(TheNewswire)
Delta, B C - TheNewswire - May 9, 2023 - Desert Gold Ventures Inc. (the “ Company ”) (TSX.V:DAU ) ( FSE:QXR2 ) ( OTC:DAUGF) is pleased to highlight a recently proposed transaction wherea new management group, comprised of former Yamana Gold Principals,plan to take Allied Gold Corp. Limited, public. Allied Gold’sprincipal asset, the Sadiola Mine Property lies contiguous to thenorthern boundary of Desert Gold’s SMSZ Project (see Figure 1). TheSadiola Mine contains Proven and Probable Mineral Reserves of 7.3million ounces in149.5Mt grading 1.51 g/t Au ( Allied Gold news release – April 27,2023 ). Allied Gold’s valuation is expected tobe discounted to net asset value and is expected to be in the amountof US$1.2 billion and includes, in addition to the Sadiola Mine, theBonikro and Agbaou Mines, a feasibility-level gold project in Ethiopiaand exploration assets in Egypt**.
Desert Gold’s contiguous SMSZ Project containsinitial Measured and Indicated Mineral Resources of 8.47 milliontonnes grading 1.14 g/t gold totaling 310,300 ounces and InferredMineral Resources of 20.7 million tonnes grading 1.16 g/t goldtotaling 769,200 ounces, an additional 21+ gold zones and numerousother high quality exploration targets (see Figure 2). A snapshot ofDesert Gold’s (“DAU”) exploration targets include thefollowing:
-
Follow-up drilling over five golddeposits that are open to expansion
-
1.08 g/t Au over 124 metres atGourbassi West North ( DAU news release – June 2, 2021
-
2.04 g/t Au over 30 metres at Soa( DAU newsrelease – Feb 24, 2020
-
1.80 g/t Au over 17 metres at Kamana( DAU newsrelease – Nov, 2, 2021
-
1.65 g/t Au over 21 metres atManankoto ( DAU news release – Oct. 13, 2021
-
Frikidi area where 92 grab samplesreturned 1 g/t gold with five samples returning 100 g/t gold( DAU newsrelease March 25, 2019)
-
Untested gold-in-auger results to8,650 ppb gold ( DAU news release Oct. 1, 2019
Desert Gold’s adjacent 440km 2 SMSZ Project is both named after and overlies a 43 km section of theprolific Senegal Mali Shear Zone (the “SMSZ”). The SMSZ is relatedto seven gold deposits located both to the north and south, alongstrike of the Company’s SMSZ Project, including B2 Gold’s FekolaMine, Barrick’s Gounkoto and Loulo Mines and Allied Gold’s Sadiolaand Yatela Mines. To the Company’s knowledge, the SMSZ Project isthe largest, contiguous, non-producer land package over this highlyprospective structural feature (see Figure 1).
Jared Scharf, Desert Gold’s President and CEOcomments “We see tremendous value in our regional scale property. Inaddition to our project being in close proximity to world classdeposits located along trend to the north and south, we have numerousopen gold deposits and high-quality targets that absolutely merit moredrill testing and follow up. The Allied Gold transaction should serveas a reminder to investors regarding the incredible potential of thisarea.”
** Mineralization hosted on adjacent and/ornearby properties is not necessarily
representative of mineralization hosted on the Company’s SMSZProperty
Figure 1 – SMSZ Project Locationand Major Deposits in Western Mali and Eastern Senegal (* see depositresources disclosures at end)
Figure 2. SMSZ Property scale Summary and Zone locationplan
This press release contains certain scientific andtechnical information. The Company is solely responsible for thecontents and accuracy of any scientific and technical informationrelated to it. Don Dudek, P.Geo. a director of Desert Gold and aQualified Person under National Instrument 43-101, has reviewed andapproved the scientific and technical information contained in thispress release.
On Behalf of the Board
“Jared Scharf”
___________________________
Jared Scharf
President & Director
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration anddevelopment company which controls the 440 km 2 SMSZ Project inWestern Mali containing Measured and Indicated Mineral Resources of8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 milliontonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.SEDAR.com under thecompany’s profile. Website: www.desertgold.ca
Contact
Jared Scharf, President and CEO
Email: jared.scharf@desertgold.ca
Tel. No.: +1 (858) 247-8195
This news release containsforward-looking statements. These forward-looking statements entailvarious risks and uncertainties that could cause actual results todiffer materially from those reflected in these forward-lookingstatements. Such statements are based on current expectations, aresubject to a number of uncertainties and risks, and actual results maydiffer materially from those contained in such statements. Theseuncertainties and risks include, but are not limited to, the strengthof the capital markets, the price of gold; operational, funding,liquidity risks, the degree to which Mineral Resource estimates arereflective of actual Mineral Resources, the degree to which factorswhich would make a mineral deposit commercially viable, and the risksand hazards associated with mining operations. Risks and uncertaintiesabout the Company's business are more fully discussed in the company'sdisclosure materials filed with the securities regulatory authoritiesin Canada and available at www.sedar.com andreaders are urged to read these materials. The Company assumes noobligation to update any forward-looking statement or to update thereasons why actual results could differ from such statements unlessrequired by law. Neither the TSX Venture Exchange nor its regulationservices provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This newsrelease does not constitute an offer to sell or a solicitation of anoffer to buy the securities described herein in the UnitedStates . The securitiesdescribed herein have not been and will not be registered under theUnited States securities act of 1933, as amended, and may not beoffered or sold in the United States or to the account or benefit of a U.S.person absent an exemption from the registration requirements of suchact.
* Figure 1 disclosure
Copyright (c) 2023 TheNewswire - All rights reserved.