See also:
» 26.03.2010 - "Mining boom in Burkina Faso" - PM
» 23.03.2010 - Burkina gold search promising
» 08.09.2009 - Volta signs purchase intent for Kiaka gold project in Burkina Faso
» 11.08.2008 - Mudslide kills 31 illegal miners
» 16.07.2007 - Burkinabe gold mine nears completion
» 13.10.2006 - Privatisation threatens Burkina's small-scale miners
» 23.03.2004 - More positive gold drilling results in Burkina Faso
» 05.01.2004 - Canadian gold miners increase presence in Burkina Faso

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Burkina Faso
Economy - Development

"New gold belt" appears in Burkina Faso

afrol News, 9 February - The Canada-based company Etruscan Resources announced today that diamond drilling on the Youga Gold Deposit in Burkina Faso "continues to intersect high-grade gold mineralisation." The company now expects the discovery of a "new, significant gold belt in Burkina Faso."

The high-grade gold zones in Yoga, according to Etruscan, occur consistently on the hanging wall of the deposit and "in these latest results average between 3.5 and 21.2 grams per tonne over widths of between 4.1 to 28.0 meters. Visible gold is consistently observed in the high-grade zones."

The Canadian mining company added that there was "a clear thickening and increase in grade of both the main and high-grade zones with depth, in part reflecting a plunge of the deposit to the north." Etruscan has now drilled a total of 3,150 meters and results have been reported from the first 10 of 22 diamond drill holes completed.

Don Burton, Etruscan's VP of Exploration and COO, today stated that these drill results "confirm not only the lateral and vertical continuity of the high-grade gold mineralisation at Youga but also demonstrate that the deposit displays many of the characteristics found in the structurally controlled deposits that are hosted by Tarkwaian metasediments in southern Ghana such as Obausi."

- We believe that as our technical team gains a more detailed understanding of the geological footprint of Youga, this knowledge will lead to new discoveries, added Mr Burton. "Our ultimate objective is to demonstrate that Youga represents just one of a number of deposits that will constitute a new, significant gold belt in Burkina Faso".

Gold already is Burkina Faso's second largest export product, after cotton, and the country is strongly promoting the development of the mining insudtry. Apart from gold, Burkina Faso is known to have significant occurrences of phosphates and manganese.

Etruscan, through its wholly owned subsidiary Cayman Burkina Mines Ltd, holds a 90 percent interest in Burkina Mining Company (BMC) which has been granted the rights to exploit the Youga Gold Deposits. The remaining 10 percent of BMC is held by the Burkinabe government.

According to Etruscan, "the Youga Gold Deposits have a reported resource of over 1.2 million ounces with probable reserves of 664,800 ounces and the project is fully permitted for mine development by the government of Burkina Faso."

The Canadian mining company is heavily involved in West Africa's growing gold production. Etruscan holds a 40 percent interest in the 2 million ounce Samira Hill Gold Project under construction in Niger, was recently granted the Agbaou Permit in Côte d'Ivoire and has ongoing projects in Mali. Finally, the company is involved in diamond mining in South Africa.

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