Canyon Resources (ASX: CAY) has identified three new gold exploration targets within its Pinarello Project in southwest Burkina Faso and is planning to complete an aeromagnetic survey to assist with targeting follow-up drilling.
The company remains fully funded for the next phase of exploration work, with cash at bank of about $2 million at 30 June 2013.
Pinarello covers 1,000 square kilometres and is situated in the Houndé Gold Belt. It is contiguous to the south of Sarama Resources’ (CVE:SWA) Tankoro Permit, which hosts the MM, Phantom and MM East Prospects, and Orbis Gold’s (ASX: OBS) Dynikongolo Permit that hosts the Bantou and Tankoro Prospects.
Soil geochemistry results from these companies exploring along the Tankoro mineralised corridor have demonstrated good continuity, and that the mineralisation at Sarama’s MM prospect is disseminated in feldspar porphyry dykes, which may also continue onto Canyon’s permit.
At Canyon’s new Soukoura prospect, auger geochemistry has successfully extended the Tankoro mineralised corridor 7 kilometres into the Pinarello Project, and the mineralised corridor is still open on Canyon’s permit area.
Meanwhile, soil sampling has confirmed strike extensions from the Gagnhy and Togoba artisanal workings. These indicate the potential for further mineralised zones across the project area and highlight the prospectivity of the Houndé gold belt.
Canyon had recently completed a 5,563 metre auger geochemistry program at the Soukoura prospect in the northern part of Canyon’s Pinarello Project, with holes spaced 50 metres apart on east west lines spaced 400 metres along the Soukoura prospect. These average 4.5 metres in depth.
A total of 1,322 samples were collected from the interface between the transported lateritic overburden and the weathered saprolite.
The company is currently making arrangements to commence a fixed wing magnetic and radiometric survey over the Pinarello, Konkolikan and Tao projects as soon as possible following the wet season.
In addition, after field checking and detailed regolith and geological mapping, Canyon is intending to undertake rotary air blast drilling and extensional geochemistry over the Pinarello Project as part of the 2013/2014 exploration season.
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