RIO NOVO GOLD ANNOUNCES RESULTS FOR FIRST TWO DRILL HOLES AT THE GUARANTA RIDGE TARGET
Rio Novo Gold Inc. has released the results from the first two holes on the Guaranta Ridge target at its 100-per-cent-owned Guaranta gold project, located near the city of Guaranta do Norte, Mato Grosso state, Brazil.
The results of the diamond drill holes FGRD-0002 and FGRD-0003, located in the western end of the Guaranta Ridge target, showed significant values for Au, Ag, Zn and Pb indicating a region of high prospectivity in a mineralized trend of 6.0 kilometres of east-west strike. The area, which was the subject of a detailed geological mapping program in 2010, is underlain by intermediate volcaniclastic rocks with disseminated sulphides, cut by breccias rich in pyrite, galena, sphalerite and chalcopyrite.
The sulphide zones are marked by high chargeability anomalies along the whole trend as observed in the IP-resistivity (pole-dipole array) geophysical program conducted in 2010. The IP geophysical survey covered 3.9 km of the 6.0 km potentially mineralized trend, and the sections obtained show the continuity of chargeability anomalies (see 3-D chargeability cross-section). The assay results from the first two drill holes also highlighted the polymetallic characteristics of this target.
CONTINUOUSLY MINERALIZED INTERVALS ENCOUNTERED
(without the imposition of a gold cut-off grade) From To Interval Au Ag Cu Pb Zn
Drill hole (metres) (metres) (metres) (g/t) (g/t) (%) (%) (%)FGRD-0002 34.00 53.73 19.73 0.75 30 0.10 0.29 1.46
Includes 34.70 36.00 1.30 0.26 39 0.09 0.29 11.74
FGRD-0002 82.00 86.75 4.75 0.41 23 0.07 1.49 1.45
FGRD-0002 83.00 87.75 4.75 0.42 28 0.07 1.46 1.42
FGRD-0003 119.40 143.65 24.25 0.24 14 0.045 0.19 0.45
Includes 123.20 131.80 8.60 0.59 30 0.10 0.49 1.09
FGRD-0003 172.90 206.62 33.72 0.11 12 0.047 0.56 0.93
Includes 186.73 197.62 10.89 0.28 26 0.12 1.55 2.40
Rio Novo is in the process of determining the most appropriate cut-off methodology to be used in reporting results in the future.
The diamond drill holes reported above were drilled in an accessible area near the highway BR 163 from which point the access road to the ridge is being constructed toward the east. The chargeability at the drilled area is relatively weak when compared with other areas along strike to the east which will be tested as the drill program progresses eastward.
Exploration plans 2011
An extensive exploration program for Guaranta Ridge has been planned to be completed in 2011. This includes 10,000 metres of drilling to assess the already identified IP anomalies along the 6.0 km trend, initially using a 200-metre by 50-metre grid. In areas where results warrant infill drilling will be carried out on a 25 m by 25 m grid pattern. Two drilling rigs are now mobilized to site and drilling is continuing toward the zones of stronger chargeability signatures.
An exploration program has also been planned to the Eastern extension of the Guaranta Ridge target, which is an area that extents 14 km eastward with the same type of geological environment as the 6.0 km trend already identified. This area was mapped on a regional scale in 2010 revealing lithologies such as pyrite-rich tuff and breccias. The extension is to be mapped, sampled by trenching and subjected to an IP resistivity survey during 2011.
Sample preparation, analyses and security
The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drilling program. Drilling data are validated and consolidated in a GIS-database managed by the Rio de Janeiro office.
Drill core is split on site with one-half of the core being sent to SGS-Geosol's sample preparation facility in the city of Goiania in Goias. Prepared pulps are analyzed at SGS-Geosol's analytical facilities at Vespasiano near Belo Horizonte, in Minas Gerais state, Brazil. High-grade gold samples are routinely analyzed by metallic screen fire assay and that number is used as the accepted value. SGS-Geosol warrants the "chain of custody" of the samples in accordance with the standards required by Canadian NI 43-101.
Qualified person
Ronald Simpson, PGeo, who is a qualified person as set out in Canadian National Instrument 43-101, has reviewed and verified the technical content of the information contained in this release |
