Sebe Gold Project Overview
Parallel Mining has an option agreement to acquire a 100% interest in the 100.08-square kilometre Sebe Gold Project (Sebedougou Property) in Burkina Faso. Until recently, the Sebe Permit was not available for mineral exploration. Parallel Mining is the first company to conduct commercial exploration on the this project, and greenfield opportunities in this prolific belt are essentially unheard of and highly sought after.
The 100% interest acquisition of the Sebe Gold Project is being staged with an initial payment of $20,000 USD, a further $50,000 USD twelve months after signing, a further $100,000 USD twenty-four months after signing, and a final payment of $1,000,000 USD thirty-six months after signing. The owner will retain a 2% royalty on commercial mineral production from the property.
The Sebe Project is located between Endeavour Mining’s Houndé Project and Acacia Mining’s South Houndé deposit. The Houndé Belt in southwestern Burkina Faso is considered an emerging and highly prospective region for gold mineralisation. The belt is relatively under-explored using modern exploration techniques and is seen as a highly attractive opportunity. Recent discoveries in this belt including Sarama/Acacia’s South Houndé Project, Roxgold’s Yaramoko mine, Endeavour’s Houndé deposit, and Semafo’s Mana mine confirm the potential of the belt to host multiple types and styles of gold deposits.
Sebe Gold Project Located between Endeavour’s Houndé Project and Acacia’s South Houndé Deposit
Artisanal Mining Active on the Sebe Property
Artisanal mining is active on the property and covers a strike length of over 500 metres. Historical information indicated that samples taken at the bottom of artisanal mine shafts assayed between 3.0 and 6.6 grams per tonne (“gpt”) gold in seven of the nine shafts tested. Eight surface grab samples taken in the vicinity of these shafts assayed between 2.9 and 7.8 gpt gold. The samples were transported directly to Actlabs in Ouagadougou, Burkina Faso, by personnel for sample preparation. Samples were sorted, dried, crushed and prepared for final chemical analysis using the Fire Assay AA method for Au. Field duplicates were used for the grab sampling.
The effectiveness of the follow up RAB drill program was limited by an elevated water table and none of the fourteen holes penetrated to target depth. However, the final RAB hole, SEB-16-RAB-014, assayed 2.2 gpt over 18 metres (between 32 and 50 metres) prior to its abandonment at that depth, approximately 25 metres short of target depth. True width of this intersection cannot be determined from the information available.
Latest Drill Program Results
To follow up on the previous assays, Parallel conducted a drill campaign of approximately 500-700 metres of core drilling on the property. A new zone was discovered that consists 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.
Map of Parallel Mining’s 2017 Sebe Project Drill Program