August 8, 2013 -- SAVARY GOLD CORP. ("Savary" or the "Company") (TSX V: SCA) announces that it has commenced the next phase of exploration at the Houndé South project in Burkina Faso. The Company is very pleased with the success of its previous drill program completed in April 2013 and looks forward to advancing the project with Phases Three and Four of the planned exploration program.
Phase Three of the exploration program started on July 21, 2013 and consists mainly of field work, including geological mapping and soil survey with the objective to collect additional geological and geochemical data to help identify new drill targets on underexplored zones of the Houndé South Property. Mapping and soil survey will be carried out along and across prominent lineament structures revealed through interpretation of geophysical data. Of note is that these structures are of similar trends to those spatially associated with mineralization at the Kien and Kueredougou zones, suggesting they may constitute valuable metallotects.
Phase Four of the exploration program is expected to commence in November 2013 after the end of the rainy season. Plans for this phase are to build on the results of the Phase Three program and additional drilling targets identified therein. Drilling will also be required around the Phase Two drill program targets completed in April 2013, which, of the 35 reverse circulation boreholes drilled, 27 intercepted significant gold grades, including 4 holes returning grade x width intersections of > 40 (g/t)m and an interval grading up to 100.5 (g/t). Targets identified in Phase Three will be in addition to drilling that needs to be completed around the Kien, Karangosso I and Kueredougou North zones (please see news release dated May 9, 2013).
As part of Phase Four, a ground penetrating radar survey (GPRS) is planned to help define the structures and the geological bodies that host the mineralization. The GPRS could assist to determine certain details of the structures i.e. dip and thickness of the structure and the number of structures. This would aid in the placement of core drill holes to help define the geology. Infill reverse circulation drill holes aiming at determining the potential size and grade of the mineralized zones would follow.
“We are extremely pleased to be progressing with the next phase of the exploration program at Houndé South” stated Charles Mostert, CEO, Savary Gold. “We have an excellent technical team in place and management is very excited to continue proving its belief, that the Houndé South project hosts a deposit similar to other deposits throughout the Houndé Greenstone Belt.”
In addition, further to the Company’s June 14, 2013 news release, Savary announces that it has received final TSX Venture Exchange approval in relation to its previously announced private placement financing. The Company notes that final approval was received in relation to the sale of 14,567,000 common shares at a price of $0.06 per common share for gross proceeds of $874,020.
About Savary Gold
Savary Gold is a Canadian company focused on exploring the Houndé South Gold Property in Burkina Faso. The property is in the Birimian age Houndé Greenstone Belt, which hosts Semafo’s Mana mine and additional gold deposits which are presently subject to extensive exploration efforts (including Endeavour Mining’s Houndé Project and Sarama’s South Houndé Project). For additional information please visit our website at www.savarygold.com and follow us on Facebook and Twitter: @SavaryGold.
Mr. Uwe Engelmann, Exploration Director - Minxcon (Pty) Ltd and a Consulting Geologist to the Company, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this release.
SAVARY GOLD CORP.
On behalf of the Board
President & Chief Executive Officer
For more information, please contact:
Michael McAllister, Manager, Investor Relations
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements or information relate to, among other things, the next phase of the Company’s exploration program and the exploration potential of the Company's properties. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with exploration; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and other risks and uncertainties, including those described in the Company’s most recent Management Discussion & Analysis report filed with the Canadian Securities Administrators and available at www.sedar.com. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
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