For personal use only ASX ANNOUNCEMENT 28 January 2015 Boss Acquires Additional Ground at Gourma Gold Project, Burkina Faso HIGHLIGHTS • Two new exploration permits adjacent to existing Gourma Gold Project acquired • Extends contiguous holding along the highly gold anomalous crustal shear by 30+ • • kilometres Total strike length of gold hosting crustal shear in excess of 60 km with very limited exploration JV partner Gryphon Minerals have elected that these permits become part of the Gourma Project JV Boss Resources Limited (ASX: BOE) (“Boss” or the “Company”) is pleased to announce that two new exploration permits have been acquired for the Gourma Gold Project, Burkina Faso (Figure 1). With the addition of the new permits known as Kankandi and Tyabo, the Gourma Project now consists of six contiguous permits covering a total area of 1,321km² easily accessible by existing roads. KANKANDI TYABO Figure 1. Gourma Gold Project overlain on airborne magnetics. Major crustal scale structures with rheology contrast shown in thick black dashed line. The original project area is marked in black with the additional permits marked in red. Small yellow circles represent artisanal workings mapped to date. Suite 23, 513 Hay St, Subiaco WA PO Box 1311, Subiaco WA 6904 P: +61 (8) 6143 6730 E: [email protected] ABN 38 118 834 336 The Gourma Gold Project is located within the Fada N'Gourma Greenstone Belt, 250km east of the capital, Ouagadougou. The Gourma Project is only 80km SSW of Niger's largest gold deposit, the For personal use only 50,000 ounce per annum Samira Hill gold mine (1.9 million ounce project) and 70km west of the Natougou large-scale high-grade gold deposit with a mineral resource of 18Mt at 3.4g/t Au for 2.0 million ounces contained gold (Orbis Gold Ltd), which is currently under takeover by gold producer Semafo. The Gourma Gold Project covers an under-explored sequence of structurally thickened Birimian greenstones that host abundant artisanal workings within the strike extensive regional deformation zones. Boss has extended by 30+ strike kilometres its contiguous ground holding along the highly gold anomalous crustal scale Gourma deformation zone, which bounds the western edge of the Fada N’Gourma Greenstone belt. Significantly, the new ground covers a major bend and interpreted rheology contrast which are important factors for large scale gold mineralization. The bed hosts a series of intrusions of different age. There are several significant gold targets to be further explored at the Gourma Project. The Tambiga Hill Prospect contains over 1,000 artisanal pits and shafts up to 60m deep that cover an area 500m x 250m. At the Diabatou Prospect active hard rock and colluvial workings cover an area of 1,600m x 400m while at the nearby Gariaga Prospect, artisanal workings cover an area of 1,300m x 800m. The Diabatou workings have been mined at the sub-surface for more than 40 years by artisanal miners. Previous first pass drilling by Boss in 2012 produced encouraging results including: • 12m @ 2.8 gpt Au from 54m • 9m @ 2.3 gpt Au from 31m • 14m @ 2.1 gpt Au from 38m • 3m @ 11.3 gpt Au from 5m • 14m @ 2.1 gpt Au from 1m • 7m @ 2.0gpt Au from 19m Under the terms of Boss’ joint venture agreement with Gryphon Minerals, Gryphon Minerals has elected for these additional permits to form part of the joint venture, allowing Boss to concentrate its funds on its Scandinavian exploration projects. The key terms of the acquisition agreement with Cluff Mining Burkina SARL are as follows: • Consideration price of US$10,000 • 2% net smelter royalty • Ability for the Joint Venture to acquire the royalty for US$1,000,000 (including a For personal use only right of first refusal) Commenting on the acquisition, Boss Technical Director Peter Williams said: “This is an excellent acquisition for Boss. Boss has been chasing these permits for a number of years since it acquired the Gourma Project back in 2010. The permits host all of the geological ingredients which indicate the potential for a multimillion ounce gold camp. The permits have ready-made targets on the crustal scale Gourma deformation zone with very little historical exploration. We will be looking to replicate or better the success that Orbis has had at its Natougou deposit 70km to the east.” For further information, contact: Evan Cranston: +61 (0) 408 865 838 Peter Williams: +61 (0) 427 341 823 About Boss Resources Limited Boss Resources is a well-funded junior exploration company with a highly skilled exploration team. Boss recently announced a new strategy to use highly innovative technology and skills to rapidly evaluate projects in highly prospective yet under explored mineralised jurisdictions. Boss is currently exploring 4 highly prospective projects in Scandinavia, the Liakka Ni/Cu Project in Finland, Skogtrask and Nottrask Ni/Cu Projects in Sweden, and the Linn Project in Norway. All projects have intersected shallow semi-massive sulphide mineralisation in historical drilling and are located close to extensive existing infrastructure allowing low cost rapid evaluation. Boss has also entered into a joint venture with Gryphon Minerals Ltd whereby Gryphon is sole funding exploration on Boss’ highly prospective gold projects in Burkina Faso to a decision to mine. This enables Boss to retain exposure to its gold assets whilst focusing its efforts on its other projects. Competent Person Statement The information in this report is based on information reviewed and compiled by Mr Peter Williams, Technical Director of Boss Resources Ltd, who is a member of the Australian Institute of Geoscientists. Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Williams consents to the inclusion in the report of the matters based on information in the form and context in which it appears. The drill results contained in this announcement were originally reported under JORC Code 2004 and have not been updated to comply with JORC Code 2012 on the basis that the information has not materially changed. Results were initially reported to the ASX on 4 December 2012, 30 January 2013 and 8 March 2013.
© Copyright 2017 ExploreDoc