West Africa Gold (NASDAQ:WAGI)
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West Africa Gold Inc. Plans Exploration for Platinum
Platinum Group Metals Exploration Planned for the Touban Project in Mali
NEW YORK, June 16 /PRNewswire-FirstCall/ -- West Africa Gold Inc. (OTC:WAGI)
(BULLETIN BOARD: WAGI) announced today that it is the Company's intention to
commence a drilling programme at the Touban Project in Mali.
The Company is now proposing to drill below the historic 80 meter level where
drilling was previously terminated. Recently discovered fire assay results
showed very encouraging values of Platinum and Palladium and the Company now
believes that it would be both prudent and logical to follow up on these
exciting results. To this end, the Company is now preparing the budget and
relevant planning to commence this drilling program at Touban.
ABOUT TOUBAN
The Kadiolo-Touban area is in southeastern Mali, bordering the Ivory Coast and
Burkina Faso (former Upper Volta). The regional centre, Kadiolo, is some 300
kilometers due south of the Mali capital Bamako (some 400 kilometers by road)
and some 75 kilometers by road south of Sikasso on the main Bamako -- Burkina
Faso road.
The concession area measures some 104 square kilometers and lies some 3
kilometers from Kadiolo. It includes the village of Touban and the
copper-nickel and platinum anomaly lies on a small hill immediately to the east
and southeast of the village. The principal anomaly is contained on this hill
with elongated north-northwest -- south-southeast axis and measuring some 2000
by 600 metres.
Geology of TOUBAN
The geology of the area has been reported from various sources, following the
geological reports on the geochemical sampling, drilling and analysis
undertaken by the Mali BRGM (Bureau of Geological and Mining Research) under
the Direction National de la Geologie et Mines undertaken from the 1970's. This
followed from an extensive petrographic study of the samples obtained and
detailed Atomic Absorption Spectrophotometry geochemical analysis of prepared
sections from the boreholes and samples.
The Touban hill is an intrusive basic-ultra basic elongated plug-like body that
contains two petrographically distinct facies, an ultra basic peridotitic-type
partly serpentinised facies and a gabbroic facies with little mineral
alteration. The petrographic and geochemistry studies indicate that the Touban
intrusive is differentiated from komatiite magma with similar mineralogy and
geochemical characteristics of other known stratified basic-ultra basic bodies
with massive sulphide mineral association. This factor is significant from the
point of view of the mineral economic potential of the body.
There is a correlation between the disseminated sulphide minerals and both
nickel and platinoid values, indicating a strong magmatic differentiation
within the Touban intrusive. It is concluded that the sulphide association and
the modest nickel-copper and platinoid values obtained are similar to other
intrusive bodies, including the famous Kambalda, Western Australia.
Richard Axtell, the president of West Africa Gold said "We find the Touban
project incredibly interesting and unique to the region, below the 80m drilling
level could prove to be a real Aladdin's cave, we look forward with great
anticipation to unlocking the potential wealth of Touban"
About West Africa Gold Inc.:
West Africa Gold (http://www.westafricagold.com/) is an aggressive gold
exploration company that has acquired certain rights to mine for minerals,
primarily gold, in various regions of the Republic of Mali, which is located in
West Africa. The company also recently announced and executed a 10-for-1
forward stock split to improve trading liquidity and to attract smaller
investors.
West Africa Gold currently has five projects underway. They are Toubikoto
(Gold), Manianguinti (Gold), In Darset (Gold, Base Metals), Anefis (Gold, Base
Metals), and Touban (Nickel, Copper, pge's). The five projects are diversely
located throughout Mali, and aggregately cover an impressive 1000 square
kilometers.
Statements contained in this press release, which are not historical facts, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
largely on the Company's expectations and are subject to a number of risks and
uncertainties beyond the Company's control, including but not limited to
economic, competitive and other factors affecting the Company's operations,
management team effectiveness, expansion strategies, available financing,
market prices and recovery costs, government regulations involving the Company,
facts and events not known at the time of this release, and other factors
discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. The Company undertakes no
obligation to update publicly any forward-looking statements.
This release was issued through Major Newswire (http://www.majornewswire.com/)
DATASOURCE: West Africa Gold Inc.
CONTACT: Casey Hawkins of Equity Alliance International, LLC,
+1-858-459-3552, for West Africa Gold Inc.
Web site: http://www.majornewswire.com/
Web site: http://www.westafricagold.com/