Semafo hits gold over 10 kilometre strike
Semafo says it has discovered a long gold mineralized trend not far from an operating mineral processing plant.
Posted: Tuesday , 19 Jun 2012
HALIFAX, NS (MINEWEB) -
Gold-producer Semafo (TSX, LSE: SMF) said it had drilled a new mineralized trend over a 10-kilometre strike length not far from its operating Samira Hill processing plant in Niger.
On news of the discovery investors gave Semafo's shareprice a four percent boost to $5.47 on moderate volume as of presstime.
Most of the intercepts Semafo reported graded in the 1 to 2 g/t gold range over widths between 5 to 11 metres. There were a few exceptions with 43 metres @ 1.48 g/t Au, 22 metres @ 1.89 g/t Au and 32 metres @ 1.41 g/t Au.
Semafo said it would follow up on the most promising areas with further drilling, having so far
drilled almost 30,000 metres in air core, reverse circulation and core drillholes since June last year. Assays for over half of the drillholes in this program are still pending.
Semafo said mineralization in the new trend - the Tonde Boubangou Horizon - is similar to that at Samira Hill, which has been mined. Notably it looks as structural traps, as at Samira Hill, could cause mineralized areas to swell at Tonde Boubangou.
Chief among exploration questions for Semafo to now answer is how much continuity there is across the 10 kilometre strike at Tonde Boubangou.