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IXI Indigo Explorations Inc

0.03
-0.005 (-14.29%)
26 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Indigo Explorations Inc TSXV:IXI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -14.29% 0.03 0.03 0.04 0.035 0.03 0.035 183,000 20:48:36

Indigo Completes Airborne Geophysics at Kodyel, Loto and Moule

14/03/2011 12:00pm

Marketwired Canada


Indigo Exploration Inc. (TSX VENTURE:IXI) has completed airborne radiometric and
magnetic surveys at its Kodyel, Loto and Moule Permits in Burkina Faso, West
Africa. The objectives of the program were to identify additional potential gold
bearing structures and enhance the geological interpretations of the permits.
Aeroquest expects to complete interpretation of the data and delivery of the
preliminary maps to Indigo within 6 weeks.


Key points are:



--  The radiometrics survey was designed to identify potential gold bearing
    structures through the concentration of potassium in the mica minerals
    associated with the hydrothermal alteration of these structures during
    mineralizing events.
--  The radiometric anomalies will be followed up with ground surveys in
    preparation for drilling in late May.
--  Indigo has secured a 15,000 metre drill contract for May.



The airborne survey covered the entire Kodyel and Loto permits and the
prospective eastern half of the Moule permit at 200 metre flight line spacing.


The 238 sq. km Kodyel permit lies close to the Niger border approximately 300km
east of Ouagadougou. Access is by paved road as far as Fada N'gourma about 200km
east of Ouagadougou and then by gravel roads. The Kodyel permit covers an
extension of the Sirba greenstone belt that hosts the Samira Hill gold mine just
across the border in Niger. Several artisanal workings occur within the permit,
with the most significant being the Kodyel 1, CFA workings and Tangounga. 


The Kodyel 1 and CFA sites were explored by SEMAFO in the mid-1990's. They
drilled over 493 RAB, 26 RC and 12 DD holes into the CFA prospect and outlined a
preliminary resource. The best intersection was Hole 196 with 43m of 4.3 gpt Au.
Highlights of grab samples of quartz from artisanal gold mining sites on
veining, and alteration, within intermediate tuffs and highly altered, sheared
and kaolinized felsic volcanics include 7 gpt Au and 9 gpt Au.


The Tangounga workings were started in about 2004. They consist of a large open
cut approximately 200 metres long by 30 metres wide by 30 metres deep and
several additional smaller pits and trenches along strike, over a distance of
1500 metres. Multiple, massive, quartz veins 1-5m wide have been noted in the
open cut. The Tangounga site is essentially unexplored, though it remains active
with 400 artisanal miners working.


The 249 sq. km Moule permit is located in the Boromo greenstone belt, near the
town of Diebougou, approximately 270km by road from the capitol, Ouagadougou.
Indigo geologists have identified multiple prospective targets for bulk tonnage
gold systems, based on the artisanal workings combined with previous sampling
programs. To date, there has been property-wide mapping and sampling of quartz
veining and quartz float. Efforts have been focused on the 7 kilometre by 6
kilometre Zelingpe area where a soil grid, detailed mapping and local induced
polarization (IP) survey have identified multiple linear targets untested by
drilling. Rock sampling on this grid returned 46 of 480 grab samples with gold
values between 1 g/t Au and 16.5 g/t Au. The December 2010 - January 2011
drilling program tested three of the multiple targets: 




--  Zelingpe 1, a plus 1 kilometre long chargeability anomaly covered by
    laterite capping with associated fringe artisanal workings.
--  Zelingpe 2, a 500 metre wide northwest trending corridor, traceable for
    at least 1.6 kilometres, where multiple shear zones and parallel
    multiple quartz float trends have coincident chargeability, elevated
    gold soil anomalies and local artisanal workings. 
--  Vein 3 has been traced in excess of 1500 metres by widely spaced soil
    geochemical lines. 500 artisanal miners are currently working a 400
    metre long portion of this vein. 



Preliminary drill results for the first 27 of 44 holes were released on March 8,
2011 and included 5 metres of 4.53 gpt Au at Zelingpe 1 and 4.60 gpt Au over 3
metres, 3.57 gpt Au over 3 metres, 2.06 gpt Au over 3 metres and 1.82 gpt Au
over 5 metres at Zelingpe 2. Assays from most of the Zelingpe 2 and all of the
Vein 3 holes are pending.


The Zelingpe grid has several other targets untested by drilling to date. In
addition, other kilometre long quartz trends on the property with elevated gold
values in soils and rocks and local artisanal workings are worthy of future
attention. 


The 93 sq. km Loto exploration permit is contiguous to the Moule permit to the
south and has only seen limited exploration to date. Sampling has located
strongly anomalous (1-2 gpt Au) quartz vein swarms in intermediate to mafic
volcanics. A small soil grid located a strong gold-in-soil anomaly. 


Indigo's President, Tim Henneberry, said: "Upon receipt of the results from the
airborne geophysics survey, we intend to aggressively ground truth the anomalies
to prepare for a 15,000 metre reverse circulation drill program commencing in
May."


Indigo holds the Loto and Kodyel permits outright from the Burkina Faso
government. Indigo is earning a 100% interest, subject to a 1.5% Net Smelter
Return (NSR) royalty in the Moule Gold Permit by making cash payments totalling
US$410,000 over 3 years. Indigo retains the right to purchase the entire 1.5%
NSR for US$1,800,000.


About Burkina Faso

The Kodyel, Loto and Moule properties lie in the West African nation of Burkina
Faso. Much of West Africa is underlain by the Birimian Greenstone Belt, one of
the most prolific gold producing areas in the world. Many of the world's major
gold companies are active in West Africa, several with producing mines,
including: IAMGOLD Corporation, AngloGold Ashanti Limited, Randgold Resources
Limited, Gold Fields Limited and Newmont Mining Corporation. Burkina Faso is
politically and economically stable and relies on farming and mining as it
primary sources of revenue. Burkina Faso saw gold production double from 2008 to
2010 and is currently the 5th largest gold producing country in Africa.


On Behalf of the Board of Directors,

R.Tim Henneberry, P.Geo., President and CEO

Paul Cowley, P.Geo., Director of Indigo Exploration Inc., is the Qualified
Person as defined in National Instrument 43-101, who has reviewed and approved
the technical content of this news release.


Forward-Looking Statements

This press release contains forward-looking statements. All statements, other
than statements of historical fact, constitute "forward-looking statements" and
include any information that addresses activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future
including the Company's strategy, exploration plans or future financial or
operating performance and other statements that express management's
expectations or estimates of future performance.


Forward-looking statements are generally identifiable by the use of the words
"may", "will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these words or other
variations on these words or comparable terminology. All such forward-looking
information and statements are based on certain assumptions and analyses made by
the Company's management in light of their experience and perception of
historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances. These
statements, however, are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from those expressed,
implied by or projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from these
forward-looking statements include but are not limited to: risks related to the
exploration and potential development of the Company's projects, risks related
to international operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project parameters
as plans continue to be refined, future prices of gold, as well as those factors
discussed in the sections relating to risk factors of the Company set out in the
Company's MD&A filed on SEDAR.


There can be no assurance that any forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader should not place any
undue reliance on forward-looking information or statements. Except as required
by law, the Company does not intend to revise or update these forward-looking
statements after the date of this document or to revise them to reflect the
occurrence of future unanticipated events.


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