DAILY NEWS 16.04.2010 19:40:00
High grade, near surface gold for Avion in Mali
Vancouver - The near-surface gold grades at the Tabakoto project in Mali keep getting better for Avion Gold (AVR-V) and now the company is being rewarded for its efforts with a $25-million bought-deal financing.
Tabakoto hosts roughly 4 million measured and indicated tonnes of open-pittable material grading between 2.9 and 3.5 grams gold as well as 2.7 million measured and indicated tonnes of underground material averaging between 3.4 and 3.8 grams gold. Inferred resources add another million tonnes to the open pit and 2.7 million tonnes to the underground resource.
A second, parallel trend to the west hosts another eight to ten targets; the western trend terminates at the Segala deposit in the north...
As Avion describes it, "These two trends, which intersect on the Kofi property, are associated with a magnetic feature that extends for another five kilometers to the north."
The Kofi property wraps around the north side of Randgold Resources (GOLD-Q, RRS-L) Loulo mine, home to 63 million measured and indicated tonnes grading 4.55 grams gold...
Avion announced some promising drill results from one of the deposits on that western trend in mid-March. The Djambaye II zone is about 6.5 km southwest of the Tabakoto pit and is part of the 32-sq. km Kenieba concessions that Avion acquired earlier this year from Great Quest Metals (GQ-V).
Hole 7 cut 1.8 metres grading 6.69 grams gold per tonne, starting at surface, as well as 1 metre grading 5.56 grams gold starting at 8 metres. Hole 33 cut 12 metres of 14.86 grams gold from 85 metres depth, hole 27 returned 9 metres of 17.1 grasm gold from 39 metres downhole...
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Avion drilled the latest holes as part of an infill exploration program in the area. The Djambaye II zone has now been traced for approximately 4400 metres and is still open to the north, south and to depth.
Avion also recently identified a new mineralized zone north of and parallel to the Djambaye II zone called the Fougala area. Located 2 km north of Djambaye II, Avion hit 22.3 metres grading 8.02 grams gold in the area starting 80 metres downhole.
East of Fougala, Avion has also identified the Dioulafoundou zone, hitting a 14.8-metre width grading 4.24 grams gold in a 2009 drill.
The intercepts all sit along 300 metres of strike and within 65 metres of surface. Avion also emphasized that the majority of recent drill intercepts sit outside of the current resource. The company expects to complete its drill effort at Dioulafoundou within the next few weeks.
Results from the program will inform a resource estimate due out by the end of the second quarter, which Avion says could be the basis of a production decision before the end of the year.
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In 2010, Avion plans to spend $10 million on exploration, completing 60000 metres of drilling. Avion acquired an 80% interest in the Segala and Tabakoto properties in early 2008 from Nevsun Resources (NSU-T, NSU-X) for $20 million and a 1% net smelter return. The Government of Mali controls the remaining 20%. The properties are located 200 km south of the city of Kayes, in the western portion of the country. Since it achieved production ay Tabakoto and Segala just over a year ago the company has managed to improve its production numbers every quarter.
Mill throughput has remained fairly constant, averaging 162000 tonnes per quarter, but head grade increased from 1.99 grams gold to 3.83 grams gold and recoveries increased from 93.7% to 96.7%.
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