Drilling by St. Jude Resources (SJD-T) has confirmed the presence of gold mineralization at the Goulagou property in Burkina Faso.
The program entailed nine reverse-circulation holes to substantiate results from an old core-hole — 2.53 grams per tonne over 22 metres, 3.33 grams over 34 metres and 6.76 grams over 17 metres. The recent results are similar: from 0.83 to 3.6 grams over 3 to 50 metres.
In the late 1990s, Channel Resources (CHU-T) sunk 311 holes to outline 19.4 million tonnes in two parallel zones grading 1.12 grams. The discovery attracted Placer Dome (PDG-T) to the project in 2000, though the major walked away after just a year of exploration.
Mineralization is mainly associated with quartz veinlets and zones of silicification in steeply, south-dipping graphitic argillites. The host rocks are oxidized down to 100 metres below surface.
St. Jude can earn an 80% interest in the 209-sq.-km property by paying US$300,000 over five years and another 10% by paying US$1 million in one year of pouring the first gold bar. The vendors retain a 5% net profits interest, and the government retains a 10% carried interest.
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