DFR Gold Inc. Announces Completion of Phase 1 Resource Expansion Drilling programme at Cascades Project
DFR Gold Inc. Announces Completion of Phase 1 Resource
Expansion Drilling programme at Cascades Project
Vancouver, B.C. (25 May, 2023) – DFR Gold Inc. (TSX-V:DFR) (“DFR” or the “Company”) is
pleased to announce the completion of the first phase of a 10,000 metre drilling program
(the “Drilling Program”) on the Cascades Project in Burkina Faso, West Africa as announced
on 13 February 2023. The completion of 5,641 metres of reverse circulation drilling
represents the latest part of a longer-term programme to systematically test exploration
targets within the mineralised shear corridor at the Cascades Project.
Highlights of the recent drilling include:
• 5,641 metres of Reverse Circulation drilled in 57 drillholes at five target areas
• Two significant new zones confirmed with resource potential from first pass drilling
at Sina Yar and Far East targets
• Intersections at Sina Yar included 34 metres @ 1.83 grammes per tonne (g/t) of gold
in CS23-RC077 from 50-84 metres
• At the Far East target a wide mineralised zone with 48m@ 0.42g/t
• Extension of the 2022 discovery zone from step-out drilling at the TT13 target
John McGloin, CEO of DFR Gold, stated: “These positive drilling results reinforce the
potential scale of the gold resource at Cascades through the identification of new zones and
further delineation of already identified areas. We are encouraged by the consistent
mineralisation across the licence area and are undertaking further analysis to determine the
optimal approach for the second phase of drilling.”
Background to the Drilling Programme
The recently completed programme at the Cascades Project is the first part of a planned
two-phase 10,000 metre programme. This first phase targeted extensions to the current
resources and several new targets (Figure 1):
• Two newly defined targets immediately north and southwest of the Daramandougou
resource pit shell western Zone extension, and Dara North respectively
• Step-out drilling on the TT13 target, a significant new gold zone identified during
2022
• First-pass drilling on three other newly delineated targets in the Wuo Land 2 licence
area at Far East, Sina Yar and TT13-West
Phase two of the Drilling Programme will be a results-driven follow-on programme targeting
the highest priority results from the first phase.
Figure 1 Drill Target areas at the Cascades Gold Project, Burkina Faso
Drilling Progress
Drilling commenced on 11 February 2023 and concluded on 18 April 2023 with 57 holes
drilled for an aggregate of 5,641 metres. Table 1 shows the planned drilling programme with
the proposed holes and meterage versus actual drilling completed. Fire assay results have
been received while Bottle Roll analysis results are awaited.
Drilling Results
Sina Yar
Ten drillholes were drilled for an aggregate of 903 metres. Significant mineralisation was
intersected in each hole drilled. In particular, three consecutive holes testing 250m metres
of strike length of the main north-south trending structure in metasediments intersected
significant widths of mineralisation as follows:
CS23-RC077 50-84 metres, 34 metres @ 1.83g/t and
CS23-RC077 23-29 metres 6 metres @ 1.14 g/t and
CS23-RC078 53-71 metres, 18 metres @ 1.13g/t and
CS23-RC078 74-78 metres, 4 metres @ 1.25g/t and
CS23-RC078 88-96 metres, 8 metres @ 1.64g/t and
CS23-RC078 103-113 metres, 10 metres @ 1.02g/t
CS23-RC079 50-78 metres, 28 metres @ 0.53g/t
Target Area Target description
Holes
targeted
Metres
targeted
Holes
drilled
Metres
drilled
Dara North
chargeability/resistivity anomaly; artisanal
workings; proximity to resource; further along
strike potential to north
8 640 8 809
Western Zone
Extn (incl NPG
targets)
chargeability/resistivity anomaly; no artisanal
workings; extension of resource structure 10 1,440 13 1,398
TT13 Step-Out Tested by first pass drilling; aim to demonstrate
continuity over 500 strike length; 9 720 10 872
TT13-West
Newly opened artisanal zone 800 metres west
of TT13 discovery; already 500 metres long but
along strike potential to north; could be skinny
6 600 5 546
Sina Yar
Intensive artisanal workings; broad area of
shallow pits but drilling focus on line/s deeper
pits into bedrock; geochemical anomaly
8 640 9 903
Far East-N artisanal workings; support from rock grab
samples; geophysics ambiguous 5 400 5 501
Far East-S artisanal workings; support from rock grab
samples; geophysics ambiguous 7 560 7 612
TOTAL 53 5,000 57 5,641
Table 1 Details of the recently completed drilling programme at the Cascades Gold Project
The mineralisation is hosted by narrow quartz veins within a north-south trending
mineralised envelope hosted by a banded greywacke and sandstone metasedimentary
sequence. Sina Yar is currently the target of significant artisanal mining activity.
