Concordia Completes Second Phase of Drilling, Continues to Generate Positive Drilling Results at its Kerboule Project, Includ...
16 Juli 2012 - 2:30PM
Marketwired Canada
Concordia Resource Corp. (TSX VENTURE:CCN) ("Concordia" or the "Company") is
pleased to report the completion of the second phase of drilling at its 100%
owned Kerboule Project in northern Burkina Faso. Concordia has now received all
results from Phase 1 drilling on the Kerboule South area, with continued
encouraging results. Diamond and reverse circulation ("RC") drilling continues
to show broad intervals of oxide mineralization, including 89 m of 1.09 g/t gold
("Au") (KBS_DD_004) and 40 m of 1.94 g/t Au (KBS_RC_013). Higher-grade
intersections have been encountered as well, including 5 m of 5.13 g/t Au
(KBS_DD_002).
Additionally, new results received from Kerboule North show potential for
extending known mineralization. Highlights at Kerboule North include 23m @1.4
g/t Au and 18m @ 1.3 g/t Au.
Ed Flood, Concordia CEO, commented, "We continue to see positive results at our
exploration program at Kerboule. The completion of this phase of drilling has
outlined a significant zone of broadly disseminated gold mineralization and is a
step forward in defining a mineral resource estimate for Kerboule South."
Previously, results from the first ten RC holes from Phase 1 drilling were
released on April 11, 2012. Highlights from those holes included 20 m of 2.39
g/t Au (KBS_RC_005) and 29 m of 7.43 g/t Au, including 13 m of 15.62 g/t Au
(KBS_RC_010).
The project area covers 400 km2 of which approximately 80 percent has been
mapped and sampled with numerous additional targets identified for follow-up
work. The Phase 1 program of trenching, RC and core drilling confirm a favorable
north-northeast structural vein control with numerous folds and offsets with
broad zones of oxide mineralization over at least four kilometers, and similar
in style to that found at the Inata Mine (operated successfully by Avocet Mining
plc. (AIM:AVM), and lying approximately 20 km south of Kerboule). Concordia has
100% ownership of the Kerboule project, subject to a 3% NSR, which can be
reduced to 1.5% with the payment of US$1.5 million.
Kerboule South drilling highlights from the new results are displayed in Fig. 1.
Highlights of the latest results from Kerboule South include the following
intersections:
----------------------------------------------------------------------------
Hole Type From (m) To (m) Interval (m) Gold (g/t)
----------------------------------------------------------------------------
KBS_DD_001 DD 2 9 7 1.23
KBS_DD_001 DD 138 144 6 1.64
KBS_DD_001 DD 179 183 4 1.18
KBS_DD_002 DD 121 126 5 5.13
KBS_DD_002 DD 134 139 5 1.43
KBS_DD_003 DD 85 106 21 1.05
KBS_DD_004 DD 81 170 89 1.09
including DD 81 90 9 3.04
including DD 95 101 6 1.45
including DD 114 136 22 1.28
including DD 158 170 12 1.29
KBS_DD_005 DD 84 101 17 1.30
KBS_DD_005 DD 121 125 4 1.93
KBS_DD_005 DD 138 140 2 1.38
KBS_DD_005 DD 185 190 5 1.12
KBS_DD_005 DD 209 213 4 1.36
KBS_DD_005 DD 276 279 3 1.67
KBS_RC_011 RC 107 118 11 1.78
KBS_RC_011 RC 141 146 5 1.43
KBS_RC_012 RC 13 36 23 1.27
KBS_RC_013 RC 35 39 4 2.35
KBS_RC_013 RC 55 95 40 1.94
KBS_RC_017 RC 89 111 22 1.95
KBS_RC_018 RC 41 45 4 1.40
KBS_RC_018 RC 51 59 8 1.13
KBS_RC_018 RC 66 71 5 1.95
KBS_RC_019 RC 91 101 10 1.88
KBS_RC_019 RC 132 137 5 1.31
KBS_RC_020 RC 82 92 10 1.23
KBS_RC_021 RC 37 48 11 1.34
KBS_RC_023 RC 62 76 14 1.16
DD - diamond core hole, RC - Reverse circulation hole.
Note: Intervals do not represent true thickness.
The drilling and trenching from Kerboule Main, Kerboule North, and Kerboule
South has defined gold mineralization up to 4 km along strike within the
Kerboule Project area (Fig. 2). In addition, regional and infill soil sampling
as well as ongoing detailed auger sampling has identified multiple untested
targets throughout the entire license area.
