Simba Announces Initial Drill Results From the Miyove Gold Project, Rwanda
May 10 2011 - 8:00AM
Marketwired Canada
Simba Gold Corp. ("Simba" or the "Company") (TSX VENTURE:SGD) is pleased to
report on the initial drill results from the Miyove gold project, which is owned
by Rogi Mining Limited ("Rogi"), that the Company has an option to acquire. The
Miyove gold project is located in northern Rwanda and comprises 2,937 hectares
over the largest historic gold-producing areas in Rwanda. Highlights of the
drill program to date include 24.69 metres averaging 0.61 grams per tonne (g/t)
gold, including 7.54 metres grading 1.12 g/t gold in hole MY-11-02 and 1.21 g/t
gold over 5.58 metres, including 2.15 g/t gold over 2.57 metres in hole
MY-11-05.
In March 2010, the Company completed its Qualifying Transaction granting it the
right to purchase up to 100% of the issued and outstanding shares of Rogi in
exchange for a total of up to US$2.75-million in cash and the issuance of up to
5.7 million shares to Rogi's shareholders over a period of five years. Rogi
mobilized a 3,000-metre drill program on the Miyove gold project in December
2010 and drilling commenced early in January 2011.
The Miyove gold project comprises three mineralized corridors, Karenda (furthest
to the NW), Baradega (mid-way) and Masogwe (furthest to the SE) all of which lie
along a northwest - southeast mineralized trend over a six kilometre stretch.
Drilling to date has focused on the Karenda zone, an area of historic
production, and in particular on gold mineralization beneath previous trenches
(2006-2009), gold mineralization based on an approximation of the 1980s United
Nation drilling and on geological targets. To date, 1,279 metres have been
completed in ten holes, from five drill sites. Drilling has been difficult on
the Karenda Zone due to strongly oxidized and weathered rock conditions,
complications with old workings and limitations of the drill equipment. The
Company has received assay results for holes 1, 2, and 4 and partial results for
holes 3 and 5.
Table 1: Drill results from 2011 program
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Hole # Length (m) From (m) To (m) Width (m) Au g/t Site
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MY-11-01 49.05 No significant values (NSV) Site 1
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MY-11-02 240 3.60 28.29 24.69 0.61 Site 2
Incl. 16.00 23.54 7.54 1.12
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MY-11-03 128.9 1.50 5.30 3.80 0.45 Site 2
25.24 49.24 24.00 Assays not received
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MY-11-04 200.7 0.00 29.10 Triconed, no sample Site 2
29.10 30.18 1.08 0.33
101.45 102.00 0.55 0.29
--------------------------------------------------------------------------
MY-11-05 167.6 1.00 2.70 1.70 0.89 Site 1
77.05 82.63 5.58 1.21
Incl. 77.05 79.62 2.57 2.15
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The Miyove gold project is underlain by rocks of the central African
Mesoproterozoic-aged Kibara orogen that extend from Katanga (Democratic Republic
of Congo) in the south, to southern Uganda in the north. The Kibaran geology on
the property consists of shale, siltstone, sandstone and rare conglomerate
units. Mineralization is associated with multiple northwest-southeast-trending
gold-bearing quartz veins and stockworks, and associated wall rock alteration
comprising kaolinization and iron oxidation.
Rogi is well established in Rwanda, and complemented by contract personnel who
have experience and knowledge in the country and the ability to conduct
efficient and effective exploration programs. Samples were sawn and collected
from the diamond drill holes and delivered by the Company to SGS Minerals
Services, Mwanza, Tanzania. SGS undertook sample preparation and analysis for
gold by fire assay (FA) with an atomic absorption finish (AA) on 30-gram
samples. To date only gold assays have been received, however multi-element
analysis will follow shortly.
The Miyove project has had a 43-101 geological Technical Report completed by J.
Garry Clark, PGeo, with Clark Exploration Consulting of Thunder Bay, Ontario.
Dr. A. Armitage, P Geol, is the qualified person and director, as defined by NI
43-101, for the Miyove gold project, and has reviewed the technical information
in this release.
QA/QC
Diamond drill core samples are typically collected at 1.5 metre intervals.
Shorter samples may be taken in areas where there is a change in geology. Longer
samples may be taken in zones of poor core recovery. Split samples are placed in
sample bags with sample tags and prepped for shipping.
A total of 764 core samples from five diamond drill holes were collected and
shipped to SGS Minerals Services, Mwanza, Tanzania. Samples were analyzed for
gold by fire assay (FA) with an atomic absorption finish (AA) on 30 gram
samples.
The 2011 diamond drilling included the insertion of a "blank" and a duplicate
sample into the sample stream for assay grade control. The "blank" samples are
barren material taken from a kaolinite pit located along the side of a road on
the property. One duplicate and one blank sample are inserted with every batch
of 20 drill samples prior to shipment to ALS.
About Simba Gold Corp.
Simba is an African-focused gold exploration company with an option to acquire a
company that owns gold exploration rights within the Gicumbi, Burera, Rusizi and
Nyamasheke Districts, and nickel exploration rights within the Kirehe District
of the Republic of Rwanda. Simba's principal property is the Miyove Gold Project
located in the Gicumbi and Burera Districts.
Cautionary Statement Regarding Forward-Looking Information
Some of the statements contained in this press release are forward-looking
statements and information within the meaning of applicable securities laws.
Forward-looking statements and information can be identified by the use of words
such as "expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be taken, occur
or be achieved. Forward-looking statements and information are not historical
facts and are subject to a number of risks and uncertainties beyond Simba's
control. Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking statements
contained in this news release. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements, except as
may be required by law.
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