AVION COMPLETES 5,000+ METRE DRILL PROGRAM AT HOUNDE, BURKINA FASO
Avion Gold Corp. has started a diamond drilling program on the Hounde property in Burkina Faso, that Avion has agreed to acquire from Avocet Mining PLC (see Avion news in Stockwatch Jan. 29, 2010).
This very large, 1,670-square-kilometre property, lies within an emerging gold camp and is 60 kilometres southwest of Semafo's Mana mine. The Mana project has mineral reserves and resources totalling 2.35 million ounces Au and inferred resources totalling 910,000 ounces.
Avion has just commenced a minimum 5,000-metre diamond drill program. This program is designed to both better define existing zones and to discover new zones. Approximately 40 per cent of the drill program is scheduled to further test the Vindaloo zone which returned drill intercepts of up to 8.91 grams per tonne Au over 29 metres of core length. All drill holes have intersected gold mineralization to a depth of less than 100 metres along a 675 m strike and the average of 10 intersections at 4.71 g/t Au over 21.0 metres. Mineralization remains open along strike and at depth, with soil sampling suggesting that mineralization extends for at least 700 metres to the southwest.
In the latter part of April and the beginning of May, Avion completed an airborne magnetic and radiometric survey over the 1,670-square-kilometre Hounde property. The airborne magnetic data have indicated numerous structures, some of which, from a preliminary data review, are related to the known mineralized zones. The presence of additional, similar structures, not associated with known gold zones, suggests potential for the discovery of new gold zones. Soil surveys and mapping are being carried out to generate new drill targets.
Fieldwork on the property commenced approximately one month ago. Exploration has focused on the documentation of extensive artisanal works, the collection of over 2,700 soil samples and compilation of available data. This compilation work has led to the recognition of several other gold zones the best of which returned 3.47 g/t Au over 18.0 metres of core length (Kari South zone). This hole ended in mineralization. The area proximal to this hole displays quartz veining, alteration and artisanal pitting along a 1,000 m strike length.
John Begeman, Avion's president and chief executive officer, stated: "The Hounde property zones display an excellent target for resource growth. This recent data confirms our belief that the Hounde property is highly prospective, and I look forward to more results and a resource being quantified by year-end."
Don Dudek, PGeo, senior vice-president exploration of the company, and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
The mining industry in Burkina Faso is growing at a rapid rate due to a combination of a stable elected democratic government, excellent geology and a competitive fiscal regime. Currently six gold mines are in production or development in Burkina Faso (Essakane -- Iamgold Corporation, Mana -- Semafo, Inata -- Avocet Mining PLC, Youga -- Etruscan Resources Inc., Taparko -- High River Gold Mines Ltd., Kalsaka -- Cluff Gold PLC). In 2011, it is expected that Burkina Faso will become the fourth largest gold-producing country in Africa. The country has legislated low taxes, with an income tax rate of 20 per cent and a corporate profits tax of 20 per cent for mining companies. There is a three-year tax holiday during construction that includes relief from VAT and custom duties during construction and reduced customs duties of 7.5 per cent during mining operations. The government is entitled to a 10-per-cent free carried interest and a reasonable 3-per-cent royalty on gold production.
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