Golden Saint Rsrcs

Airborne Survey Update

RNS Number : 1125D
Golden Saint Resources Ltd
25 March 2014
 



 

25 March 2014

Golden Saint Resources Ltd

 

("Golden Saint" or the "Company")

 

Airborne Survey Update

 

Further to the announcement dated 6 February 2014, which set out the findings from the initial interpretation of the Company's airborne geophysical interpretation on its three projects (Tongo ("Tongo Project"), Baja ("Baja Project") and Moa ("Moa Project")) in eastern Sierra Leone, Golden Saint Resources Ltd (AIM: GSR), a Sierra Leone focused diamond and gold exploration company, is pleased to provide an update now that the interpretation has been completed.  An update on the state of the first diamond shipment from Sierra Leone is also included for shareholder interest.

 

Highlights                                                                                                              

 

·    Geophysical consultant, Core Geophysics, completes its detailed structural analysis for prioritising diamond and gold targets over the three project areas

 

·    Strong ENE- WSE trending structural trends at Tongo and Baja projects, consistent with the regional structures hosting kimberlite dykes and known diamond resources

 

·    A number of major structures and fine scale fabrics which may control or host gold mineralisation at the Moa Project have been identified.

 

·    In excess of 150 targets generated for investigation, with 38 targets ranked priority 1.

 

Overview

 

As announced on 6 February 2014, Golden Saint commissioned a high resolution airborne magnetic and radiometric AMAG survey over the Company's three exploration licence areas in eastern Sierra Leone, by Canadian geophysical contractors, Geotech Airborne Limited ("Geotech"), to provide focus in both identification and prioritisation of structural gold and kimberlite targets for ongoing and future exploration programs.

 

The 5,405 line kilometer ("km") geophysical survey completed over an area of approximately 340 km² covering the Company's core holdings at Tongo, Moa and Baja, on 100 metre line spacing and at a mean terrain clearance of 100 metres. Final processed data was received at the end of January 2014 and has undergone detailed structural analysis by independent geophysical consultants, Core Geophysics.

 

Interpretation

 

Interpretation by Core Geophysics of the aeromagnetic and radiometric surveys has greatly improved the geology and structural understanding of the projects.

 

Within the Tongo and Baja projects the processed data has identified strong ENE- WSE trending structural trends beneath transported cover, consistent with the regional Tongo Field structures hosting kimberlite dykes and known diamond resources located within neighbouring tenements. At the Moa Project the data has identified a number of major structures and fine scale fabrics which may control or host gold mineralisation.

 

At the Tongo Project a total of 37 potential dyke targets, 14 potential pipe targets and 5 potential alluvial sites have been selected from the processed data of which 12 potential dyke targets, 3 potential pipe targets and 2 potential alluvial targets have been given a high priority rank of 1.

 

At the Baja Project 79 potential dyke targets, 4 potential pipe targets and 5 potential alluvial sites have been selected with 17 potential dyke targets and 2 potential alluvial targets given a high priority rank of 1.

 

At the Moa Project 6 broad target areas for gold mineralisation have been defined of which 2 have been given a high priority along with 3 sites for potential alluvial diamonds selected along the Moa River.

 

Executive Chairman, Cyril D'Silva stated, "We are extremely pleased with the results from the geophysical interpretation of our recent airborne survey. Exploration and follow-up targeting at all of the Golden Saint projects have been greatly enhanced by the acquisition of this geophysical data, allowing us to focus on priority targets and once again highlights the prospectivity of the region and our focus on the Sierra Leone diamond fields.

 

Diamond Shipment update

 

As previously reported on 19 November 2013 and further on 6 February 2014, Golden Saint's first shipment of approximately 400 carats of uncut, gem quality diamonds have been exported from Sierra Leone to Solid Gold Jewellers Pty Ltd ("Solid Gold") in Perth. The uncut diamonds within the shipment varied in size from 1 carat up to 13.9 carats and comprise white diamonds, brown diamonds and yellow diamonds.

