not exhaustive. When relying on DFR
Gold’s forward-looking statements and information to make decisions, shareholders should carefully
consider the foregoing factors and other uncertainties and potential events. DFR Gold has assumed
that the material factors referred to in the previous paragraph will not cause such forward looking
statements and information to differ materially from actual results or events. However, the list of
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these factors is not exhaustive and is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or factors. The forward-looking information
contained in this release represents the expectations of DFR Gold as of the date of this release and,
accordingly, is subject to change after such date. Readers should not place undue importance on
forward looking information and should not rely upon this information as of any other date. While
DFR Gold may elect to, it does not undertake to update this information at any particular time except
as required in accordance with applicable laws.