Vancouver, British Columbia, June 15, 2017 – Parallel Mining Corp. (TSX-V: PAL) (the “Company” or “Parallel”) announces that drilling designed to follow up on the recently reported intercept of 10.2 grams per tonne (“gpt”) gold over 4.5 meters (“m”) (see news release dated May 24, 2017) at the optioned Sebe exploration permit has returned an intercept of 20.2 gpt gold over 2.3 m in SEB17DD-007 from 29.5 m to 31.8 m. SEBDD17-008, drilled directly beneath this hole, returned 7.1 gpt gold over 5.6 m from 79.4 m to 85.0 m.
Veining was encountered in all holes drilled, with significant mineralization occurring in the following:
- 2 gpt over 2.3 m in SEB17DD-007
- 8 gpt over 1.4 m in SEB17DD-008, and
- 1 gpt over 5.6 m
- including 15.2 gpt over 1.8 m
- 6 gpt over 2.4 m in SEB17DD-015, and
- 7 gpt over 0.8 m
“We are very encouraged by these significant results. Despite its central location in a well-known gold mining area, Sebe was part of a national park until recently. Aside from our drilling, Sebe has still not received any modern exploration on the majority of the permit, and the area drilled to date is confined to a small fraction of the overall land package” commented Robert Sibthorpe, VP Exploration. “At this time, it appears the mineralization at Sebe is hosted in a number of parallel north-south trending veins. The next program will attempt to extend the high-grade intercepts in the East Zone to depth and along strike.”
Drill Plan map of the work to date at Sebe:
Complete assay results from the most recent drill program are below:
Julia Singh P.Geo, an independent Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release. Samples obtained during core drilling were transported directly to Actlabs in Ouagadougou (a fully accredited laboratory), Burkina Faso by Parallel Mining personnel for sample preparation. Samples were sorted, dried, crushed and prepped for final chemical analysis using ICP-MS and fire assay methods. Standards, blanks and duplicates were inserted regularly into the sample stream.
About the Company:
Parallel holds the right to earn a 100% interest in the 100.08 square kilometre Sebe Property in the Hounde Greenstone Belt. The Sebe Property is located between the producing gold deposits Hounde and South Hounde operated by Endeavour Mining and Acacia Mining respectively.
Parallel also has an option to earn a 100% interest in the 165.7 square kilometre Garsay exploration permit in a highly prospective greenstone gold belt located in northwest Burkina Faso, 60 kilometers southeast of the producing Inata Gold Mine and Souma deposit.
On Behalf of the Board
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.