VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to announce that its recently completed drill program extends gold mineralization an additional 2,000 metres from the northern edge of the currently defined Kao deposit at the Karma Gold Project (the "Karma Project") in Burkina Faso, West Africa. This extension more than doubles the size of the gold footprint at Kao, expanding mineralization to a total strike length of 3,400 metres.
Assay highlights from the core and reverse circulation ("RC") drill program include:
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2.39 g/t gold (Au) over 26.00 metres in KAO13RC-482, including
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2.32 g/t Au over 18.00 metres in KAO13RC-468, including
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2.24 g/t Au over 30.00 metres in KAO13RC-470, including
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1.62 g/t Au over 33.95 metres in KAO13DD-221, including
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1.55 g/t Au over 54.90 metres in KAO13DD-222, including
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1.40 g/t Au over 46.50 metres in KAO13DD-223
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1.35 g/t Au over 76.50 metres in KAO13DD-204, including
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1.31 g/t Au over 63.53 metres in KAO13DD-211, including
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1.23 g/t Au over 44.00 metres in KAO13RC-473, including
"We are very impressed with the strike continuity, grades and widths that have been intersected in drilling north of the Kao deposit," said Dwayne Melrose, President and CEO, True Gold. "Our exploration success clearly demonstrates the resource expansion potential at the Karma Project and validates the effectiveness of our targeted exploration approach. We remain committed to creating a flexible operation that can be scaled up through organic growth1."
To review a drill map for the drilling north of Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/KaoDrillMap1336.pdf
For a full table of recent results related to gold mineralization north of Kao, please click on this link: http://www.truegoldmining.com/sites/default/files/KaoDrillResults1336.pdf
In recent months, True Gold has prioritized expanding the footprint of the 1,400-metre by 900-metre Koa deposit, which hosts a 360,501-ounce Indicated resource averaging 0.897 g/t Au in 12.5 million tonnes of oxide material2. Recent drilling intersected shallow, east-dipping, intrusive-hosted gold mineralization, which is geologically consistent with the Kao deposit. Assays released today revealed that gold mineralization can be traced for 2,000 metres northeast of the Kao deposit, for total length of mineralization of 3,400 metres. Mineralization discovered on two drill fences near the northern limits of drilling, spaced 400 metres apart, included both near-surface oxide and sulphide gold. Mineralization remains open to the north, south, and west, and down-dip to the east.
The Company reported strong initial results from the drill program's first 20 holes in June (including 1.01 g/t gold over 62.0 metres3) and announced an additional 30 holes in August4.
Metallurgical test results indicate strong, rapid recoveries for oxide material at the Kao deposit, with recoveries up to 97.4% of gold, most of it within 10 days5.
The 856-square-kilometre Karma Project includes five closely spaced deposits - Kao, Goulagou I, Goulagou II, Rambo, and Nami - with a proposed central processing facility. The Karma Project is currently undergoing a feasibility study, which remains on schedule for release by the end of 2013.
Ian Cunningham-Dunlop, P. Eng., is the Company's Senior Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
All new exploration holes at Kao were drilled at 090, 225 or 270 degrees azimuth, with dips of either -60 or -90 degrees, and to an average depth of 150 metres. True widths are estimated to be 70 to 90% of the intersected widths. Samples were assayed for gold by ALS Chemex in Ouagadougou, Burkina Faso. Assays were done by Fire Assay with AAS finish and repeats of all AAS assays over 5.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis. Results were monitored on receipt of assays.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
| (1) | The Company has not made a production decision and the Company's strategic plan to develop a stand-alone heap leach operation at the Karma Project is subject to the results of its feasibility study. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101. |
| (2) | See True Gold news release dated August 20, 2012 and October 3, 2012 together with the Company's clarifying news release of March 20, 2013 and independent NI 43-101 compliant technical report titled, "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012. |
| (3) | See the Company's news release dated June 3, 2013 titled "True Gold intersects 1.01 g/t gold over 62.0 metres in drilling 600 metres north of Kao". |
| (4) | See the Company's news release dated August 6, 2013 titled "Step-out drilling 1,400 metres north of Kao returns 1.08 g/t gold over 50.0 metres". |
| (5) | See the Company's new release dated Sept. 17, 2013 titled "Final metallurgical results validate heap-leach process at Karma Project". |
Neither TSX Venture Exchange 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.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements and forward-looking information, including, without limitation, with respect to statements regarding the potential increase to deposits hosting gold mineralization, scalability of the Karma Project, continued exploration success, timing for completion of the Feasibility Study, the assumptions set forth in this news release and in the Company's news releases of August 20, 2013, October 3, 2012, March 20, 2013, June 3, 2013, August 6, 2013 and September 17, 2013, and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the Feasibility Study on the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com.
Forward-looking statements and information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements or forward-looking information in this presentation, other than as may be required by applicable laws.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
