TSX-V: DAU

TSXV: DAU

Market Price: $0.06
| Gold

: XAU/USD

Market Price: $2,330.80

 

Surrey, British Columbia, May 14, 2024 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FSE: QXR2, OTC: DAUGF) is pleased to announce the initiation of the second phase of it 2024 drill program. A total of 3,750 meters of exploration drilling is planned on its SMSZ Project in Mali, West Africa (see Figure 1 for reginal setting).

Company CEO Jared Scharf commented “Desert Gold continues to advance the SMSZ project, both through an ongoing PEA study of the oxide gold resources at 2 deposits and continued exploration, proximal to the oxide gold zones. This second phase program will test for extensions to two resource gold zones, a previously drilled gold occurrence and two high priority Au-in- auger anomaly areas. We strongly believe that this work will result in extensions to the Mogoyafara South zone, additional potential oxide gold resources at Barani East and the discovery of new gold zones at three exploration target areas.”

Technical Details of Phase 2 Drill Program

The company plans to drill test for extensions of the gold mineralization at Mogoyafara South, Barani East and Soa Zones (see Table below). Mineral resources have been estimated at Mogoyafara South and Barani East.

 

Target (see Figure 2 for zone locations)

# of holes

Meters planned

Target Highlights

Mogoyafara South

8

925

Extend known 12.39 million tonnes gold resource containing 412,800 ounces*. Specific targets include:

  • 50 m in from of 1.14 g/t Au /12 m
  • 100 m east of 1.18 g/t Au /46 m and 125 m east of 2.04 g/t Au /41 m
  • 50 m east of 1.62 g/t Au /15 m
  • 125 m east of 0.92 g/t Au/34 m
  • 50 m below 2.92 g/t Au/7 m

Barani East

15

750

Extend oxide gold resources to south

Frikidi

9

450

Test 8,650, 462 and 440 ppb Au-in-auger anomalies (see picture below of gold panned from 8,650 ppb Au site)

Frikidi

Soa area

12

725

Follow-up on 2.04 g/t Au over 30 meres**

Keniegoulou

3

150

Test 1,527 ppb gold-in-auger***, proximal to a km-long tourmaline alteration zone and area of structural rotation

 

Technical Study Update (The “PEA”)

Core sampling is in progress. Samples of ¼ cut core will be sent to SGS in Bamako for gold analysis to determine the limits of the gold zones at Barani East, Gourbassi West and Gourbassi West North. Once the gold zones have been defined, the remaining ¾ cut core will be sent to Maelgwyn South Africa to model the heap leach gold recoveries by zone. This information will form a key part of the ongoing Preliminary Economic Assessment study of the oxide gold resources at Barani East and Gourbassi West.

Barani East and Barani Gap Deposits

Oxide and transition mineral resources at Barani East and Barani Gap comprise measured and indicated mineral resources of 53,700* ozs Au grading 2.09 g/t Au and inferred mineral resources of 40,700* ounces grading 1.33 g/t Au (see Figure 2 for location).

 At Barani East, in 2014, 2-tonne metallurgical sample of oxide mineralization, ground to 80% passing 70 micron grading 2.74 g/t Au, was first subjected to a 21.6% mass pull spiral concentrate and then an intense leach combined with normal leaching of the tails over 24 hours, recovered 78.7% of the gold*.

The Barani East oxide and transition resources lie above the Barani East deposit which contains fresh rock measured and indicated mineral resource totaling 37,500 ounces grading 1.78 g/t Au and an additional inferred mineral resource of 33,700 ozs grading 1.66 g/t Au*.

Bottle roll leach tests of the fresh rock Barani East gold mineralization, ground to 85% passing 75 microns and leaching over 72 hours suggest gold recoveries ranging from 83% to 98.7%*. This data suggest that fresh rock gold mineralization may also be heap leachable.

Gourbassi West Deposit

Oxide and transition mineral resources at Gourbassi West comprises measured and indicated mineral resources of 77,200* ozs Au grading 0.93 g/t Au and inferred mineral resources of 14,600* ounces grading 0.91 g/t Au (see Figure 2 for location).

Three samples of oxide gold mineralization, grading 0.33, 0.67 and 1.05 g/t Au, were ground to 80% passing 100 microns and subject to a 48-hour bottle roll cyanide leach. Gold recoveries of 92.4%, 94.3% and 94.2%, respectively, were attained with most of the gold recovered in 24 hours.

Gourbassi West North Deposit

The 1.6 km long Gourbassi West North Deposit lies 500 metres north of the Gourbassi West Deposit (Figure 2). The upper 25-30 metres of this deposit is oxidized and is expected, as per other oxide gold zones on the property and region, to have gold recoveries in excess of 90%. A mineral resource estimate of this zone will be carried out and, if deemed material, this zone will be considered as potential feed for a heap leach component of the PEA.

Exploration – Core Drilling

Four core holes were completed at the Mogoyafara South and Frikidi Zones. Assays for these holes are pending.

* Desert Gold NI 43-101 compliant mineral resource report filed on March 3, 2022 and available on Sedar+.

** Desert Gold news release March 25, 2019

*** Desert Gold news release October 1, 2019

**** Desert Gold new release February 24, 2020

Figure1

Figure 1 – SMSZ Project Location and Major Deposits in Western Mali and Eastern Senegal (* see deposit resources disclosures at end)

 

Figure2

Figure 2. SMSZ Property scale Summary and Zone location plan

 

This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

On Behalf of The Board

“Jared Scharf”

___________________________

Jared Scharf

President & Director

About Desert Gold Ventures Inc.

Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca

Contact

Jared Scharf, President & CEO

Email:
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Tel. No.: +1 (858) 247-8195

This news release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which Mineral Resource estimates are reflective of actual Mineral Resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States securities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

* Figure 1 disclosure

Figure1disclosure