 

Solid Gold has now advised that 107 stones have been sent to Hong Kong to GIA for certification, grading and laser inspection and that they are now expected to complete the process by the end of April 2014.

 

In addition, Golden Saint is pleased to announce that it shipped a second batch of rough to Antwerp on 14 February 2014 which is currently being cleaned and having windows put in so the likely outcome, once polished, can be assessed. Total weight of rough sent in the first and second batch was 316 carats and currently the rough (melee) being held in Perth is 83.39 carats.

 

The Company will keep shareholders informed of any material updates which it receives on the assessment of the rough that has been sent to Antwerp.

 

The information in this release that relates to exploration results is based on information compiled by Chief Executive Officer Nick Burn (BSc (Hons)).  Mr Burn is a member of the Australian Institute of Geoscientists, is a competent person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and consents to the inclusion in the report of the matters based on the information and context in which it appears.

 

 

GLOSSARY OF TECHNICAL TERMS

The following glossary of terms applies throughout this announcement, unless the context otherwise requires:

alluvial

detrital material which is transported by a river and deposited at points along the flood plain of a river

AMAG

proprietary name for Geotech airborne system

diamond

a precious stone consisting of a clear and typically colourless crystalline form of pure carbon; the hardest naturally occurring substance

diamond field

a zone of concentration of diamond occurrences

E

East direction

fine scale fabrics

fabric is a general term applied to planar or linear structures within a rock related to the orientation or abundance of components

GIA

Gemological Institute of America Inc

high priority rank of 1

ranking of targets based on their geophysical characteristics and  prospectivity, with 1 being the highest level and considered priority for exploration

kimberlite

a rare, blue-tinged, coarse-grained potassic intrusive igneous rock sometimes containing diamonds

kimberlite pipe/dyke/blowout

a vertical "carrot-shaped" intrusive volcanic structure which hosts kimberlites

magnetics

a geophysical technique used to measure the magnetic susceptibility of rocks

mineralisation

process of formation and concentration of elements and their chemical compounds within a mass or body of rock

N

North direction

prospect

an area of land suitable for mineral exploration

radiometrics

a geophysical technique used to detect and map the presence of naturally occurring radioactive minerals in the soil.

resources

Measured: a mineral resource intersected and tested by drill holes, underground openings or other sampling procedures at locations which are spaced closely enough to confirm continuity and where geoscientific data are reliably known. A measured mineral resource estimate will be based on a substantial amount of reliable data, interpretation and evaluation which allows a clear determination to be made of shapes, sizes, densities and grades   

Indicated: a mineral resource sampled by drill holes, underground openings or other sampling procedures at locations too widely spaced to ensure continuity but close enough to give a reasonable indication of continuity and where geoscientific data are known with a reasonable degree of reliability. An indicated resource will be based on more data, and therefore will be more reliable than an inferred resource estimate                                                               

Inferred: a mineral resource inferred from geoscientific evidence, underground openings or other sampling procedures where the lack of data is such that continuity cannot be predicted with confidence and where geoscientific data may not be known with a reasonable level of reliability

S

South direction

structure

term used to describe the relationship between rock masses, implying structure feature

target

area of the deposit which is the focus of exploration

transported cover

alluvial material or sediments that have been transported to their present location and cover bedrock

W

West direction

 

 

 

 

For further information please contact:

 

Golden Saint Resources Ltd

 

Cyril D'Silva, Executive Chairman

Nick Burn, CEO

+618 64677778

+618 64677778

Beaumont Cornish Limited

 

Roland Cornish / Emily Staples

+44 (0) 20 7628 3396

Optiva Securities

 

Jeremy King

+44 (0)20 3137 1904

Newgate Threadneedle

 

Graham Herring/Robyn McConnachie

+44 (0)20 7653 9850

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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