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| | March 10, 2009
Tinga "B" Prospect - Scout RC Drilling Results
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March 10, 2009 - Volta Resources Inc. ("Volta") (TSX:VTR) announces the results of its recent 10-hole reverse circulation ("RC") scout drilling campaign on the Tinga "B" prospect, within the Tinga license, in northern Ghana where the company has already defined NI43-101 compliant resources at the Far East deposit. These include Indicated Resources of 1,340,000 tonnes at 3.61 g/t gold for 155,000 ounces and Inferred Resources of 717,000 tonnes at 3.33g/t gold for 77,000 ounces (See Birim Technical Report filed on Sedar November 1, 2007).
The results received are from a small drill program comprised of 10 step-out RC scout holes at the "B" Prospect for a total of 775 meters (See Figure 1). The objectives of the scout drill program were to:
- Assess whether previously intersected gold mineralization is associated with a geological contact identified in surface mapping;
- Intercept sulphide-hosted gold zones with metallurgical similarities to the Far East gold deposit located 1.5 kilometers to the south east.
- Test for flat mineralized quartz veins at depth which are currently being exploited on surface by artisanal miners.
- Define the dip direction of previous drill intercepts.
Results show that the mineralization does not have a regular association with the geological contact between granitic and ultramafic lithologies identified in previous mapping. The intersections quoted below are mostly associated with disseminated pyrite mineralization which has some similarities with the setting of the mineralization at the nearby Far East deposit, albeit at a lower grade and narrower widths. This is unlike the coherent wider alteration zone hosting the mineralization at the Far East deposit. Consequently, no follow up drilling is planned at the Tinga "B" Prospect. A number of other targets on Volta's Tinga property, and the adjacent Kuri property, will be assessed and prioritized for future drilling.
TABLE 1
Hole ID |
From (m) |
To (m) |
Grade (Au g/t) |
Summary Intersection |
BTI102 |
66 |
67 |
0.44 |
1m @ 0.44g/t |
BTI103 |
3 |
5 |
1.56 |
2m @ 1.56g/t |
|
12 |
13 |
1.13 |
1m @ 1.13g/t |
|
31 |
33 |
1.49 |
2m @ 1.49g/t |
BTI104 |
66 |
67 |
0.42 |
1m @ 0.42g/t |
BTI106 |
13 |
14 |
0.41 |
1m @ 0.41g/t |
|
17 |
18 |
2.64 |
1m @ 2.64g/t |
|
29 |
30 |
0.49 |
1m @ 0.49g/t |
|
44 |
45 |
1.09 |
1m @ 1.09g/t |
BTI107 |
49 |
51 |
1.88 |
2m @ 1.88g/t |
BTI110 |
58 |
60 |
2.43 |
2m @ 2.43g/t |
|
68 |
69 |
1.61 |
1m @ 1.61g/t |
Table 1 Notes
1. Drilling:
1. All quoted intersections were drilled by reverse circulation.
2. All intercept widths are uncorrected due to the use of reverse circulation.
3. Drilling was conducted towards 310o magnetic at inclinations of -50o.
4. Down hole surveys were restricted to dips and not azimuths due to problematic cameras.
2. Assays:
1. Drill results for tabulated intercepts are for 1m interval riffle split RC samples and are quoted to 2 decimal places.
2. Laboratory sample preparation comprised of drying and jaw crushing of a >2kg RC sample, followed by pulverizing of a riffle-split 2kg sub-sample. Samples were assayed at Transworld Laboratory in Tarkwa, Ghana using 50g Fire Assay with Atomic Absorption Spectrometry (AAS) finish.
3. QA/QC:
1. Internationally recognized standard reference materials, duplicate samples and blank samples were routinely inserted into the sample sequence on a 5% basis.
2. Birim applies rigorous QA/QC procedures to ensure that the quality of the sample results plot within acceptable limits (10%).
3. Certified digital assay data received from the laboratory is imported into an acQuire database and integrated with geological drill data. Validation parameters are established in the database to ensure quality control.
4. Intercepts reported are all greater than 1 gram meter are constrained with a 0.4 g/t lower cut-off grade, no high cut-off grade, and up to a maximum of 4m (consecutive) of internal dilution (<0.1 g/t).
Mr. Craig Pearman, Volta's Exploration Manager, directly oversees Volta's exploration programs in Ghana and has reviewed this press release. Mr. Pearman is registered as a Professional Natural Scientist by the South African Council for Natural Scientific Professions (SACNASP) and is a Qualified Person as defined in National Instrument 43-101 developed by the Canadian Securities Administrators (CSA).
FIGURE 1
Volta is a mineral exploration company 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. The Company currently has $5.0 million in cash and approximately $2.6 million in marketable securities for a total of $7.6 million. There are 53.2 million common shares issued and outstanding.
For further information, please refer to our website www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
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. |
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