Toronto, ON -- October 30, 2008 - Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) is pleased to report assay results from nineteen out of thirty-eight diamond drill holes from its 2008 diamond drilling program at its Gaoua copper-gold porphyry project in southern Burkina Faso, West Africa.
In April 2008 an extensive diamond drilling program aimed at extending the mineralization identified in 2007 at the Company's Gongondy and Dienemera copper-gold porphyry prospects commenced (see News Release of May 07, 2008). The diamond drill holes, ranging between 146 and 471m in length for a total of 11,306 metres, were completed at the end of August 2008.
Over 22,500 metres of diamond drilling have now been completed by Volta on the Gaoua project. The results from this phase of drilling, along with previous results, will be incorporated into an initial NI 43-101 resource estimate planned to be completed prior to the end of the first quarter of 2009.
At Gongondy, twenty three holes were completed for a total of 6,545 metres. The results for nineteen of the Gongondy holes have now been received and have passed the Company's strict QA/QC protocols. The latest results confirm that the highly anomalous copper-gold mineralization extends further down-dip to the west. The additional drilling has also highlighted two mineralized centers along strike to the north separated by a post-mineralization intrusive gabbro body.
Significant copper and gold mineralized intersections on the down-dip extensions include: S44GON (129m @ 0.50%Cu and 0.52g/t Au); S49GON (66m @ 0.39% Cu and 0.41g/t Au) and S56GON (55.5m @ 0.79% Cu and 0.56g/t Au). The highly anomalous copper and gold mineralization is hosted by hydrothermally brecciated diorites and andesites.
Highlights of the mineralized drill intersections from this program are listed in the table below.
Table 1 : Main Copper- Gold Intersections
DDH
FROM* (m)
TO* (m)
INTERVAL* (m)
Cu (%)
Au (g/t)
MID* (m)
S40GON
13
40
27
0.42
0.28
6
183
197
14
0.33
0.29
3
332
358
26
0.38
0.43
5
378
391
13
0.31
0.27
2
S41GON
411
420
9
0.31
0.34
1
S42GON
136
156
20
0.36
0.37
3
S44 GON
86
110
24
0.41
0.42
2
152
166
14
0.34
0.36
2
259
388
129
0.50
0.52
11
Incl. 259
300
41
0.43
0.52
5
Incl. 311
388
77
0.60
0.56
4
S46GON
151
168
17
0.30
0.37
4
190
228
38
0.81
0.56
2
S47GON
171
185
14
0.34
0.34
3
237
255
18
0.30
0.26
3
S49GON
260
326
66
0.39
0.41
5
S54GON
128
154
26
0.36
0.33
5
175
190
15
0.54
0.60
3
S56GON
224
243
19
0.27
0.24
4
267
322,5
55,5
0.79
0.56
4
Incl. 284
310
26
1.27
0.84
0
* core length-not true width.
Table Notes:
The Cu-Au intersections above are based on a 0.3% Cu cut-off with no top cut applied.
Internal dilution (less than 0.3 % Cu) has been carried out to a maximum of 5m except for the wider intervals hole S40GON and S44GON,where the maximum internal dilution (MID) is respectively 6 and 11m.
The above assay results were obtained on HQ and some NQ sized core sampled at one metre intervals and cut in half using a diamond saw. One-half of the core was archived at the core storage facility on site while the other half was sent to ALS Chemex Burkina S.A.R.L, Ouagadougou/Burkina Faso for standard preparation (crushing, pulverization, split) and gold fire assay on 50g charge. Copper was assayed by atomic absorption spectrometry at the ALS facilities in Vancouver/Canada.
A number of holes (see table 2) were pre-collared with reverse circulation drilling. Dry 1m-interval samples were then riffle-split to provide 2 kg samples sent to the laboratory for the same processing and assaying as described above for the core samples.
The accuracy of the results was tested through the systematic inclusion of Cu-Au standards (Ore Research and Exploration, Australia - OREAS) and field blanks. Standards were inserted every 15 samples and blanks approximately every 30 samples. The results for the reported holes have passed the Company's QA/QC protocols.
Based on drilling to date, the post-mineralization intrusive gabbro body mentioned above separates the mineralized zone at Gongondy into two distinct blocks. The southern mineralized block has been significantly extended down dip and to the west, as indicated in the aforementioned intersections in holes S44GON, S49GON and S56GON as well as by the mineralized intervals tabled above in holes S40GON (27m @ 0.42% Cu and 0.28g/t Au from 13m and 26m@ 0.38%Cu and 0.43g/t Au from 332m) and S41GON (9m @ 0.31%Cu and 0.34g/t Au). The mineralized breccia clearly dips westward, extending beneath the similarly westward dipping gabbro contact. Copper and gold mineralization has now been defined by diamond drilling over a strike length of over 750m in this southern block (see Figure #1)
The northern block has been extended to the southeast and east by holes S47GON (14m@ 0.34% Cu and 0.34g/t Au and 18m @ 0.3% Cu from 171m and 0.26g/t Au from 237m) and S45GON (3m@ 0.53%Cu and 0.55g/t Au from 82m), before being constrained further southeast by the gabbro. The results of hole S50GON, drilled to extend this block further southward are still pending.
Results for the remaining four holes drilled at Gongondy (S48GON, S50GON, S52GON and S55GON) will be released once they have been received.
Table 2: Drill Hole Locations for Holes Drilled at Gongondy in 2008
HOLE ID
Location*
Azimuth (°)
Dip (°)
Drill Hole Length (m)
RC pre-collar
Remarks
EASTING
NORTHING
S40G
498930
1139250
90
55
400
S41G
499073
1139900
90
55
454
108
S42G
499130
1139450
90
55
306
S43G
499173
1140000
90
55
353.4
S44G
499030
1139350
90
55
402
102
S45G
499170
1140700
90
55
227.5
S46G
499200
1139750
90
55
267
96
S47G
499070
1140600
90
55
261.2
S48G
498763
1140700
90
55
267.3
Assay results pending
S49G
499030
1139450
90
55
384
S50G
498970
1140600
90
55
273
Assay results pending
S51G
499270
1140000
90
55
210
S52G
498930
1139350
90
55
471
Assay results pending
S53G
499230
1139650
90
55
200
85
S54G
499230
1139550
90
55
200.4
60
S55G
498830
1139250
90
55
384
66
Assay results pending
S56G
499070
1139650
90
55
322.5
150
S57G
499130
1139550
90
55
305.6
150
S58G
499070
1140500
90
55
156
S59G
499170
1140500
90
55
201
S60G
499073
1140300
90
55
202.5
S61G
499173
1140300
90
55
146.3
S62G
499320
1140500
90
55
150.9
* Datum WGS84, coordinates as planned, final coordinates to be surveyed and confirmed.
Drilling will resume shortly at Gongondy to complete two holes curtailed by the onset of the rainy season in August. One hole will be drilled in an area covered largely by historical holes, while the second will test the southward extension of the copper and gold mineralization 100 metres south of S40GON.
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President, Exploration for the Company. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming the leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso.
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email:
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email:
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
