VANCOUVER–It may not be the easiest country in the world in which to do business but Cassidy Gold (CDY-V, CSYGF-O) is showing that, if you can get drills turning, there’s gold to be had in Guinea.
At its Kouroussa gold project, 570 km east of the national capital Conakry, Cassidy is following up a November resource estimate with a drill program designed to expand known zones of mineralization and test new prospective areas within Sodyanfe, one of three trends on the project.
Within the Sodyanfe trend, Cassidy is testing whether the Bag Farm and Junction zones, separated by some 300 metres, are actually joined. Results from 18 holes punched into the gap show that mineralization is likely contiguous: hole 1412 hit 7 metres grading 1.36 grams gold per tonne from 6 metres depth, hole 1420 cut 9 metres grading 1.11 grams gold from 31 metres, and hole 1426 returned 12 metres of 0.99 gram gold from 1 metre below surface, followed by 6 metres of 1.25 grams gold from 35 metres.
The program is also aimed at expanding the Junction and Bag Farm deposits. Eleven holes successfully tested the downdip extension at Junction: hole 1429 cut 18 metres grading 2.52 grams gold from 57 metres down-hole, hole 1430 returned 20 metres also grading 2.52 grams gold from 56 metres, and hole 1432 hit 42 metres of 4.87 grams gold from 55 metres. Drilling also identified a sub-parallel zone of mineralization 200 metres east, where hole 1445 returned 17 metres grading 1.01 grams gold.
Mineralization at Junction is mostly near-surface oxide, hosted in fine-grained Birimian sedimentary rocks immediately above a mafic volcanic unit, a lithology typical of West African gold deposits. Stacked lenses strike northeast and dip moderately to the southeast.
In another part of the Sodyanfe trend, Cassidy is testing a prominent north-trending ridge dubbed the Ridge zone. Results include 3 metres of 4.07 grams gold from 49 metres depth in hole 1454 and 27 metres of 1.03 grams gold from 24 metres in hole 1458.
In November, an estimate pegged resources at Kouroussa at 6.74 million indicated tonnes grading 2.2 grams gold and 8.77 million inferred tonnes grading 1.7 grams gold, for 943,000 ounces contained gold.
Cassidy is currently trading at around 35. The company has a 52- week trading range of 30-68 and has 81.2 million shares issued.
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