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10.09.2004 Business & Finance

Good recoveries reported at Asankrangwa Gold Belt

By miningweekly

Canadian mining group PMI Ventures said on Wednesday that it has received final assays from its recently completed drill programme on its' Ashanti II Gold Project located on the Asankrangwa Gold Belt in Ghana, West Africa and reported that gold values were discovered in the new anomalies.

Drilling within the Fromenda Grid "B" target area reportedly totalled 1 444 m in seven widely spaced diamond drillholes.

Approximately 18 km to the southwest of this area, a further two diamond drillholes, totalling 430 m, were completed in the Juabo target area, PMI said.

“The discovery of gold values in the new 3DIP anomalies is considered by management to be a very significant development, especially since they are hosted by major shear structures with spatially large geophysical responses,” PMI said in a statement.

Further drilling to evaluate these two targets and the other eight significant targets outlined by the 3DIP survey is planned for later in the year.

The company said that from the current and previous drill programmes on the Fromenda Grid "B" Main Zone, L17N, School Zone North and East, Juabo targets, and elsewhere throughout the Ashanti II Project area, the drilling of shear zones mappable by geophysical techniques has discovered significant new zones of gold mineralisation.

Based on these results, the company will complete a high resolution DIGHEM EM and high resolution magnetic survey over the entire concession area in order to fully outline the major shear and cross structures.

“Flying is expected to be completed within the next few weeks,” PMI concluded.

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