There’s more gold in the arid Sahel of Burkina Faso for SEMAFO (SMF-T).
The Montreal-based miner says recent drilling has shown that mineralization at a deposit at its Mana mine extends significantly beneath and beyond the already known mineralization that falls within its pit outline.
In Toronto on Mar. 24, SEMAFO shares climbed 3 or 2% to $1.35 on 281,756 shares traded. The company has 213 million shares outstanding and its share price has traded between $2.33 and 73 over the last 52 weeks.
The extended mineralized zone is in and around the deposit known as Wona and sits adjacent to the Mana processing plan.
Drilling shows the mineralized lode to extend over 500 metres under the northeast section of the pit outline for Wona and 800 metres northeast, running outside of the pit outline.
Highlights from separate drill holes include: 6.28 grams gold per tonne over 12 metres, 3.47 grams gold over 51 metres, 2.95 grams over 49 metres, and 5.66 grams gold over 13 metres.
The results have SEMAFO considering an underground operation as well as two small open pits in addition to the pit already planned for Wona.
SEMAFO ‘s properties in Burkina Faso are within the Hound volcano-sedimentary belt. The area is made up of different mineralization types such as vein type in sheared volcanics and meta-sediments which Wona falls into.
In total the company has three operating gold mines in West Africa, situated in Burkina Faso, Niger and Guinea.
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