Twitter Facebook LinkedIn YouTube

Desert Gold starts exploration program at its SMSZ Project, West Mali including 20,000 Meters of Drilling with Contingency for additional 20,000 Meters

Video Platform Video Management Video Solutions Video Player

The Senegal Mali Shear Zone project is one of the company’s 2 gold exploration permits in Western Mali, the other being the Djimbala property.

Additional Information:

Company: Desert Gold Ventures
Website: http://www.desertgold.ca
Stock Symbol: TSXV: DAU
Date Published: Dec 3, 2020
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

Desert Gold Ventures has commenced the company's largest exploration program to date at its flagship Senegal Mali Shear Zone project in Western Mali.

The SMSZ project is one of the company’s 2 gold exploration permits in Western Mali, the other being the Djimbala property.

Mali is Africa’s fourth largest gold producing country, having reported approximately 2.28 million ounces of production for 2019.

The 410 square kilometer SMSZ Project is both named after and overlies a 38 kilometer section of the Senegal Mali Shear Zone.

The SMSZ is related to 5 large mines located both to the north and south, along strike, including B2 Gold's Fekola Mine, Barrick's Gounkoto and Loulo Mines and Allied Gold's Sadiola and Yatela Mines.

To the company's knowledge, the SMSZ Project is the largest, contiguous, non-producer land package over this highly prospective structural feature.

Field work recommenced on December 2, 2020, with a goal to discover and develop one or more stand-alone deposits.

Exploration will include drilling to advance known gold zones and soil, auger and IP surveys to identify new targets, with real-time follow-up of new drill results and testing of newly developed targets.

The company is fully funded for 20,000 meters of drilling to begin in early January with a contingency for an additional 20,000 meters to follow-up on initial drill success.

A summary of the planned program is shown here.

Jared Scharf, President and CEO commented, "I'm very pleased to begin this work season fully funded with a highly experienced operating team on the ground. The SMSZ project is one of the largest gold exploration projects in West Africa and is ideally situated along the prolific Senegal Mali Shear Zone. This project will be our main focus this year as it hosts a myriad of highly prospective, advanced and early-stage targets in the right regional setting. Looking forward into 2021, we expect consistent news flow throughout the year as results are published while we continue developing new and existing targets."

The company has two other projects in Africa, its Anumso project in Ghana's Ashanti Belt and its Rutare gold project in central Rwanda.

The company is well funded, having raised approximately $6.8 million from the sale of 24.4 million units, priced at $0.28 per unit.

The shares are trading at $0.145.

For more information, please refer to today’s news release and visit the company’s website at www.desertgold.ca, or contact Jared Scharf, President, at 858-247-8195, or email info@desertgold.ca.

I’m Ashton Addison for Investmentpitch Media