Vancouver, BC, May 24, 2017 – Parallel Mining Corp. (the “Company”) (TSX‑V: PAL) announces that drilling on its recently optioned Sebe property in Burkina Faso reported an intercept in a new zone of 10.2 grams per tonne (“gpt”) gold over 4.5 meters from 31.5 to 36.0 meters in diamond drill hole SEB-DD-17-04 (including 24.9 gpt over 1.5m from 34.5 to 36.0m). As this is an initial intercept, additional drilling will be required to estimate the true width. The recently completed diamond drill program consisted of 726.0 meters in 5 holes.
The Company plans to return to further investigate this new discovery in late June with additional diamond drilling as part of a larger program including follow up drilling at its optioned Garsay property in northeast Burkina Faso.
The recently completed drilling program at Sebe indicates that the gold-bearing veins being exploited by shallow artisanal mining operations do not persist to depth. However, the drilling has encountered intercepts in two previously undetected structures parallel and adjacent to the active areas. Artisanal workings tend to be located only in areas with surface indications of gold and are often not sited on the stronger, hidden parts of the mineralizing system.
John Anderson, President and CEO, comments “With two targets [SEB-DD-17-04 with 10.2 gpt gold over 4.5 meters and the previously reported RAB hole SEB-16-RAB-014 assaying 2.2 gpt over 18 meters] both open at depth and along strike, follow up work at Sebe is very warranted. We are excited to get back to work in the area.”
Qualified Person: 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, 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. Certified reference materials were inserted regularly into the sample stream. Standards were inserted every 10th sample and blanks were inserted every 30th sample.
About the Company
Parallel holds the right to earn a 100% interest in the 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 kilometer 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.