RESOURCE GROWTH POTENTIAL CONFIRMED MAKABINGUI GOLD PROJECT

Transcription

1 ASX Release Bassari Resurces Limited is an Australian listed cmpany fcused n discvering multimillin unce gld depsits in the Birimian Gld Belt, Senegal, West Africa. FAST FACTS ASX Cde Issued Capital Listed ptins Unlisted ptins N f sharehlders Tp 20 BSR 572,648,689 59,275,839 5,800,000 1,857 37% INVESTMENT HIGHLIGHTS Explratin permits cver apprx. 850km² ver prspective Birimian Gld Belt, Senegal, West Africa. Senegal, stable demcracy since Quality grund hlding in a 50 millin unce gld regin which hsts a number f wrld class depsits. Thirteen prspects identified alng 80km strike length within Kenieba Inlier. Strategic and dminant explratin package. Makabingui Gld Prject, Mineral Resurce 503,000 unces in 6.1 Mt at 2.6 g/t gld at a 0.5 g/t cut-ff, cmprising: - Indicated, 328,000 zs in 2.7Mt at 3.8g/t gld - Inferred, 175,000 zs in 3.4Mt at 1.6g/t gld Gld intersected ver wide intervals at Knkut Gld Prspect. BOARD AND MANAGEMENT Jhn Ballard Chairman Jzsef Patarica Managing Directr/CEO Chris Yung Nn Executive Directr Ian Riley Cmpany Secretary/Chief Financial Officer CONTACT US Bassari Resurces Limited (ACN ) Level 17, 500 Cllins Street, Melburne, Victria, 3000, Australia. T: F: admin@bassari.cm.au 3 July 2012 RESOURCE GROWTH POTENTIAL CONFIRMED MAKABINGUI GOLD PROJECT Melburne based gld explrer Bassari Resurces Limited (ASX:BSR) is pleased t annunce early results frm its current resurce drilling prgram at its flagship Makabingui Gld Prject in Senegal, West Africa. The results shw cntinuity f gld mineralisatin cnfirming the grwth ptential f the gld resurce. In additin a high-reslutin aermagnetic/radimetric survey has been cmpleted acrss all f Bassari s permits. Highlights Drilling t grw the resurce at the Makabingui Gld Prject has been significantly expanded with three multi-purpse drills perating duble shifts since late April 12,500 cumulative metres in 100 hles have been drilled t date shwing cntinuity f mineralisatin The first results frm cmbined reverse circulatin (RC) and diamnd drilling (DD) cnfirm resurce grwth. Assay results t date represent nly 10% f all samples submitted. Initial results include the fllwing new intercepts: 12.0 g/t gld frm 319 metres 3.2 g/t gld frm 40 metres 29.8 g/t gld frm 39 metres 1.8 g/t gld frm 156 metres The expanded drilling prgram is fcused n adding pen pittable resurces The majrity f hles have intersected lde alteratin cnfirming acrss/alng strike and dwn dip extensins f the extensive stacked lde system Flying f the high reslutin aermagnetic/radimetric survey has been cmpleted acrss all f the Cmpany s permits 1

2 Since ur resurce drilling prgram ramped up t three drill rigs in late April we have made cnsiderable prgress with ur step ut drilling at Makabingui, aimed at grwing the resurce thrugh the remainder f the year, Bassari Resurces Managing Directr, Jzsef Patarica, said. We are seeing cntinuity f mineralisatin at depth and alng strike as well as intersecting new ldes acrss strike. We are pleased t see the first phase f results cnfirming the grwth ptential f the gld resurce. Assay turnarund times wuld ideally be quicker and are nw ut t mre than eight weeks; hwever we are cnfident with the gelgical mdel at Makabingui and the drill rigs are cntinuing n a well defined prgram. The cmpletin f flying the aermagnetic survey prvides us with new data t define additinal gld targets. Interpretatin f the infrmatin is underway. Makabingui Gld Prject The Makabingui Gld Prject is lcated in the Kenieba Inlier, Senegal, West Africa where multi-millin unce gld discveries are being mined and develped (Figure 1). Figure 1 Bassari Permits Kenieba Inlier, Senegal - West Africa 2

