ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

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 Intersects 28 Metres of 1.12 gpt Au on Zelingpe 1 Target at Moule

29/03/2011 1:00pm

Marketwired Canada


Indigo Exploration Inc. (TSX VENTURE:IXI) has received assay results from a
further six holes of the 44 hole preliminary reverse circulation drilling
program at its Moule Permit, Burkina Faso, West Africa. The latest six holes
focused on the Zelingpe 1 target. Results of the initial 27 holes were
previously reported in a news release dated March 8, 2011. Highlights from the
latest holes in the Zelingpe 1 drill testing include: 1.12 gpt Au over 28
metres, 0.24 gpt Au over 32 metres and 0.24 gpt Au across 30 metres. 


Key points are:



--  Discovery of a new mineralized gold system at Zelingpe 1, traceable for
    500 metres and open in both directions. 
--  Zelingpe 1 drill intercepts include: 1.12 gpt Au over 28 metres; 0.47
    gpt Au over 11 metres; 0.24 gpt Au over 30 metres; 0.24 gpt Au over 32
    metres and 0.20 gpt Au over 35 metres, as well as the previously
    reported 4.53 gpt Au over 5 metres. 
--  The three drill transects that crossed the Zelingpe 1 target are spaced
    200m apart. Zelingpe 1 is a plus 1 kilometre long chargeability anomaly,
    covered by laterite capping with associated fringe artisanal workings. 



Drill plans and hole by hole details can be found on the current exploration
page on the Company's website at www.indigoexploration.com.


Indigo's President, Tim Henneberry, said: "The 28 metre drill intersection of
1.12 gpt Au at Zelingpe 1 is a new gold system discovery. We continue to see
gold mineralization in a large percentage of the drill holes. We eagerly await
the resumption of Moule drilling scheduled for May."


Quality Control and Assurance

All samples were initially analyzed by 50 gram fire assay. The widths and grades
reported are drill intercept widths and may not represent the true width of
mineralization. Samples are reverse circulation cuttings collected using a
cyclone in 1 metre intervals that are riffle split at the drill site. The
primary laboratory is ALS Chemex in Ouagadougou, an ISO 17025 certified
laboratory. Standard, blank and duplicate samples were inserted throughout the
sample sequence as quality control checks. Paul Cowley, P.Geo., director of
Indigo, is the qualified person for the drilling campaign.


Moule Permit

The Moule Gold Permit covers 249 square kilometres of prospective Birimian
greenstone geology. Much of West Africa is underlain by the Birimian Greenstone
Belt, one of the most prolific gold producing areas in the world. 


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. 



The Moule Permit 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. 


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 its
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.


1 Year Indigo Explorations Chart

1 Year Indigo Explorations Chart

1 Month Indigo Explorations Chart

1 Month Indigo Explorations Chart

Your Recent History

Delayed Upgrade Clock