Placer’s drills hit more Samira gold

Assay results from the Samira deposit in Niger continue to impress, with wide intersections exhibiting significant grades.

To date, Placer Dome (PDG-T) has completed 55 diamond drill holes and has provided complete assay results to its partner, Etruscan Enterprises (EET-T), for the first 30 holes.

Etruscan reports the following results: 62.3 metres of 5.97 grams gold per tonne in hole 1; 34 metres of 3.09 grams in hole 2; 42.5 metres of 2.87 grams in hole 3; 32.5 metres of 1.72 grams in hole 4; 33.3 metres of 3.22 grams in hole 5; 50 metres of 1.92 grams in hole 6; 65 metres of 6.17 grams in hole 7; 59 metres of 4.6 grams in hole 10; 57.2 metres of 3.15 grams in holes 12 and 13; 25 metres of 1.37 grams in hole 15; 16.6 metres of 1.94 grams in hole 18; 20 metres of 1.94 grams in hole 24; and 23 metres of 1.68 grams in hole 39.

The above intersections were found between surface and 237 metres down, mostly in the 170-Metre range. Intersections not listed were shorter and weaker.

Drilling continues to focus on the Main zone to follow up on intercepts in holes 2, 7 and 10, and to test recent geophysical interpretations in the West zone.

Placer, which owns 15.3% of Etruscan, can obtain a 51% interest in an 81-sq.-km portion of the 1,240-sq.-km Tiawa concession by funding exploration to the tune of US$50 million.

Etruscan has continued exploration outside the Placer Dome-optioned area of the Tiawa permit to prepare targets for detailed exploration, including diamond drilling. Most of this work, consisting mainly of geophysics, auger drilling and geochemical surveys, complemented by limited trenching and reverse-Circulation drilling, has been concentrated in the Tonde Boubangou area and in the Boulon Djounga West zone.

The Boulon Djounga West zone has been traced to the Burkina Faso border by airborne and ground geophysics. Considering it to have great potential, Etruscan recently acquired a 45% interest in BF GeoMin Mining Development, the holder of the 269-sq.-km Datambi permit that covers the western extension of the zone.

Reconnaissance geochemical surveys indicate geological similarity to the Tiawa permit, which is owned by African Geomin Mining Development, in which Dartmouth, N.S.-based Etruscan has acquired a 100% interest. In addition to the option agreement at Tiawa, Etruscan has given Placer a right of first refusal on the rest of the Tiawa concession and on Etruscan’s other concessions in Niger.