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Resource Company Announces Impressive Intersects In West Africa
By: AllPennyStocks.com News
January 29, 2010
There’s gold the world over. Not to beat on the point, but, companies are finding rich deposits of the shiny, yet still valuable, metal all the time – all the better tidings for small mining companies all over North America as gold prices reach record highs with each passing day.
A company based on Toronto’s Yonge Street – the longest street in the world – reported promising results from half a world away, when Volta Resources Inc. (TSX:VTR) announced near the end of January the latest from its four-hole scout drilling program, just wrapped up at its Nassara property in Burkina Faso, West Africa. Highlights include intersections of 15 metres at 4.45 grams per ton (g/t) gold, as well as 5 metres 3.96g/t gold, and seven metres at 1.53g/t gold.
The four holes, comprising 408 meters of drilling, were drilled to depths of up to 120 meters. In all, 408 samples were collected and, along with 64 control samples, were submitted to laboratories in Burkina Faso for assaying. The holes targeted the portion of the Nassara geochemical anomaly which successfully identified mineralization intercepted in one trench of 16 metres at 0.58g/t gold, and 44 metres at 1.82g/t gold. Another trench was of 12 metres, producing mineralization of 1.31g/t gold, still another was four metres long, mineralized at 0.59g/t gold.
VTR came about as the result of a merger of two experienced West African explorers, Birim Goldfields Inc. and Goldcrest Resources Ltd. Volta Resources already has an enviable portfolio of 20 properties in Ghana and Burkina Faso, both mining-friendly countries with proven world-class gold deposits.
Nor was the latest finding a fluke. The week before the news from Nassara, VTR announced drill results from its Kiaka Gold Project, elsewhere in Burkina Faso. This drilling program comprised more than 150 holes for more than 22,000 metres, and got going in late November of last year, with an eye to completion by the end of April. To date, 17 holes have been completed, with results already received for the first five holes.
And the results are nothing to dismiss lightly. One drill hole featured mineralization up to 1.71 g/t gold, enough for such a reputable outfit as the International Finance Corporation, a member of the World Bank Group, to sit up and take notice. The IFC signed a letter of intent with VTR to invest $4 million in the latter’s efforts to mine these rich fields. The IFC also announced in mid-January that it would have the right to make further equity investments of up to $4 million.
The news of the latest find in West Africa caused a 10% surge in the price of the company’s stock, which had seen a gully of 11 cents last February, before cresting at $1.03 the week before Christmas. As more investors come on board – big and small – so the fortunes of this aggressive Toronto-based company look to be mounting a slow, inexorable charge upwards. The company was listed just under the 80-cent mark as January came to an end.
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