Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - Sanu Gold Corporation (CSE: SANU) (OTCQB: SNGCF) ("Sanu Gold" or the "Company") is pleased to announce new drilling results from its Bantabaye project ("Bantabaye" or the "Permit") in Guinea, West Africa. The Permit, which lies on the western margin of Guinea's prolific Siguiri Basin, is located approximately 50 km1 south of the multi-million once Lefa Gold Mine and 80 km north of the multi-million-ounce Bankan Gold Project2.  

Highlights:

  • Significant Gold intercepts obtained including:
    • 14 m of 1.94 g/t Au including 1m of 29.89 g/t Au in BANT-RC--048

    • 14 m of 1.50 g/t Au in BANT--RC--031

    • 3m of 9.86 g/t Au including 1m of 26.35 g/t Au in BANT--RC--036

    • 12 m of 1.00 g/t Au in BANT--RC--033

    • 11 m of 1.20 g/t Au in BANT--RC--035

  • A total of 6,060m in 47 RC drill holes completed across four targets.
  • At Target 2, the felsic rock hosting the gold mineralization has been intercepted over 500 m strike length and to a vertical depth of up to 120m.
  • Target 2 gold mineralization is open both downdip and laterally to the east and west of the drilled area.
  • New high-priority targets are being developed at Daina and Diguifara to be drill tested in H2 of 2024.

Martin Pawlitschek, President and CEO commented: "Drilling at Bantabaye confirmed that the mineralization at Target 2 is consistent along at least 500m of strike, where it remains open laterally and down dip. With the wet season now underway the Company will focus on testing highly prospective new targets at its Daina and Diguifara projects, which are more accessible during this time. The results and data obtained from the drilling at Bantabaye will be evaluated and interpreted for further follow-up work."

Program details

Target 2

A total of 3,330m was drilled in 29 RC holes on eight 50m spaced lines at Target 2 (Figures 1 to 3, Table 1), with the objective of testing the downdip and lateral extension of high-grade gold mineralization intercepted in previous drill holes including 15m of 11.4 g/t Au in BANT-RC-002 (See Sanu Gold news release dated May 17, 2023).

Drilling has delineated an east-west trending moderately south dipping gold mineralized structure at Target 2. Highlights from the new drilling results include:

  • BANT-RC-048: 14 m of 1.94 g/t Au from 18 m including 1 m of 29.89 g/t Au from 29 m
  • BANT-RC-031: 14 m of 1.5 g/t Au from 74 m including 1 m of 8.12 g/t Au from 74 m
  • BANT-RC-033: 12 m of 1.00 g/t Au from 20 m
  • BANT-RC-035: 11 m of 1.20 g/t Au from 52 m
  • BANT-RC-036: 3m of 9,86 g/t Au from 105m
  • BANT-RC-037: 9 m of 1.02 g/t Au from 99 m
  • BANT-RC-039: 31 m of 0.61 g/t Au from 82 m
  • BANT-RC-050: 8 m of 1.35 g/t Au from 56 m including 1 m of 9.05 g/t Au from 63 m
  • BANT-RC-036: 3 m of 9.86 g/t Au from 105 m including 1 m of 26.35 g/t Au from 105 m
  • BANT-RC-034: 2 m of 7.11 g/t Au from 29 m Including 1 m of 13.12 g/t Au from 30 m
  • BANT-RC-052: 1 m of 25.19 g/t Au from 103 m

The gold mineralization at Target 2 is controlled by the east-west striking and moderately south dipping Bantabaye Thrust Fault (Figures 1, and 3) and entirely hosted withing a felsic unit. This fault can be traced over 6 km of strike length. The hanging wall of the fault is occupied by a volcaniclastic sequence and the footwall sedimentary unit. A deformed and altered felsic and mafic unit with a well-developed shear fabric occupy the fault zone between the volcaniclastic sequence and the sedimentary unit.

Interpretation of the geological and structural data, with the gold mineralization intercepted in the RC drilling, suggest that the gold mineralization at Target 2 is associated with the strongly silicified and hydrothermally altered felsic intrusive at the sheared contact with a foliated mafic unit. The altered felsic intrusive is deformed by the Bantabaye Thrust Fault and contains quartz vein stockworks and breccias, along with pervasive disseminated pyrite and arsenopyrite. The felsic intrusive rock is the main host of the gold mineralization (Figures 2 and 3). Key alteration associated with the mineralization consists of silicification and associated pyrite and arsenopyrite. Drilling shows that oxidation extends to a vertical depth of approximately 25m.

Both the felsic intrusive and mafic unit, as well as the higher-grade mineralization below the sheared felsic intrusive contact, have been extensively mined by artisanal workers, with free gold recovered from both oxidized and unoxidized rocks. The IP survey completed prior to drilling traces this structure from Target 1 in the west to Target 2, 3,7 and Target 8 in the east, a distance of over 4km.

