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Kevin Bullock (center),President and CEO of Volta Resources, along with Athanase Nare (right)
Chief Geologist for Burkina Faso, on a site visit to the Kampti property.
Volta Resources' inaugural year has been both progressive and fruitful. The decision to merge two experienced West African exploration companies Birim Goldfields Inc. and Goldcrest Resources Ltd., culminating on March 31, 2008, has proven to be a successful endeavor. The newly enriched and expanded company has the ability and critical mass to maximize its mandate of becoming the leader in the identification, acquisition and exploration of gold-rich properties in West Africa. Having worked in West Africa for over 15 years, we feel strongly that this region carries great ongoing potential for mineral wealth.
As a result of the merger, Volta Resources already has an enviable portfolio of 20 properties in Ghana and Burkina Faso; both mining-friendly countries that have proven world-class gold deposits. Financially, we have the strength and flexibility to take advantage of consolidation and acquisition opportunities throughout West Africa. We have assembled an exceptional team of dedicated professionals operating in the field as well as a highly experienced and respected management and board of directors who are committed to driving the mandate forward into the coming year.
The second half of 2008 was a very difficult time for worldwide financial markets, to say the least. The economic uncertainty created, that remains with us for the foreseeable future, warrants diligent management of programs and expenditures in order to continue generating positive results while carefully conserving cash through cost-cutting and streamlining measures. Volta currently has sufficient cash to carry out its current planned exploration program beyond 2009; however, management continuously monitors events and will adjust plans as necessary.
Throughout 2008, the Company carried out a great deal of work and drilling on its Gaoua copper gold porphyry project in southern Burkina Faso, successfully resulting in an initial National Instrument 43-101 Inferred Resource for its Dienemera and Gongondy deposits at Gaoua. At a 0.45% copper equivalent cut-off, the Dienemera and Gongondy deposits contain over 724,000,000 lbs of copper and 1,070,000 ounces of gold in 82,600,000 tonnes. The two deposits are still open along strike and at depth and further drilling is planned for 2009.
The exploration work at Gaoua included a detailed 634km² high-resolution helicopter-borne magnetic and radiometric survey which covered most of the Gaoua project area. The area was flown in the second half of 2008, at low altitude, along east-west oriented flight lines spaced 100 metres apart, with regular tie-lines.
The Company subsequently undertook 3D processing of the newly acquired airborne magnetic data with a view to fingerprint known copper-gold porphyry mineralization on the Gaoua project and then optimize the interpretation to define potentially new, yet similar targets. Block models were examined for recognizable patterns related to contacts, structures and intrusive stocks usually associated with porphyry deposits. Upwards of 30 targets have been generated by interpreting regional trends, including the known mineralization at Gongondy, Dienemera, Mont Biri and Bouserra. All have been identified for follow-up geochemical sampling and/or shallow auger drilling where transported cover may have masked the surface expression of the mineralization.
On the Kampti gold project in Burkina Faso, efforts were spent towards developing a model for the mineralized structures, utilizing detailed structural analysis. This model will be tested with reverse circulation ("RC) drilling during 2009.
Moving forward, Volta also plans to carry out RC drilling at the Chert Ridge prospect, on the Cluster license in Ghana, where previous programs have identified significant mineralization down to a 50 metre depth. One deeper hole, hitting the target at 120 metres deep, intersected similar significant mineralization and prompts further investigation.
With its key projects advancing, 2009 should prove to be an exciting year for your Company. The progress made in advancing the projects in both Burkina Faso and Ghana would not be possible without the support of you, the shareholder, and the commitment from the organization's outstanding management team and employees. The board of directors continues to provide valuable guidance as we move forward with the projects and we would like to take this opportunity to extend our thanks to them as well. We look forward to delivering further successful results and updates to you throughout 2009.
Sincerely,
Kevin Bullock
President and CEO |
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