Mineralisation appears open to the north of the drill tested area. In the more southerly
holes mineralisation was weaker and patchier although artisanal activity remains intense. A
highly altered felsitic intrusion has been mapped towards the southern end of the Sina Yar
workings, similar in the intrusions mapped at both the Daramandougou and Wuo Ne
mineral resource areas. Follow-up drilling is planned at Sina Yar, starting with stepping out
to the north of CS23-RC077.
Figure 2 Plan view of drilling at the Sina Yar target showing a downhole gold grade histogram
Far East
The three northernmost holes at the Far East target appear to have snagged a significant
zone of mineralisation albeit at so far lowish grade. Significant intersections included hole
CS23-RC066 32-60 metres, 28 metres @ 0.56g/t.
Although the intersections are low grade, historical drilling by High River Gold intersected a
number of high grade intercepts nearby and grab samples by DFR in 2022 returned grades
up to 9.3g/t in quartz veins being exploited by artisanal miners. The mineralisation appears
to be open north of CS23-RC066 and the current orpaillage appears to extend at least 250
metres (and likely 450 metres) further north of CS23-RC066.
TT13 target
The TT-13 target was tested by DFR with a first pass drilling programme of 9 holes in July
2022. A 1,800 metre strike length of intermittent mineralisation has been delineated from
field mapping and drone surveys. The zone is characterised by near continuous artisanal
workings at surface. The 2022 drilling here delineated a 300 metre strike length with
significant mineralisation in three holes for example CS22-RC029 27-36m, 9 metres @ 1.0g/t
plus 56-66m, 10 metres @ 1.81g/t. The current campaign targeted the northerly and
southerly extensions of the zone. Mineralisation is somewhat patchy but several holes
intersected significant mineralisation which extends the zone. For example, hole CS23-
RC098, collared 370 metres north of CS22-RC029, returned 8 metres @ 1.21g/t (30-38
metres) plus 4 metres @ 1.81g/t (63-67 metres).
TT-13 West target
In the first pass drilling at the newly delineated TT-13 West target five easterly inclined
holes targeted a vertical shear zone in a new orpaillage area 800 metres west of the TT13
target. The artisans are targeting an array of thin, reportedly high grade, quartz veins in
metasediment but mineralisation intersected was patchy. Highest grade intersected in the
drilling was CS23-RC086, 61-62 metres downhole, 1 metre @11.6g/t gold. The broadest
intercept was in CS23-RC088 63-78 metres, 15 metres @ 0.88g/t.
Western Zone SW-Extension and Dara North targets
Drilling at the Dara North and at the Southwestern Extension of the Western Zone was
targeted primarily at combined resistivity/chargeability geophysics anomalies and at each
target significant mineralisation was not intersected over mineable widths. At Dara North a
pervasive linear zone of artisanal mining confirms the northerly extension of Western Zone
mineralisation from the main Daramandougou artisanal area. However, the mineralised
zone thus far appears to be quite thin and relatively patchy within the 750 metres of strike
length tested.
Note on the laboratory assays
All assays referenced here are for Fire Assay analyses performed by SGS Laboratories in
Ouagadougou. All samples reported here were either one-metre primary samples or
composites of three one-metre primary samples. Splits (3kg) of one-metre primary samples
from selected mineralised intersections have been prepared for “Leachwell” Bottle Roll.
Experience from comparisons between fire assay and bottle roll analyses from previous
drilling programmes at the Cascades Project points to a likely small percentage increase in
grade for bottle rolls versus fire assays.
This drilling report will be updated when all of the Bottle Roll analysis results have been
received.
Artisanal Miners
The Company was notified of a recent accident involving unlicensed artisanal miners in which
a ground collapse resulted in fatalities at a location within the 304km 2 exploration licence
area of the Company’s Cascades Project. There has been no licenced mining activity within
the Company’s exploration area in recent years and none of the Company’s staff were present
in the area when the accident occurred. DFR has offered its support to the relevant authorities
in their investigation of this tragic incident.
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. Re ading 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 tonnes 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.
In Madagascar, DFR Gold has an advanced high grade hard rock zircon exploration prospect
located in the west of the country, approximately 220km east of the port of Maintirano and
close to a state road. DFR Gold acquired Beravina from Pala Investments and Austral
Resources in 2016.
Website: www.dfrgold.com
The Company’s public documents may be accessed at www.sedar.com
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 drilling 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
assumptions 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 of 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 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.