The drilling program has traced the gold mineralization at Target 2 for at least 500m (Figures 1 and 2) where previous intercepts included 15m of 11.4 g/t Au in BANT-RC-002 (See Sanu Gold news release dated May 17, 2023). Results demonstrate that the gold mineralization is open to the east and the west and can be traced from the resistivity/ chargeability anomaly for over 1.2 km (Figures 3 and 4). This mineralization is also open downdip.

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Figure 1: Bantabaye 2024 Drill collars, 2023 Drill Collars, surface gold anomalies, interpreted structures and artisanal gold workings over IP chargeability map.

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Figure 2: Target 2 drill collars, traces, key intercepts and geology interpreted from drilling and projected to surface.

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Figure 3: Bantabaye Target 2 cross section A-A' showing geological and structural features, RC drill hole traces and gold mineralization.

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Figure 4: Bantabaye Target 2 cross section B-B' showing geological and structural features, RC drill hole traces and gold mineralization.

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Target 7

A total of 2530m in sixteen RC holes have been drilled at Target 7. The program tested an 800m strike segment of the Bantabaye Thrust at Targets 3 and 7, as traced by the IP responses and surface geochemistry. Immediately to the north of the structure recent trenching returned results of 80m of 1.46 g/t Au, including 7m of 4.1 g/t Au and 3m of 8.43 g/t Au in Trench BANT-TR05 (see Sanu March 07, 2024 News Release) from a south dipping felsic unit, adjacent to a large artisanal mining area.

The RC drill holes intercepted the same structure and lithology as the drilling at Target 2, but the mafic unit was absent. The hanging wall is occupied by the volcaniclastic unit that overlies a felsic unit which in turn locally alternates with meter-thick layers of the sedimentary unit. The footwall rock is composed of the sedimentary unit. The felsic intrusive at this location shows weaker deformation and hydrothermal alteration compared to the felsic intrusive that hosts the gold mineralization at Target 2. Pyrite is locally present and arsenopyrite is typically absent. At Target 2 arsenopyrite shows a strong correlation with the gold mineralization.

A review and re-interpretation of the available data and latest drilling is underway by the Company's geologists to evaluate the next steps at Targets 3 and 7.

Target 1

A total of 100m in one RC hole was drilled at Target 1 to test an east-west trending resistivity/ chargeability anomaly obtained from the IP geophysical survey. This anomaly is interpreted as the western extension of the gold structure intercepted at Target 2. The single hole completed at Target 1 returned no significant values. The felsic intrusive was not intercepted. This target is under review for future follow-up.

Target 8

A total of 100m in one RC hole was drilled at Target 8 to test an east-west trending resistivity/ chargeability anomaly obtained from the IP geophysical survey and large gold anomaly in an auger hole previously drilled by the Company. This anomaly is interpreted as the eastern extension of the gold structure intercepted at Target 7. The single hole completed at Target 8 returned no significant values. The felsic intrusive was not intercepted. This target is under review for future follow-up.

Discussion and Next Steps

Bantabaye - Evaluation of drill results

The 2024 drill program at Bantabaye Target 2 returned encouraging gold grades and widths along the tested strike length and depths. The gold mineralization is hosted within a sheared felsic unit that has been intercepted along a strike of over 500m and is open laterally and downdip. Additional step out drilling is required to fully evaluate the mineralized structure. The Company will interpret and assess the drill results over the wet season to determine a follow up program at Bantabaye for H1 2025 when the site will be easily accessible again for heavy machinery and drill rigs.

Daina and Diguifara - Extension of IP program and Air Core programs planned for H2 2024

The Company is planning additional IP geophysics at untested targets at Daina and Diguifara from late September onwards, when the wet season is coming to an end, prior to potential drill testing. Focus will be on initial testing at its untested targets on Daina and Diguifara as well as follow up drilling on potential extensions to previously discovered mineralization at Daina.

Table 1: Bantabaye 2024 RC drill hole drill intercepts (Targets 2).