To view Figures 1 and 2 associated with this news release, please click the
following link: http://media3.marketwire.com/docs/CCN_FIGS1-2.pdf.
REDUCTION OF EXPENDITURES
Considering the current market conditions, the focus on Africa and in order to
preserve the long-term growth opportunities, the Company has begun to reduce its
expenditures in Nevada and Argentina. The exploration camp at the Company's
Providencia project has been demobilized and no additional drilling is planned
for this year. The Company's staff in Argentina and Nevada has been reduced.
Concordia currently has approximately $17 million in its treasury and is well
positioned to maintain its projects for long-term growth and to consider new
opportunities.
Concordia would like to acknowledge the departure of Douglas R. Bowden, who has
resigned as Senior Vice President of the Company. Management and board of
Concordia would like to thank Mr. Bowden for his service and the contributions
he has made to the Company and wish him well in the future.
FILING OF UPDATED NI 43-101 TECHNICAL REPORT
At the request of the TSX Venture Exchange, and following the acquisition of
Swala Resources Inc. in January 2012, Concordia has filed on the SEDAR website
(www.sedar.com) an updated NI 43-101 technical report entitled "Independent
Technical Report for the Kerboule Gold Project, Burkina Faso" dated May 30,
2012. Results from the 2012 drilling exploration program were not included in
the report and the Company anticipates filing an updated report in 1Q 2013.
QUALIFIED PERSON
Mr. Barry Bayly is a member of the South African Council for National Scientific
Professionals (SACNSP), South Africa, and is a qualified person in accordance
with National Instrument 43-101 Standards of Disclosure for Mineral Projects
("NI 43-101"). He is responsible for the exploration program on Kerboule. He has
verified the data disclosed in this news release. Drill samples were submitted
to the Bigs Global Laboratory in Ouagadougou, Burkina Faso for preparation and
assaying using the bottle-roll 'leachwell' flame-AAS technique. In order to
ensure the Quality Control of the samples, check and repeat assays were
submitted on a regular basis, 4% of the samples were standards, 3% were blanks
and 3% were duplicates. Mr. Bayly is the chief operating officer of Swala
Resources Inc., a 100%-owned subsidiary of Concordia, and is therefore not
independent within the meaning of NI 43-101.
ABOUT CONCORDIA
Concordia is a well-financed junior exploration company with an emphasis on
developing mineral deposits in Africa and South America. Concordia has an
extensive exploration portfolio in the resource-endowed regions of Burkina Faso,
Gabon, and the Democratic Republic of Congo (the "DRC"), with a land package in
Africa totalling over 12,400 km2. In addition, Concordia has acquired an option
to purchase 100% of the historic La Providencia silver mine located in the Puna
of northwestern Argentina and has also acquired an option to purchase the 14,000
ha Cerro Amarillo-Cajon Grande copper-gold-molybdenum property located in the
Malargue District of Argentina. The Company has an experienced management team
and board of directors with extensive expertise across the globe.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the British Columbia
Securities Act. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule"
and similar words or expressions, identify forward-looking information. The
forward-looking information relate to, among other things, the receipt of
necessary permits to conduct exploration and construction, timing of anticipated
exploration program and results of current exploration program, the number of
the holes and meters to be drilled and future plans of the Company.
Forward-looking information is subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in the
forward-looking information, including, without limitation, risks and
uncertainties relating to risks inherent in mining including environmental
hazards, industrial accidents, unusual or unexpected geological formations,
ground control problems and flooding; risks associated with the estimation of
mineral resources and reserves and the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; the potential for and
effects of labour disputes or other unanticipated difficulties with or shortages
of labour or interruptions in production; actual ore mined varying from
estimates of grade, tonnage, dilution and metallurgical and other
characteristics; the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, commodity price fluctuations;
uncertain political and economic environments; changes in laws or policies,
delays or the inability to obtain necessary governmental permits; and other
risks and uncertainties, including those described in each management discussion
and analysis.
Forward-looking information is in addition based on various assumptions
including, without limitation, the expectations and beliefs of management, the
assumed long term price of metals; appropriate equipment and sufficient labour
and that the political environment where the Company operates will continue to
support the development and operation of mining projects. Should one or more of
these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described in the
forward-looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be anticipated, estimated or
intended. The Company does not intend, and does not assume any obligation, to
update the forward-looking information to reflect changes in assumptions or
changes in circumstances or any other events affecting such information, other
than as required by applicable law. Accordingly, readers are advised not to
place undue reliance on forward-looking information.
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