3 The flw f results has cmmenced with results t hand representing nly 10% f the ttal samples submitted frm a cumulative 12,500 metres f RC and DD drilling in 100 hles. Gelgical cntrl f the drilling recgnises the distinct alteratin (Figure 2) which accmpanies the multiple lde psitins. It is significant t nte the majrity f hles cmpleted have intersected lde style alteratin, prving acrss/alng strike and dwn dip extensins f the extensive stacked lde system. Initial results include diamnd drill hles RCS170D and RCS177D n Sectin 99,900N (Figure 3). Results frm znes where visible gld was indentified in drill cre include g/t gld frm 319 metres, including g/t gld frm 319 metres and 9 0.9g/t gld frm 382 metres with the lde remaining pen dwn dip. Results frm RCS432, reverse circulatin drilling n Sectin 100,200N intersected a near surface lde f g/t gld frm 40 metres. Figure 2 Altered and Mineralised Drill Cre Hle RCS438D, Sectin 99,900N (Assays Pending) 3

4 Figure 3 Makabingui Gld Prject Plan Abut Bassari Melburne based West African gld explrer Bassari Resurces Limited (ASX:BSR) has a strategic prtfli f explratin permits fcused n the Birimian Gld Belt in Senegal. The permits cver an area f 850km 2 with 80km f strike alng the cmbined three cntiguus permits. The permits are lcated within the Kenieba Inlier which is a 50 millin unce gld regin. Bassari s visin is t discver and delineate gld resurces which can be develped int prfitable peratins. Frward Lking Statement This release may include frward-lking statements which are based n assumptins and judgements f management regarding future events and results. Statements regarding Bassari Resurces Limited plans with respect t future explratin and drilling are frward-lking statements. Frward-lking statements are necessarily subject t risks, uncertainties and ther factrs, many f which are utside the cntrl f Bassari Resurces Limited that culd cause actual results t differ materially frm such statements. Bassari Resurces Limited makes n undertaking t subsequently update r revise the frward-lking statements made in this release t reflect events r circumstances after the date f this release. Cmpetent Persns Statement The technical infrmatin in this reprt has been reviewed and apprved by Mr Chris Yung wh is a Member f the Australasian Institute f Mining and Metallurgy and the Australian Institute f Gescientists. Mr Yung has ver 40 years experience in the industry and has mre than 5 years experience which is relevant t the style f mineralisatin being reprted upn t qualify as a Cmpetent Persn as defined in the 2004 editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Yung cnsents t the inclusin in the reprt f the matters based n the infrmatin in the frm and cntext in which it appears. Fr further infrmatin please cntact: Jzsef Patarica Caitlin Harris Managing Directr/CEO Investr Relatins Bassari Resurces Ltd NWR Cmmunicatins Tel: Jzsef@bassari.cm.au Caitlin@nwrcmmunicatins.cm.au 4

5 Appendix A Makabingui Gld Prject Assay Results Hle Number Easting Nrthing Sectin Type Interval (m) Grade (g/t) Au RCS424D L100,100N Frm (m) Assay RC AAS RC AAS RC AAS RC AAS DD AAS DD DD AAS DD DD DD DD RC AAS RC AAS RC AAS RC AAS RC AAS RC AAS RC AAS RC AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS RCS425D L100,200N DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD DD DD AAS DD DD

6 RC AAS RCS426D L100,200N RC AAS RC AAS RC AAS RC AAS RC AAS RC AAS RC AAS RCS430D L100,100N RC AAS DD AAS DD AAS DD AAS DD AAS DD AAS RCS L100,200N RC AAS RC AAS RCS L100,200N RC AAS RC AAS RC AAS RCS439D L100,100N RCS031D L100,000N DD DD DD DD DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS DD AAS RCS170D L99,900N DD AAS DD DD DD AAS DD AAS DD AAS RCS177D L99,900N DD AAS DD DD All s t a 0.2 g/t Au cut ff. Intervals may include up t 2 metres f waste. Dwnhle length, true width nt knwn. AAS Aqua Regia Digest, 50 gram samples.