RESULTS OF THE 2024 DRILLING PROGRAM AT BANTABAYE

Hole IDX-UTMY-UTMLengthAzimuthDip InterceptIntervalFromArea
(m)(o)(o)(g/t Au)(m)(m)
BANT-RC-029357 9991 253 075100030-600.3524Target 2
0.51439
including1348
BANT-RC-030358 0261 253 062100030-600.38138Target 2
0.332246
BANT-RC-031358 0491 253 041102030-601.56366Target 2
1.51474
including8.12174
and2.5285
BANT-RC-032357 9851 253 11160360-600.3713Target 2
0.95517
including2.86117
BANT-RC-033358 0591 253 10060030-6011220Target 2
including3.98123
0.63538
including1.13238
BANT-RC-034358 1171 253 10970360-600.34240Target 2
including1.2222
7.11229
including13.12130
BANT-RC-035358 1241 253 060108360-600.37132Target 2
0.6338
including1.06138
1.21152
including2.89453
1.22278
BANT-RC-036358 1201 253 010150360-600.44179Target 2
0.23485
0.82398
including1198
9.863105
including26.351105
BANT-RC-037358 0601 252 990150360-601.02999Target 2
including2.891106
0.331114
0.317119
BANT-RC-038358 0101 252 976194030-600.711114Target 2
0.575119
including1.331122
0.361136
0.786119
including2.151122
BANT-RC-039357 9951 253 014150030-600.37672Target 2
0.613182
1.51485
BANT-RC-040357 9881 253 011150360-601.15179Target 2
including1.17495
3.55197
15103
BANT-RC-041357 9661 253 00715030-600.51678Target 2
including1.01178
0.33290
0.92499
including2.321100
0.5410107
including1.151109
BANT-RC-042357 9891 253 066108360-600.57826Target 2
including1.1230
0.82349
including1.18150
0.67457
including1.13157
BANT-RC-043357 9351 253 122060360-600.92110Target 2
BANT-RC-044357 9431 253 069090360-600.69344Target 2
0.67351
BANT-RC-045357 9381 253 022138360-600.33181Target 2
0.57185
0.74189
0.44394
BANT-RC-046357 8951 253 023132360-600.42183Target 2
0.73689
2.63194
BANT-RC-047357 8871 253 076090360-600.75252Target 2
1.12153
BANT-RC-048357 8871 253 126076360-601.941418Target 2
including29.89129
BANT-RC-049357 8401 253 127084360-600.2583Target 2
0.53120
1.1627
BANT-RC-050357 8401 253 074114360-600.48141Target 2
1.35856
including9.05163
BANT-RC-051357 8351 253 021186360-600.41141Target 2
1.14695
including5.2199
BANT-RC-052358 1701 253 018170360-600.41164Target 2
0.33176
25.191103
BANT-RC-053358 1701 253 067114360-600.59124Target 2
0.62359
BANT-RC-054358 1701 253 116070360-600.37120Target 2
BANT-RC-055358 2201 253 077114360-601.52557Target 2
including6.12161
BANT-RC-056358 2201 253 127070360-600.33113Target 2
BANT-RC-057358 2201 253 028170360-60NSTarget 2
BANT-RC-058359 1911 252 745162360-600.8520Target 3-7
0.411108
0.401125
0.321142
BANT-RC-059359 1911 252 795150360-600.53322Target 3-7
0.31155
BANT-RC-060359 1911 252 845105360-60NSTarget 3-7
BANT-RC-061359 2811 252 770200360-606.021195Target 3-7
BANT-RC-062359 2821 252 724209360-60NSTarget 3-7
BANT-RC-063359 3461 252 720240360-600.73246Target 3-7
BANT-RC-064359 3591 252 759195360-60NSTarget 3-7
BANT-RC-065359 3381 252 813126360-60NSTarget 3-7
BANT-RC-066359 0401 252 910108360-60NSTarget 3-7
BANT-RC-067359 0401 252 869140360-60NSTarget 3-7
BANT-RC-068359 4431 252 79996360-60NSTarget 3-7
BANT-RC-069359 4391 252 761140360-60NSTarget 3-7
BANT-RC-070359 4421 252 695246360-60NSTarget 3-7
BANT-RC-071358 8471 253 014125360-60NSTarget 3-7
BANT-RC-072358 8481 252 958200360-60NSTarget 3-7
BANT-RC-073357 3881 252 969100360-60NSTarget 1
BANT-RC-074360 5951 252 351100360-60NSTarget 8
BANT-RC-075359 3191 253 09188180-505.5818Target 3-7

 

