Avnel buoyed by gold discovery in Mali

Vancouver Based on encouraging results from an exploratory drill program, Avnel Gold Mining (AVK-T) is planning to further test a new gold discovery at its 80%-held Kalana permit in southern Mali.

A recent program of rotary-air-blast and reverse-circulation drilling intersected high-grade mineralization at the southeastern portion of the permit. Highlights are 45.9 grams gold per tonne over 4 metres in hole RC-15, and 73.6 grams over 2 metres in hole RC-09a.

Other encouraging results include 5.4 grams gold over 36 metres, 8 grams over 4 metres, and 8.3 grams over 22 metres.

The Grid-8 target was drilled to test a major gold-in-soil anomaly outlined in a previous geochemical program. A rock sample from an eluvial horizon at this target returned 21.2 grams gold.

The Grid-8 gold discovery is hosted within a sequence of altered Birimian sedimentary rocks. Some mineralized intersections are related to quartz veins, while others are related to silicified and sulphide-rich sedimentary rocks containing abundant pyrite and arsenopyrite.

A follow-up diamond-drill program aimed at outlining a gold resource is planned for the Grid-8 discovery.

Avnel began trading on Toronto Stock Exchange in late June of this year and has 47.4 million shares issued and outstanding. The company’s main assets are an 80% indirect interest in the Kalana gold mine in Mali, and the surrounding 387.4-sq-km Kalana permit.

Exploration is continuing to test other areas of the permit for sediment-hosted, disseminated gold deposits that could be processed at the Kalana mine.

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