Jilbey cuts gold at Taranga (December 01, 2003)

Initial results from drilling at the 240-sq.-km Taranga exploration permit in Burkina Faso, West Africa, have failed to match higher gold grades obtained in earlier sampling by Jilbey Gold Exploration (JLB-V).

Still, the rotary-air-blast (RAB) drilling, which targeted the Thion area gold occurrences, outside the main Monlouri shear zone, was highlighted by 4 metres grading 5.5 grams gold per tonne, including 2 metres of 10.5 grams. Other promising bedrock intersections include 2 metres grading 4 grams gold per tonne, 4 metres of 1.2 grams gold, and 2 metres of 2.3 grams gold.

The holes are part of an ongoing, 12,000-metre program. So far, Jilbey has drilled some 7,000 metres worth of drilling. The 388-hole program is designed to test 15 gold occurrences and geochemical and geophysical anomalies to a vertical depth of 20 metres.

Earlier trench sampling returned up to 16.2 grams gold over 2.6 metres and 104.9 grams gold over 0.7 metre.

Current drilling is aimed at the 8-km-long Monlouri shear zone, which extends on to Taranga from the neighbouring Taparko project, operated by High River Gold Mines (HRG-T). The shear zone is home to the several gold showings, in addition to the Foulbongo and Monlouri gold workings.

Jilbey has also completed regional soil, geochemical and prospecting surveys on the nearby Nongo Fayere permit. Drilling to test strong gold-in-soil anomalies and significant gold occurrences is planned for early December, once drilling on Taranga wraps up. Previously outlined showings at Nongo Fayere run up to 22 grams gold; samples from new showings at Soula assayed 5.8 grams and 4.3 grams gold.

Reverse-circulation and core drilling will follow.

Jilbey acquired the permits from High River in exchange for 10% of its outstanding shares. The Taranga permit is 8 km along trend of the Monlouri artisanal gold mining permit at Taparko. Nongo Fayere covers the strike extension of the largest artisanal open pit at Taparko.

High River gave the go-ahead for development of the Taparko gold project in late October. Plans call for the construction of a mill and infrastructure on Taparko capable of processing ore from both Taparko and Axmin‘s (AXM-V) Bouroum deposit, 49 km to the northwest.

The combined operation would run through a million tonnes of ore per year to produce around 680,000 oz. gold over a mine life of 7.5 years.

High River owns 80% of Taparko; the Burkina government, 20% (5% of which is participating).

Shares in Jilbey were off 6, or 11%, at 49 in late morning trading following the publication of results on Nov. 25.