RESULTS OF PREVIOUS DRILLING PROGRAM AT BANTABAYE

Target 2
Hole IDX-UTMY-UTMNews Release
LengthAzimuthDip InterceptIntervalFrom
(m)(o)(o)(g/t Au)(m)(m)
BANT-RC-001358,081,253,1185630-600.8412May 17, 2023
including1.4113
&1.3115
BANT-RC-002358,0681,253,0669030-6011.41535May 17, 2023
including41.2436
including114138
&0.51256
including1.6156
BANT-RC-003358,0391,253,01815030-602.01283May 17, 2023
including6.8183
&5.0194
&0.71104
BANT-RC-004358 0391 253 018150030-60NSVJune 5, 2023
BANT-RC-005358 0181 253 099100030-600.7311June 5, 2023
including1.26111
BANT-RC-006357 9881 253 048150030-600.56256June 5, 2023
0.901763
including2.57264
&2.78172
Target 3
BANT-RC-007358 9721 253 256105010-60NSVJune 5, 2023
BANT-RC-008358 9701 253 211106010-60NSVJune 5, 2023
BANT-RC-009358 9701 253 211106010-601.441323June 5, 2023
including5.10128
&4.90132
BANT-RC-010359 0241 253 244106010-60NSVJune 5, 2023
BANT-RC-011359 0151 253 192116010-60NSVJune 5, 2023
BANT-RC-012359 0131 253 141165010-60NSVJune 5, 2023
BANT-RC-028358 9611 253 107120010-55NSVJuly 27, 2023
Target 4
BANT-RC-020359 8741 253 165100300-550.3011June 5, 2023
Target 7
BANT-RC-013359 2701 253 165110300-55NSVJune 5, 2023
BANT-RC-014359 3161 253 132131300-55NSVJune 5, 2023
BANT-RC-015359 1961 253 092105300-550.55132June 5, 2023
including1.2112
BANT-RC-016359 2361 253 067100300-55NSVJune 5, 2023
BANT-RC-017359 2841 253 044101300-550.7341June 5, 2023
1.366
BANT-RC-018359 3001 252 979106300-550.52131June 5, 2023
0.42422
BANT-RC-019359 3481 252 957105300-55NSVJune 5, 2023
BANT-RC-021359 3551 253 093171300-55NSVJune 5, 2023
BANT-RC-022359 3761 252 89971300-550.87131June 5, 2023
including1.6536
3.47156
BANT-RC-023359 1831 252 98690030-550.9193July 27, 2023
including1.5514
2.1127
BANT-RC-024359 2851 252 905125030-55NSVJuly 27, 2023
BANT-RC-025359 3361 252 898125030-550.44915July 27, 2023
BANT-RC-026359 2641 252 968138030-550.63421July 27, 2023
including1.1122
BANT-RC-027359 3301 252 971125030-550.44815July 27, 2023
BANT-RC-028358 961 1 253 107120010-55NSV
BANT-TR-005359 3181 252 95612401001.4680
including4.17March 7, 2024
and8.433

 

Notes: The Company does not have sufficient information to determine the true widths of the drill hole intersections reported in this release. Drillhole intercepts are calculated using a minimum downhole length of ≥1 m, a cut-off grade of 0.3 g/t gold, and may include up to 3 m of internal dilution within the intercept. Only intercepts ≥1 m are reported. Sample intervals are comprised of RC drill chips, which are sampled at regular 1 m intervals. Assays are reported uncut. Grid coordinates are UTM WGS84 Zone 29N. Results for holes BANT-RC-001 to BANT-RC-0028 previously released.

Quality Assurance / Quality Control ("QA/QC")

Sampling was completed following industry best practices, conducted under the supervision of the Company's project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. An appropriate number and type of certified reference materials (standards) and blanks totaling 5% of the total number of samples shipped to the laboratory was inserted approximately every 20th sample to ensure an effective QA/QC program was carried out. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. Samples from Target 2 were analyzed using ''Fire Assay FA450'' at the Bureau Veritas Mineral Laboratories in Bamako, Mali ("BVML"). BVML is an internationally recognized and commercially certified laboratory and is independent of Sanu Gold. Samples From Targets 3, 4 and 7 were analyzed using Fire Assay FAA505 at the SGS Laboratory in Bamako, Mali ("SGS"). SGS is an internationally recognized and commercially certified laboratory and is independent of Sanu Gold.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG), Exploration Manager of the Company and a qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Sanu Gold

Located within Guinea's Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits. The Company is targeting multi-million-ounce gold deposits and has discovered high grade gold mineralization in the inaugural drill programs at both Bantabaye and Daina. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting in West Africa.

Martin Pawlitschek
President & CEO, Sanu Gold Corp.

For further information regarding Sanu Gold, please visit the Company's website at www.sanugoldcorp.com or contact:

Anthony Simone
Simone Capital
416-881-5154
asimone@simonecapital.ca

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sanu Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's plans for exploration on its properties and ability to execute on plans, ability to raise sufficient capital to fund its obligations under its property agreements going forward, ability to maintain its material property agreements, mineral tenures and concessions in good standing, to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of gold and other metals, changes in general economic conditions and local risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.


1kilometres ("km"), metres ("m"), reverse circulation ("RC"), grams of gold per tonne ("g/t Au").
2Reference to nearby properties are for information purposes only and there are no assurances the Company's properties will achieve similar results.

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