Etruscan, Placer Dome hit more gold mineralization at Samira

Results from seven deep holes drilled at the Samira gold project in southwestern Niger have enabled partners Etruscan Resources (EET-T) and Placer Dome (PDG-T) to confirm the deposit’s continuity at depth.

The holes mark the end of a 12-hole, 4,011-metre program that tested the Main zone between a vertical depth of 200 and 250 metres below surface. As with previous holes, all seven intersected a least one wide zone of mineralization. Gold values ranged from 1.07 to 7.96 grams per tonne over core lengths varying between 2 and 37 metres.

Highlights include: hole 96, which intersected 37 metres (from 240 to 277 metres) averaging 1.68 grams gold per tonne, including 18 metres of 2.28 grams and 7 metres of 3.79 grams; hole 99, which hit two separate zones, one of which averaged 1.43 grams over 30.6 metres (from 223.4 to 254 metres) and included 12.8 metres of 2.49 grams; hole 100, which yielded 2.02 grams over 30 metres (from 211 to 241 metres), including 2.92 grams over 15 metres; and hole 101, which averaged 3.16 grams gold over 29 metres (from 258 to 287 metres), including 19 metres of 4.22 grams and 8 metres of 7.96 grams.

Etruscan says the new results combine with previous ones to outline a continuous southeast-northwest-striking zone of mineralization 300 metres in length and extending from surface to 250 metres in vertical depth. In addition, the results indicate the Main zone flattens from its initial steep northeasterly dip at about 200 metres of vertical depth; this change, according to Etruscan, increases the potential for a larger open-pit operation.

At the western end of the zone, three of the five recent holes also defined a new extension to the Samira horizon — the sedimentary unit which hosts the gold-bearing mineralization. Each was collared in hopes of extending the downdip mineralization of a 33.3-metre interval in hole 97-5 that averaged 3.22 grams gold and each returned results similar to that hole. It was previously thought that the third hole of the recent program, numbered 93, closed off the western extent of mineralization because it failed to intersect the Main zone. With the new results, the deposit remains open in both strike directions as well as at depth.

Gold mineralization in the Samira horizon is disseminated in two distinct units of sedimentary rocks: an upper sequence of alternating argillites, siltstones and mudstones with minor intercalated greywackes; and a lower sequence of alternating graphitic siltstones, argillites, wackes and greywackes. To a depth of 80 metres, the rocks are oxidized to such a degree that a true saprolite has formed. Both oxidized and fresh material occur between 80 and 125 metres down; below that point there is only unweathered fresh rock. The gold in the fresh rock is associated with sulphide minerals.

At last report, the Samira deposit hosted drill-indicated and inferred resources totaling 27.8 million tonnes averaging 2.02 grams gold. The calculation is based on a cutoff grade of 0.5 gram gold, a minimum width of five metres and all high-grade assays.

The resource includes the area recently drilled and another 700 metres of strike length outlined in earlier drill programs. The average depth of mineralization assumed is 250 metres, or 300 metres of dip length.

The Samira gold deposit is part of the Tiawa gold concession, which is 90%-owned by Etruscan and 10% by the government of Niger. Placer, which is managing the project, can earn a 51% interest in the property by paying US$60 million to Etruscan and spending US$10 million on exploration.

Furthermore, to complete a scoping study at Samira, the company must spend an additional US$500,000.

In addition to work at Samira, the major is also carrying out regional geochemical and geophysical surveys, along with geological mapping and auger drilling. Placer expects to complete a property-wide evaluation by the spring.