There aren't many junior exploration companies doing significant drill programs in this tough market environment, but one company, backed my mining legend Ross Beaty, is bucking the trend.
This morning, Savary Gold Corp. (SCA) commenced a 15,000 metre drill program at its Karankasso JV project in Burkina Faso, owned 65% by Savary and 35% by Sarama Resources Ltd.
The program will follow-up ore-grade intercepts with the aim of extending the strike at five modelled zones and to also test nine newly developed targets with the overall objective of developing a material inferred resource.
The first phase of the drill program consists of 63 Reverse Circulation (RC) drill holes totaling 6,600 metres. Additional RC drill holes will be planned and executed once these initial holes are completed and supporting assay results are received or if a strong mineralizing system is apparent.
Don Dudek, Savary’s President and CEO commented: “We have embarked on an exciting drill program that was only possible following the overwhelming support from our shareholders during our recent financing. The current drill plan allows the JV Project the flexibility to follow-up within the program, those areas which exhibit the greatest potential to become a centre of gravity. Kien displays the greatest potential to become a centre of gravity deposit with an apparent strike length of close to three kilometres. As a result, drilling has already begun at Kien and will progressively drill test the other zones and targets as the drill moves southward. Once the first pass of drilling is completed, assay and drill chip observations will allow for follow-up of the best zones identified to date.”
“Significant scope remains for the addition of new drill target areas as not all of the identified artisanal mining sites have been examined. More work is also required to evaluate the 25 km portion of the central gold-bearing trend on the Serakoro 1 concession where a significant amount of gold-in-soil anomalies have not been evaluated. Our philosophy is to continually add value on the ground to create another Houndé belt success story that will catch the market’s attention and reward our shareholders.”
In March of this year, mining legend Ross Beaty acquired $1.4 million worth of 5 cent units in Savary. Mr. Beaty now owns 19.9% of the company, and if he exercises his warrants, will own 27.2% of the then issued and outstanding shares.
SCA.V last traded at 7.5 cents Thursday.
NR here: Savary Gold Commences 15,000 Metre Drill Program in the Houndé Gold Belt, Burkina Faso