Samaranta Acquires 80% Interest in Guinea, West Africa Gold Property
September 21 2011 - 9:00AM
Marketwired
Samaranta Mining Corporation (TSX VENTURE: SAX) ("Samaranta")
announces it has acquired an 80% interest in the 14,300 hectare
Siguiri property which lies within the prolific Birimian Greenstone
Belt in Guinea, West Africa (the "Siguiri Property"). This interest
is held through its wholly-owned Guinean subsidiary, Guinean Global
Resources SA ("GGR").
The vendor has reported that the Property has had previous work
completed on it consisting of geochemical sampling, and test pits
up to several meters in depth. Samaranta is in the process of
obtaining detailed assays for this sampling. The Property enjoys
ease of access, is situated on the border between Mali and Guinea,
and can be reached within approximately 2.5 hours by car from
Mali's international airport at Bamako.
Mineralization in the Paleoproterozoic Birimian rocks consists
of turbidite and lesser volcanicalstic sequences and is
structurally controlled and occurs as sheeted veins or within shear
zones. Weathering occurs to depths of 100 metres with two types of
oxide mineralization being present: elluvioal or alluvial-hosted
laterite mineralization and primary quartz vein related or shear
hosted mineralization. The laterite mineralization occurs as aprons
of colluvial or paleo-channels of lateritic gravel adjacent to or
immediately above the in situ vein-related or shear hosted
mineralization. The in situ mineralization occurs as either sheeted
veins or associated shear zones with the best mineralization
occurring at the intersection of the two. Shear Zones are generally
north south with mineralization associated with silicification,
brecciation and quartz-albite-pyrite veining. The vein related
mineralization occurs as north-east / south-west to east west
striking discontinuous sheeted veins with the better mineralization
associated with vein stockworks in coarser brittle siltstones and
sandstones.
More importantly the Property is south and east of AngloGold
Ashanti's Siguiri Mine ("AGA's Siguiri Mine"). The AGA's Siguiri
Mine is located in north-east Guinea approximately 850 km from the
capital city of Conakry. AngloGold Ashanti reported that the AGA
Siguiri Mine contained reserves of 106.5 million tonnes grading
0.70 g/t containing 2.38 million ounces of gold; a measured and
indicated resource of 38.5 million tonnes grading 0.78 g/t
containing 0.98 million ounces of gold; and an inferred resource of
a further 77.8 million tonnes grading 0.85 g/t containing 2.13
million ounces of gold has also been defined.
The potential for the Siguiri Property to host mineralization is
very good given that the strike projections of the AGA Siguiri Mine
shear zones and veins trend toward the Siguiri Property.
"High quality gold properties such as the Siguiri Property do
not often come available," stated Volkmar Hable, president and CEO
of Samaranta. "Our core focus continues to be the development of
our Colombian gold assets, but the Siguiri Property provided us an
exceptional opportunity we could not decline."
About Samaranta:
Samaranta is focussed primarily on gold exploration
opportunities in Colombia. Its key asset is the Guadalupe property
that is strategically located on the northern boundary of the
Frontino Gold Mine ("FGM"). FGM has been in production since about
1852 with recorded production totaling about 4.6 million ounces.
Both Guadalupe and FGM are underlain primarily by the same
granodioritic rocks of the Segovia batholith. The Segovia Gold Belt
is a region of granodioritic rocks measuring approximately 300 km
in length by up to 75 km in width defined by a strong fault zone
system trending approximately north-south. Gold mineralization
within this belt is primarily associated with quartz veins and
narrow vein swarms that are spatially related to the major north to
northeast trending fault structures.
Technical information in this news release has been reviewed by
Derrick Strickland, P.Geo., a qualified person as defined in NI
43-101.
SAMARANTA MINING CORPORATION
Volkmar Hable, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Samaranta Mining Corporation Volkmar Hable President
604 641 1210 info@samaranta.ca Samaranta Mining Corporation Barry
Girling 604 639 4528 wbg@malaspinaconsultants.com
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