Discovery Gold Corporation Finalizes Pre-Drilling Exploration Plan at Edum Banso Gold Project in Ghana
DENVER, Sept. 20, 2012 /PRNewswire/ -- Discovery Gold Corporation (OTCQB: DCGD) ("Discovery Gold" or the "Company") is pleased to announce that the Company has completed planning of its pre-drilling exploration program for the Edum Banso Gold Project in Ghana. The Company intends to focus the next round of exploration on two select high-priority anomalous gold targets, Target Zone #1 and Target Zone #5.
These high-priority exploration targets were chosen due to previously encouraging results, and in the case of Target Zone #5, its close proximity to the unique primary geological feature thought to be associated with the source of gold currently being open pit mined by Golden Star Resources less than 1km from the property border directly to the southeast. The Company intends to proceed with the first phase of its pre-drilling exploration program in Q4 2012 as soon as anticipated funding is received and an exploration services agreement is finalized.
"Moving forward with our Edum Banso Gold Project in Ghana is the top-priority of the Company," stated Steve Flechner, President of Discovery Gold. "To date, exploration results have outlined several promising high-priority target areas that warrant detailed follow-up exploration and potentially drilling, especially in light of the continued mining and exploration success of Golden Star Resources across the property border just 1 km to the southeast."
Edum Banso Historic Exploration
The Edum Banso Gold Project has a well-documented history of exploration, including extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 total samples), trenching (214 samples), auger drilling (252 holes), and numerous rock chip samples. To date, four distinct mineralized gold zones have been identified over an area approximately 8 km (5 miles) long and 600 m (650 yards) wide, including two southern zones sharing contact with the unique Mpohor Complex geologic structure, one of the largest known gold bearing synvolcanic mafic intrusives on the African continent. The Mpohor Complex also hosts the Golden Star Resources producing HBB open pit gold deposits (Father Brown and Adoikrom - 180,000 oz./year production) less than 1 km from the property border to the southeast.
Edum Banso Proposed Exploration Program
Discovery Gold intends to advance exploration at Edum Banso with a program designed to test two of the known mineral occurrences and geological structures of the property which have already demonstrated the potential to host significant gold deposits. The planned exploration and potential drilling program will consist of two key phases:
Phase I: Initial work is planned to include compilation of all historic exploration data; relocation, confirmation, and addition to historic soil sampling; relocation and confirmation of historic trench sampling; construction of additional trenches along gold showings and new detailed channel sampling; with detailed surveying and geologic mapping of all sampling. Based on the historical sampling, four (4) new trenches are proposed - 75m (extension), 75 m, 150 m, and 200 m in length (~ 250 feet, 250 feet, 500 feet, and 650 feet respectively). All new samples will be submitted for independent laboratory assay testing. Discovery Gold geologists and advisors will conduct an analysis of the new data and incorporate it into an updated technical report regarding the project. Ground work is expected to begin in Q4 2012.
Phase II: Dependent upon analysis of the results of Phase I and further funding, determination would then be made for a diamond core exploration drilling program of approximately 1,000 to 3,000 meters (~3,000 to 10,000 feet) divided between 7 to 20 drill holes of up to 150 meters (500 feet) in depth. Drilling is expected to yield 400 to 1,200 core drill log samples to be independently tested and compiled into an updated technical report regarding the project.
About Discovery Gold Corporation
Discovery Gold Corporation is an emerging U.S. based mineral exploration company. The Company's wholly-owned subsidiary company, Discovery Gold Ghana Limited, currently holds a 70% interest (with the potential to increase its interest to 95%) in the exclusive rights to explore the Edum Banso Gold Project within the historic and prolific gold producing Ashanti Gold Belt in Ghana.
For further information regarding Discovery Gold Corporation, contact:
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by the use of words such as "anticipate", "believe", "expect", "may", "will", "would", "should", "plan", "projected", "intend", and similar expressions. The Company bases these forward-looking statements on current expectations and projections about future events, based on information currently available. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company disclaims any obligation to update any of its forward-looking statements, except as may be required by law. The Company's interest in the Edum Banso Gold Project is subject to final Ghanaian government approval of the licence transfer. The Company has no mineral resource or reserve estimate for the Edum Banso Gold Project at this time, has no assurance that it will discover significant mineral resources, and may not have sufficient funding to thoroughly explore, drill or develop its property.
SOURCE Discovery Gold Corporation