Vancouver, BC, January 9, 2017 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) is pleased to announce that the mining licenses on the Garsay Gold Project in Burkina Faso have been renewed, and are now valid through August 13, 2019. The Company has entered into an agreement to acquire 0909189 B.C. Ltd. (“0909189”), a company that holds the right to acquire a 100% interest in the Garsay Gold Project (see news releases dated April 28, 2015 and updated on April 29, 2016).
The Garsay Gold Project covers an area of 165.74 square kilometers located in a highly prospective greenstone gold belt located in northwest Burkina Faso, 60 kilometers southeast of Avocet Mining’s producing Inata Gold Mine and Souma deposit.
Over USD $2.5 million in exploration expenditures has been spent to date on the Garsay Gold Project by 0909189 and the previous operator, a division of Newmont Mining, over the past 5 years including 15,516 meters of drilling. Exploration work to date has identified several high-grade targets along a 1,500 metre strike length in a NNE-SSW direction located on or near the mafic volcanic units/granite-granodiorite contacts in multiple, sub-vertical veins.
Significant intersections from highlighted zones drilled between 2012 and 2016 are listed below. True widths as estimated by cross sectional analysis in brackets:
|Hole #||Date||Zone||From (m)||To (m)||Intercept (m) (est true)||Au (g/t)|
|*2015 and 2016 data verified by the QP|
Upon completion of the acquisition of 0909189, the Company plans to aggressively explore the Garsay Gold Project with follow up drilling to further delineate known zones as well as drill test new targets from soil and rock sampling anomalies.
John Anderson, President and CEO, comments: “The current exploration team working on the Garsay Gold Project were responsible for the high grade gold discovery of what has now become the Yaramoko Gold Mine, owned and operated by Roxgold Inc. Due to depressed market conditions for gold exploration projects since that discovery, we believe that this model of deposit has been largely ignored and opportunities to make similar discoveries are present in Burkina Faso. This is what we hope to prove with Garsay and it is Parallel’s intention to use the model created at Yaramoko to source, explore, and develop high grade gold occurrences in the country.”
All drilling conducted by 0909189 was carried out by Falcon Drilling and PPI Mining Services, and assaying was performed by Actlabs, an internationally accredited lab.
Qualified Assurance/Quality Control
Samples obtained during core drilling were transported directly to Actlabs in Ouagadougou, Burkina Faso by 0909189 personnel for sample preparation. Samples were sorted, dried, crushed and prepared for final chemical analysis using ICP-MS and fire assay methods. Certified reference materials (standards and blanks) were inserted at regular intervals. Field duplicates were inserted in the 2015 drilling program.
Qualified Person: Shastri Ramnath, P. Geo., a Qualified Person under NI 43-101, has reviewed and approved the 2015/2016 technical data as well as the contents of this release.
Technical data prior to 2015 has not been verified by a Qualified Person as defined by NI 43-101, and was prepared by the previous operator prior to either Parallel or 0909189 entering into an agreement to acquire an interest in the property. Although the figures are relevant and generated from sources the Company believes to be reliable, they have not been confirmed by a Qualified Person and, accordingly, should not be relied upon as such.
For further information please contact:
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.