25 Mar 2014 11:20
25 March 2014
Golden Saint Resources Ltd
("Golden Saint" or the "Company")
Airborne Survey Update
Further to the announcement dated 6 February 2014, which set out the findings from the initial interpretation of the Company's airborne geophysical interpretation on its three projects (Tongo ("Tongo Project"), Baja ("Baja Project") and Moa ("Moa Project")) in eastern Sierra Leone, Golden Saint Resources Ltd (AIM: GSR), a Sierra Leone focused diamond and gold exploration company, is pleased to provide an update now that the interpretation has been completed. An update on the state of the first diamond shipment from Sierra Leone is also included for shareholder interest.
Highlights
· Geophysical consultant, Core Geophysics, completes its detailed structural analysis for prioritising diamond and gold targets over the three project areas
· Strong ENE- WSE trending structural trends at Tongo and Baja projects, consistent with the regional structures hosting kimberlite dykes and known diamond resources
· A number of major structures and fine scale fabrics which may control or host gold mineralisation at the Moa Project have been identified.
· In excess of 150 targets generated for investigation, with 38 targets ranked priority 1.
Overview
As announced on 6 February 2014, Golden Saint commissioned a high resolution airborne magnetic and radiometric AMAG survey over the Company's three exploration licence areas in eastern Sierra Leone, by Canadian geophysical contractors, Geotech Airborne Limited ("Geotech"), to provide focus in both identification and prioritisation of structural gold and kimberlite targets for ongoing and future exploration programs.
The 5,405 line kilometer ("km") geophysical survey completed over an area of approximately 340 km² covering the Company's core holdings at Tongo, Moa and Baja, on 100 metre line spacing and at a mean terrain clearance of 100 metres. Final processed data was received at the end of January 2014 and has undergone detailed structural analysis by independent geophysical consultants, Core Geophysics.
Interpretation
Interpretation by Core Geophysics of the aeromagnetic and radiometric surveys has greatly improved the geology and structural understanding of the projects.
Within the Tongo and Baja projects the processed data has identified strong ENE- WSE trending structural trends beneath transported cover, consistent with the regional Tongo Field structures hosting kimberlite dykes and known diamond resources located within neighbouring tenements. At the Moa Project the data has identified a number of major structures and fine scale fabrics which may control or host gold mineralisation.
At the Tongo Project a total of 37 potential dyke targets, 14 potential pipe targets and 5 potential alluvial sites have been selected from the processed data of which 12 potential dyke targets, 3 potential pipe targets and 2 potential alluvial targets have been given a high priority rank of 1.
At the Baja Project 79 potential dyke targets, 4 potential pipe targets and 5 potential alluvial sites have been selected with 17 potential dyke targets and 2 potential alluvial targets given a high priority rank of 1.
At the Moa Project 6 broad target areas for gold mineralisation have been defined of which 2 have been given a high priority along with 3 sites for potential alluvial diamonds selected along the Moa River.
Executive Chairman, Cyril D'Silva stated, "We are extremely pleased with the results from the geophysical interpretation of our recent airborne survey. Exploration and follow-up targeting at all of the Golden Saint projects have been greatly enhanced by the acquisition of this geophysical data, allowing us to focus on priority targets and once again highlights the prospectivity of the region and our focus on the Sierra Leone diamond fields.
Diamond Shipment update
As previously reported on 19 November 2013 and further on 6 February 2014, Golden Saint's first shipment of approximately 400 carats of uncut, gem quality diamonds have been exported from Sierra Leone to Solid Gold Jewellers Pty Ltd ("Solid Gold") in Perth. The uncut diamonds within the shipment varied in size from 1 carat up to 13.9 carats and comprise white diamonds, brown diamonds and yellow diamonds.
Solid Gold has now advised that 107 stones have been sent to Hong Kong to GIA for certification, grading and laser inspection and that they are now expected to complete the process by the end of April 2014.
In addition, Golden Saint is pleased to announce that it shipped a second batch of rough to Antwerp on 14 February 2014 which is currently being cleaned and having windows put in so the likely outcome, once polished, can be assessed. Total weight of rough sent in the first and second batch was 316 carats and currently the rough (melee) being held in Perth is 83.39 carats.
The Company will keep shareholders informed of any material updates which it receives on the assessment of the rough that has been sent to Antwerp.
The information in this release that relates to exploration results is based on information compiled by Chief Executive Officer Nick Burn (BSc (Hons)). Mr Burn is a member of the Australian Institute of Geoscientists, is a competent person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and consents to the inclusion in the report of the matters based on the information and context in which it appears.
GLOSSARY OF TECHNICAL TERMS
The following glossary of terms applies throughout this announcement, unless the context otherwise requires:
alluvial | detrital material which is transported by a river and deposited at points along the flood plain of a river |
AMAG | proprietary name for Geotech airborne system |
diamond | a precious stone consisting of a clear and typically colourless crystalline form of pure carbon; the hardest naturally occurring substance |
diamond field | a zone of concentration of diamond occurrences |
E | East direction |
fine scale fabrics | fabric is a general term applied to planar or linear structures within a rock related to the orientation or abundance of components |
GIA | Gemological Institute of America Inc |
high priority rank of 1 | ranking of targets based on their geophysical characteristics and prospectivity, with 1 being the highest level and considered priority for exploration |
kimberlite | a rare, blue-tinged, coarse-grained potassic intrusive igneous rock sometimes containing diamonds |
kimberlite pipe/dyke/blowout | a vertical "carrot-shaped" intrusive volcanic structure which hosts kimberlites |
magnetics | a geophysical technique used to measure the magnetic susceptibility of rocks |
mineralisation | process of formation and concentration of elements and their chemical compounds within a mass or body of rock |
N | North direction |
prospect | an area of land suitable for mineral exploration |
radiometrics | a geophysical technique used to detect and map the presence of naturally occurring radioactive minerals in the soil. |
resources | Measured: a mineral resource intersected and tested by drill holes, underground openings or other sampling procedures at locations which are spaced closely enough to confirm continuity and where geoscientific data are reliably known. A measured mineral resource estimate will be based on a substantial amount of reliable data, interpretation and evaluation which allows a clear determination to be made of shapes, sizes, densities and grades Indicated: a mineral resource sampled by drill holes, underground openings or other sampling procedures at locations too widely spaced to ensure continuity but close enough to give a reasonable indication of continuity and where geoscientific data are known with a reasonable degree of reliability. An indicated resource will be based on more data, and therefore will be more reliable than an inferred resource estimate Inferred: a mineral resource inferred from geoscientific evidence, underground openings or other sampling procedures where the lack of data is such that continuity cannot be predicted with confidence and where geoscientific data may not be known with a reasonable level of reliability |
S | South direction |
structure | term used to describe the relationship between rock masses, implying structure feature |
target | area of the deposit which is the focus of exploration |
transported cover | alluvial material or sediments that have been transported to their present location and cover bedrock |
W | West direction |
For further information please contact:
Golden Saint Resources Ltd
| Cyril D'Silva, Executive Chairman Nick Burn, CEO | +618 64677778 +618 64677778 |
Beaumont Cornish Limited
| Roland Cornish / Emily Staples | +44 (0) 20 7628 3396 |
Optiva Securities
| Jeremy King | +44 (0)20 3137 1904 |
Newgate Threadneedle
| Graham Herring/Robyn McConnachie | +44 (0)20 7653 9850 |