(TheNewswire)
Vancouver, BC - TheNewswire – January, 25 2023 - KALO GOLD CORP. (“ Kalo”, “KaloGold ” or the “ Company ”) (TSXV:KALO) is pleased to announce thecommencement of the Phase 3 exploration program at its flagship 100%owned Vatu Aurum Gold Project (the “Project”) located in theRepublic of Fiji. The district-scale Project covers 367 squarekilometers (“km 2 ”) and hosts aminimum of seven volcanic arc related calderas ranging between 1kilometer (“km”) to 10 km in diameter (see Figure 1) in ageological setting analogous to the alkaline related low sulphidationepithermal gold deposits of both the neighbouring Vatukoula Gold Mineand the Lion One Metals’ Tuvatu Gold Deposit.
The Company owns two diamond drill rigs and drill crewshave been mobilized to site. A full maintenance program is beingcompleted on one of the drills which will be used to diamond drilltest targets that have been identified at both Qiriyaga and Mouta.Exploration work will consist of a bulk leach extractable gold(“ BLEG ”) and stream sediment sampling program. The Company hasengaged with a geophysical contactor to complete a controlled-sourceaudio-frequency magnetotellurics (“ CSAMT ”) geophysicalsurvey over the Qiriyaga Prospect, and surrounding area and isplanned to commence after the rainy season, in April 2023.
Terry Tucker, President & CEO of Kalo Gold, stated“We are excited to embark on our 2023 exploration program at VatuAurum, as we anticipate building on the high-grade historical resultsat Qiriyaga and Mouta while uncovering new mineral discoveries on ourland package. This program will represent a significant step forwardfor our company, and we are confident that it will generate excitingresults and aide in our understanding of this alkalinesystem.”
The Qiriyaga Hill Prospect sits on the boundary of theQiriyaga Caldera (see Figure 1) in an analogous geological setting asthe alkaline related, low sulphidation, epithermal Vatukoula GoldDeposit which has produced over 7 million ounces of gold since 1937. Work to date has identified a large argillicalteration zone associated with high grade epithermal goldmineralization yielding historical drill results highlighted by 8.75 maveraging 36.02 g/t Au in hole KCD17 and will be the focus ofcontinued exploration and follow up diamond drilling.
The Mouta Prospect is located on the flank of the MoutaCaldera approximately 9km north of Qiriyaga Hill (see Figure 1). Themineralization at Mouta is characterized by the presence of massiveblack chalcedonic quartz veining with chalcopyrite and disseminatedpyrite on fresh surfaces and with copper oxide minerals on weatheredsections. Select grab samples at Mouta have yielded 9.8 g/t Au, 190g/t Ag and 11.3% Cu and separately 6.2 g/t Au, 645 g/t Ag and 3.12%Cu. Following the completion of the rainy season an old access road toMouta will be refurbished to allow access for the diamond drillrig.
Granting of Deferred Share Units(DSUs)
Pursuant to the Company’s Long Term Incentive Plan,the Company announces it has issued an aggregate of 5,000,000 DeferredShare Units (DSUs) to certain officers, directors, and advisors of theCompany. The DSUs will vest on January 16, 2024. Each DSU representsthe right to receive one common share in the share capital of theCompany.
About Kalo Gold Corp.
Kalo Gold Corp, a gold exploration company, is focusedon exploration for low sulphidation epithermal gold deposits of theVatu Aurum Gold Project on the island of Vanua Levu (North Island) inthe Republic of Fiji. Kalo holds a 100% interest in two SpecialProspecting Licenses, covering 367 km 2 . Historicalexploration work includes 11,423 m of diamond drilling, concentratedon the Qiriyaga Hill and Vuinubu Ridge Gold Deposits and theidentification of over fourteen priority epithermal gold explorationtargets.
Both Viti Levu, (South Island), and Vanua Levu are onthe prolific Pacific “Ring of Fire”, a trend that has producednumerous large deposits, including Porgera, Lihir and Grasberg and onViti Levu, the exceptional Vatukoula Gold Mine. The Vatukoula GoldMine has produced more than 7M ounces of gold since 1937. The islandof Viti Levu also hosts the Tuvatu Project, where Lion One Metals hasidentified an Indicated Resources of 1.00M tonnes at 8.48 g/t Au(274,600 ounces Au) and an Inferred Resource of 1.33M tonnes at 9.0g/t Au (384,000 ounces Au) (reported at a 3.0 g/t Au lower cut-off).
Qualified Person
The technical disclosure in this news release has beenapproved by Terry L. Tucker, P.Geo. a Qualified Person as defined byNational Instrument 43-101 of the Canadian SecuritiesAdministrators.
On behalf of the Board of Directorsof Kalo Gold Corp.
Terry L. Tucker, P.Geo
President and Chief Executive Officer
and
Kevin Ma, CPA, CA
Executive Vice President, Capital Markets andDirector
For more information, please write to info@kalogoldcorp.com .
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the Exchange) accepts responsibility forthe adequacy or accuracy of this press release.
Forward LookingStatements Disclaimer
Certain statements in this releaseare forward-looking statements, which are statements that are notpurely historical, including any statements regarding beliefs, plans,expectations or intentions regarding the future. Forward lookingstatements in this news release include statements relating to theCompany’s proposed drilling timeline and the proposed expansion ofthe exploration program, and the Company’s plans for futureexploration on the Vatu AurumGold Project. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements included in this news release, other thanstatements of historical fact, are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results, and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company’s expectations include qualityand quantity of any mineral deposits that may be located, theCompany’s inability to obtain any necessary permits, consents orauthorizations required for its activities, the Company’s inabilityto raise the necessary capital to be fully able to implement itsbusiness strategies, and other risks and uncertainties disclosed inthe Company’s filing statement dated February 9, 2021 and latestinterim Management Discussion and Analysis filed with certainsecurities commissions in Canada.
The reader is cautioned thatassumptions used in the preparation of any forward-looking statementsherein may prove to be incorrect. Events or circumstances may causeactual results to differ materially from those predicted, as a resultof numerous known and unknown risks, uncertainties, and other factors,many of which are beyond the control of the Company. The reader iscautioned not to place undue reliance on any forward-lookinginformation. Such information, although considered reasonable bymanagement at the time of preparation, may prove to be incorrect, andactual results may differ materially from those anticipated.Forward-looking statements contained in this news release areexpressly qualified by this cautionary statement. The forward-lookingstatements contained in this news release are made as of the date ofthis news release and the Company will update or revise publicly anyof the included forward-looking statements as expressly required byCanadian securities law.
Figure 1 – Vatu Aurum Gold Property – calderafeatures associated with alteration and rock and soil geochemistryresults
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