A new discovery at its Kiaka Project had Volta Resources (VTR-T) riding high on the Toronto big board.
The company reports that the new zone sits just 700 metres southwest of its Kiaka Central Area deposit. The Kiaka project itself sits in south central Burkina Faso along the Markoye Fault corridor.
Highlight assays from the new zone included: 25 metres grading 9.22 grams gold, including 10 metres grading 16.64 grams gold; 47 metres grading 2.93grams gold, including 15 metres grading 7.90 grams gold; 25 metres grading 5.15 grams gold including 12 metres grading 10.43 grams gold and 19 metres grading 5.53 grams gold including 12 metres grading 8.42 grams gold. Those results came out of four separate holes.
The intercepts occurred near surface and Volta says mineralization is still open at depth.
The results were strong enough to get the market worked up into a fervor as on Feb. 14 the company’s shares were up 34% or 38¢ to $1.50 on 5.8 million shares traded.
The new mineralization was found as part of the company’s third phase of drilling, which is made up of 50,000 metres of reverse circulation holes. The aim of the program was to extend the central area of the Kiaka deposit.
The new discovery’s close proximity to Kiaka has Volta especially bullish since it means that any significant amounts of mineralization proven up in the new zone could be worked into its emerging mine plan.
Kiaka currently has measured and indicated resources of 90.29 million tonnes grading 1.04 grams gold for 3.02 million oz. and 38.52 million tonnes grading 1.00 grams gold for 1.26 million oz. in the inferred category.
With the strong results, Volta says it will pull at least one of its six drill rigs off of Kiaka proper so that it can aggressively drill the new zone. Its immediate plan is to test the lateral and depth extensions of the new zone.
The discovery comes just as Volta is in the process of updating its resource estimate for
Kiaka. It also has a pre-feasibility study that is being finalized by WardropTetra-Tech. The report is due out by the end of the first quarter.
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