Canyon Resources Begins Exploration Work At Konkolikan Project In Burkina Faso

Announced Date :  May 14, 2013


Canyon Resources Ltd. announced the commencement of exploration at the Konkolikan project, in south west Burkina Faso. The company's Konkolikan project is a single permit over 100.1sq km situated in the Hounde gold belt.
The project is situated on the same regional mineralized structure that hosts Endeavour Mining Corporation's Hounde project with an indicated resource of 1,456,000oz @ 1.91g/t Au and inferred resource of 752,000oz @ 1.91g/t Au and Rox Gold Inc.'s Yaramoko project with an indicated resource of 679,000oz @ 15.7g/t Au and an inferred resource of 216,000oz @ 8.9g/t Au.

The central area of the Hounde gold belt, where Canyon Resources's Konkolikan project is situated, has become known for hosting high-grade gold deposits. The Konkolikan project is located on a granite intrusion that is a similar geological type and age as the Rox Gold's high-grade Zone 55 deposit located at the Yaramoko project.

Phillip Gallagher, managing director of Canyon Resources, said, "The recent success of Birimian Gold shows the best place to explore is along strike from existing gold resources. The geological setting of the Konkolikan project and its close proximity and similarity to the high grade deposits located less than 60km along the same mineralized structure highlights the potential for high grade gold to be located on the Canyon's Konkolikan project. Canyon has commenced cost effective first pass exploration on the project to quickly identify targets for follow up drilling."

In addition to aeromagnetic surveys, the company will conduct detailed regolith mapping, and soil and rock chip sampling programs. These techniques have been successfully used as first pass techniques by peers operating within the area.

Analysis of regional aeromagnetics indicate the continuation of the north east trending shear that hosts the Endeavour Mining and Rox Gold deposits into the Konkolikan project area. The shear is likely related to the contact between a massive granodiorite to the east and mainly andesitic – basaltic volcanic igneous rocks to the west.

There are active artisanal mining areas on the project. The Tantou artisanal workings follow the dominant north east trend and the Koumbia artisanal workings, just outside the permit to the north, are a brittle-ductile vein/shear array on the same north east trend. The strike continuity of those workings continues into the permit and presents a clear target for exploration.

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