Volta Resources (VTR-T) shares received a boost on news of near-surface gold intercepts at the company’s Nassara gold prospect in southwestern Burkina Faso.
On Aug. 12, the day the drill results were released, Volta shares jumped nearly 9%, or 12¢, to $1.48 apiece on a trading volume of 3.3 million shares.
Highlights from drilling include hole 6 with 11 metres grading 2.18 grams gold per tonne (starting from 38 metres depth) and hole 26 with 19 metres of 2.22 grams gold (starting from 2 metres depth).
The drilling was done as a part of a 3,500-metre drill program that consisted of 35 holes drilled along a 2.2-km portion of a shear zone. The holes were drilled as deep as 180 metres.
The shear zone is 10 km in length, trends northwest and is associated with gold in bedrock. There are three northwesterly plunging ore shoots, each with a strike length between 400 and 600 metres.
Gold mineralization occurs in quartz veining hosted along the sheared contact between volcanic flows and graphitic schists.
Nassara is located on the southwest corner of Volta’s Danyoro permit, which is one of three neighbouring permits held by the company. Together the permits comprise the Gaoua copper-gold project.
Volta’s exploration team found Nassara using soil geochemical surveys. Extensive gold-in-soil anomalies stretched more than 4 km and found to be coincident with a distinctive northwest striking airborne magnetic lineament with magnetic, chargeability and conductivity anomalies. The company says recent soil surveying and mapping over the larger area are showing at least two more structures parallel to Nassara.
Volta is also developing the Kiaka gold project in Burkina Faso. In late June, the company released an initial resource estimate. Indicated resources stand at 41.3 million tonnes grading 1.04 grams gold for 1.4 million oz. gold plus inferred resources totaling 480,000 oz. gold.
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