Vancouver Encouraging results from the first 14 holes into the Ashanti II gold project has prompted operator PMI Ventures (PMV-V) to plan another bout of drilling over the Ghanaian property.
Advancing early stage projects is nothing new to PMI’s president, Arthur Fisher. Over the past few years, Fisher had been at the helmn of Olympus Pacific (OYM-V), The junior has advanced the Phuoc Son gold project in Vietnam to the mining license stage, from basically a grass roots find. Olympus Pacific is currently completing studies to determine the feasibility of going underground with pilot scale production at Bai Dat and Bai Go zones. Fisher subsequently moved over to PMI, which acquired control of the Ashanti II gold project in Jan.
Covering 400 sq. kms of the Asankrangwa gold belt in southwest Ghana, the project lies between the Ashanti and Sefwi gold belts. The property, which was worked in the past, but on a piecemeal basis by several different companies, hosts both historic and current artisan-mining sites and covers the intersection of major structures.
Over the past couple of years, a private company accumulated property positions and assembled the data from the past exploration programs. PMI inked a deal with this company to acquire an 85% stake by paying $260,000 and issuing 3 million shares over three years.
PMI started drilling in May with the first hole put down in the Fromenda Grid "B" area, where deep plunging quartz reefs grading over 8 grams gold per tonne and bulk mineable material grading 2 grams gold have been identified. The hole returned 30 metres grading 2.63 grams gold. The junior went on to test the zone over a 100-metre strike length with another 9 holes.
Holes 2 and 3 returned 22.7 metres grading 0.89 gram gold and 25.2 metres grading 0.86 gram gold, respectively.
Testing the mineralization cut in a previous hole (9 metres grading 12 grams gold), hole 5 cut 10.7 metres grading 3.8 grams gold, including a higher grade section running 19.5 grams gold over 1.5 metres.
Hole 7 returned 4 metres grading 10.9 grams gold.
The gold occurs in sheared quartz stringers and reefs cutting folded, fractured and altered metamorphosed greywackes and volcanics. The mineralization is lies in a 2-km long gold-in-soil anomaly. The gold is generally coarse, free milling, and based on initial leach tests, easily recovered.
Some 20 km to the southwest, the company also tested for mineralization along strike in the old Kukunapi mine area on the Gemap concession. The first hole cut 6 metres grading 4.67 grams gold. Included in this section was higher-grade portion running 21.59 grams gold over 1 metre. The second hole cut 2.24 grams gold over 6.5 metres.
Moving 55 metres southwest, hole 3 returned 1.54 grams gold over 1.5 metres, while 180 metres east southeast, hole 4 cut 2.91 grams gold over 1.5 metres.
Mineralization is associated with sheared quartz reefs in graphitic phyllites.
Moving 3-km northeast, the company discovered a new target. Dubbed the School zone, grab samples returned up to 10.9 grams gold. A trench has been dug 30 metres along the strike of the mineralization with assay results still pending.
Based on the results, PMI aims to drill 80 reverse circulation (RC) drill holes totaling 6,000 metres starting in Oct.
To fund the program, the junior has tabled two non-brokered private placements. The first comprises up to 4.44 million units priced at $0.45 each. A unit holds one share and half a warrant. A full warrant allows the holder to buy another share for $0.70 over the next two year. The second consists of 1.1 million units priced at $0.52 each. A unit holds one share and half a warrant. Each full warrant is exercisable at $0.70 for the first year and $1 in the second.
PMI has 13.8 million shares outstanding, 23.3 million fully diluted and currently trades at around $0.70.
Be the first to comment on "PMI targets Ghana"