Simba Commences Ground Exploration at Miyove Gold Project
November 02 2011 - 1:22PM
Marketwired
Simba Gold Corp. (TSX VENTURE:SGD)(FRANKFURT:S7G) ("Simba" or the
"Company") is pleased to announce that a comprehensive surface
exploration program has commenced at its Miyove Gold Project in
Rwanda, Africa.
The surface exploration program commenced on October 12th and
will continue until early December. The program, consisting of a
ground magnetic survey, soil sampling and detailed geological
mapping, will provide detailed information on property scale
structures which, based on historic information, are known to host
gold mineralization. The current program will provide sufficient
information for designing a drill program, to commence in early
2012, which will assess the structural continuity of the various
known gold zones.
The program is being conducted by UTM Exploration Services Ltd.
of Smithers, British Columbia under the direction of Richard Beck
VP of UTM Exploration.
About the Miyove Project
The Miyove Gold Project comprises 2,937 hectares and is located
in the northern portion of Rwanda, approximately 65 kilometres from
the capital city of Kigali. Infrastructure at the property includes
excellent road access, water and commercial power access. The
project consists of an exploration license issued by the Ministry
of Forestry and Mines, in the Republic of Rwanda. The license
(license 20/16/03/05) was originally issued August 10, 2006 and has
been renewed until March 23, 2014.
The Miyove Gold Project is underlain by rocks of the Central
African Mesoproterozoic aged Kibara Belt which extends in a north
easterly direction from the eastern part of the Democratic Republic
of Congo (DRC) through Rwanda, to the southern portion of Uganda.
The Kibaran geology on the property consists of shale, siltstone,
sandstone, and rare conglomerate units which have defined simple
anticlinal and synclinal fold structures. Mineralization is
associated with multiple NW-SE trending structures hosting
gold-bearing quartz veins and stockworks. Associated wall rock
alteration is comprised of kaolinization and iron oxidation.
The Miyove Project comprises three mineralized zones referred to
as Karenda, Baradega and Masogwe, all of which lie along a
northwest-southeast mineralized trend which extends for six
kilometres. Three types of structurally controlled gold
mineralization has been identified and includes, stringer-vein
zones, silicified (quartz) and ferruginous shales, and less
frequently, quartz veins with varying amounts of iron oxides and
hydroxides (in the weathering crust). The host rocks are commonly
shale, and to a lesser extent, sandstones. A forth type of gold
mineralization has been identified on the property and includes
alluvial and deluvial placers.
The gold deposit type being targeted on the Miyove Project is
similar to the Twangiza Gold Mine (Banro Corporation) in South Kivu
province, DRC which is also hosted in the Kibara belt. In the
Twangiza deposit gold mineralization is hosted within mudstones,
siltstones, greywackes and porphyries along the crest of a major
anticlinal structure and limb-parallel structures. The Twangiza
deposit contains Proven and Probable Oxide Mineral Reserves of 1.13
Moz of gold at 2.26 g/t. In addition the deposit contains a
Measured and Indicated Oxide Resource of 1.3 Moz gold at 2.3 g/t
and a Measured and Indicated Non-Oxide Resource of 4.3 Moz gold at
1.5 g/t (all reserve and resource numbers are 43-101 compliant and
have been extracted from recent reports completed for Banro Corp.
and are available at www.sedar.com).
To date in 2011, Simba has completed 2,300 metres of drilling on
the property, focusing primarily on the Karenda zone. Highlights
include:
-- Hole MY-11-02: 24.69 m averaging 0.61 g/t gold, including 7.54 m
averaging 1.12 g/t gold
-- Hole MY-11-05: 5.58 m averaging 1.21 g/t gold, including 2.57 m
averaging 2.15 g/t gold
The Miyove Gold Project is being managed by A. Armitage, Ph.D.,
P.Geol. Dr. Armitage is a Director and the Senior Technical Advisor
of Simba Gold, and is the Qualified Person, as defined by NI
43-101, for the Miyove Gold Project. Dr. Armitage has reviewed and
approved the technical content if this news release.
About Simba Gold Corp.
Simba Gold Corp. is an exploration company focused on the
development of quality gold assets in Rwanda, Africa. Simba owns
12% of Rogi Mining Limited ("Rogi") and has an option to purchase
up to 100% over five years. Rogi owns three properties in Rwanda,
with the principal asset being the Miyove Gold Project which
comprises 2,937 hectares over the largest historic gold-producing
area in the country.
On behalf of the Board of Directors
Werner Ullman, President and CEO
Simba Gold Corp.
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.
Neither TSX Venture Exchange nor its Regulations 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: Simba Gold Corp. Investor Relations 604.568.2486
604.628.5001 (FAX)info@simbagoldcorp.comwww.simbagoldcorp.com
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