SAVARY GOLD CORP. ("Savary" or the "Company") (TSX V: SCA) today provides an update on its phase 3 exploration program at the Houndé South property, located in southwestern Burkina Faso.
Between July 21 and July 30, 2013, Savary conducted surface geological mapping and soil surveys on relatively under explored zones of the Houndé South Property. This exploration program was aimed at collecting additional geological and geochemical data to help identify new drill targets. Five areas of interest were investigated and in each zone the investigation was centered on a series of lineament features highlighted through the interpretation of geophysics and existing soil geochemical data.
Surface mapping was conducted along the interpreted linear structures and a soil survey was carried out in a series of lines perpendicular to the strike of these structures. A total of 279 soil samples and 10 grab samples were collected and assayed for gold at SGS Laboratory in Ouagadougou, Burkina Faso. Of the five zones investigated, two returned encouraging gold grades and trends, which are not only consistent with the gold trends observed during previous soil sampling programs, but may also extend the gold mineralization areas beyond its known limits as shown in the enclosed Figure 1. Similarly, surface mapping led to the identification of a new corridor of deformation as well as hydrothermally-altered and mineralized areas.
Thierry Bineli, (PhD, P. Geo) commented: “Having just returned from a site visit, management is very encouraged by the prospectivity of the new target areas identified and the encouraging gold grades and trends which look to be a possible extension of known gold mineralization areas. We look forward to progressing with our phase four exploration program later this year to test these new targets”.
To date, the exploration program has led to the identification of at least four targets which warrant further investigation. The new identified targets are likely to be drill tested in combination with the numerous existing targets during phase four of the exploration program, which is expected to start after the rainy season ends early November.
In addition to the RC drilling campaign, Savary’s phase four exploration program will include a ground penetrating radar survey (GPRS), which may assist to define the structures and the geological bodies which host the mineralization. The GPRS could also determine some of features of the structures i.e. dip and thickness and the number of structures.
Figure 1: Current soil sample results vs. previous soil sample results that indicate a possible extension of known gold mineralization areas.
Laboratory analysis was conducted by SGS Burkina Faso SA., a laboratory which is independent of Savary Gold.
Uwe Engelmann, BSc. (Botany and Zoology), B.Sc. (Geol.), B.Sc. Hons (Geol.). Pr. Sci. Nat., a consulting geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Savary Gold
Savary Gold is a Canadian exploration 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 that are presently subject to extensive exploration efforts (including Endeavour Mining’s Houndé Project and Sarama’s South Houndé Project, which is adjacent to Savary Gold’s property). For additional information please visit our website at www.savarygold.com and follow us on Facebook and Twitter: @SavaryGold.
SAVARY GOLD CORP.
On behalf of the Board
Chief Executive Officer
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 details and timing of the Company’s exploration plan, the results of the recently completed drilling and sampling, 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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