SEMAFO TSX-SMF
Libdorado North Zone Returns Up to 5.59 g/t Au over 10 m and 5.11 g/t Au over 11 m
MONTREAL, March 8 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced the discovery of 2 new gold zones, the Lidorado North Zone and the Boulon Jounga Extension at its Samira Hill Mine in Niger.
Libdorado North Zone
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The Libdorado North Zone is located immediately north of the Libiri open pit. Within the Libdorado North Zone, three zones of gold mineralization were crossed over a strike length of 350 meters returning the following significant gold values. (General direction is WNW dipping NE.)
Libdorado North 2010 Reverse Circulation Drilling Campaign Highlights
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BHID From To Au / Length* Note
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10RC001 17 25 3.33 g/t / 8 m Includes 37.1 g/t / 1 m
36 47 5.11 g/t / 11 m Includes 17.55 g/t / 1 m and
11.55 g/t / 1 m
51 55 1.56 g/t / 4 m
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10RC002 133 138 1.53 g/t / 5 m
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10RC003 17 20 0.83 g/t / 3 m
35 38 1.39 g/t / 3 m
55 60 5.38 g/t / 5 m
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10RC004 100 102 14.72 g/t / 2 m
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10RC006 85 90 6.13 g/t / 5 m
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10RC007 4 16 2.11 g/t /12 m
46 48 1.10 g/t / 2 m
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10RC009 95 105 5.59 g/t /10 m Includes 1m at 30 g/t / 1 m
10RC010 21 22 1.00 g/t / 4 m and 26.5 g/t / 1 m
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* All lengths are down-the-hole lengths; additional information is
required to determine true widths. Note: grades capped at 16 g/t
before compositing
Auger, reverse circulation ("RC") and core drilling programs were initiated following compilations of IP and magnetic geophysics, geochemistry, drilling and mapping, in conjunction with a recent special structural model proposed by external geological consultant, Dr. Damien Gaboury. Although the main focus remains the Samira Horizon, Dr. Gaboury's map and conclusions reveals new potential from interpreted structural thickening by stacking of favourable aggregation of stratigraphic complex in specific structural conditions (Figure 1). Libiri geological environment of the results with mineralization-interpreted trends are shown on Figure 2.
The RC drilling program was initiated late 2009. At the end of January 2010, 22 holes were completed, representing a total of 2,330 meters of drilling.
Boulon Jounga Extension
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The approval of the Boulon Jounga mining permit in August 2009 and the confirmation of the deposit's high grade ore, exposed an unexplored area that could quickly produce quality mill feed material for Samira Hill. To date, 126 holes representing a total of 12,186 meters have been drilled in the Boulon Jounga area.
The Boulon Jounga potential area trends northeast over more than 8 kilometers with mineralized structures shallowly dipping to the northwest. An auger drilling program was initiated in 2009. At the end of January 2010, 2,891 holes were completed, representing 35,602 meters of drilling. Some results from the program remain pending. Nonetheless, an RC drilling follow up program on the Boulon Jounga area is already considered a success with the discovery of two areas that may potentially become part of the reserves base. Holes 09BJRC58, 62, 104 and 103 all align along the north limb of volcanics overlaying the Boulon Jounga pit deposit. Holes 09BJRC108, 75 and 85 are located on the south side. The geological environment of these results and mineralization-interpreted trends are shown on Figure 3.
Boulon Jounga 2009 Reverse Circulation Drilling Campaign Highlights
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BHID From To Au / Length*
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09BJRC58 18 22 1.66 g/t / 4 m
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09BJRC62 70 73 10.74 g/t / 3 m
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09BJRC75 3 5 3.27 g/t / 2 m
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09BJRC85 26 29 3.67 g/t / 3 m
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09BJRC103 11 20 1.11 g/t / 11 m
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09BJRC104 31 36 3.73 g/t / 5 m
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09BJRC108 66 67 1.64 g/t / 15 m
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* All lengths are down-the-hole lengths; additional information is
required to determine true widths.
"The Samira Horizon remains an important mining district for SEMAFO, hence our decision earlier this year to proceed with a two-year $6,000,000 exploration program on the property," commented Benoit La Salle, President and Chief Executive Officer, "We are encouraged by these new discoveries at Samira Hill, the results of which may become part of our reserves and resources base and ultimately extend mine life. We believe that our continued exploration programs to fully define the property will ultimately benefit from existing infrastructures and contribute to increase value for our shareholders."
The exploration programs were designed and managed locally by Faustin Yameogo and Aziz Amane, Samira Hill's Exploration Chief Geologists and Richard Roy, Deputy Geology Manager, under the guidance, supervision and direction of Michel Crevier, P.Geo MScA, Geology Manager and SEMAFO's Qualified Person who has reviewed this press release for accuracy and compliance with National Instrument 43-101.
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "potential", "trends", "could", "pending", "potentially", "become", "remains", "in progress, "underway", "ultimately", "extend", "believe", "contribute", "increase" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability of the two Boulon Jounga areas discovered to become part of the reserves base and ultimately extend mine life, the ability to complete our two-year $6,000,000 exploration program, the ability of our continued exploration program to fully define the property and to ultimately benefit from existing infrastructures and contribute to increase value for our shareholders, the ability to efficiently manage our assets to ultimately increase shareholder value, the ability to find organic and strategic growth opportunities in West Africa, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2008 Annual MD&A, as updated in the 2009 First Quarter MD&A, 2009 Second Quarter MD&A and 2009 Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
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