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July 19, 2024
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Desert Gold Completes Metallurgical and Geotechnical Drill Program in Support of Preliminary Economic Study (“PEA”); Mobilizes Rig to Frikidi


Surrey, British Columbia–(Newsfile Corp. – March 14, 2024) – Desert Gold Ventures Inc.(TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (“Desert Gold” or “the Company”) announces that it has completed its metallurgical and geotechnical drill program. This work was carried out to provide fresh core for metallurgical testing and geotechnical samples that are needed to support the processing and open pit designs for mining of oxide and transition mineral resources.

A total of 12, 50 metre to 160-metre-deep holes totaling 905 metres, were completed over the Barani East (five holes), Gourbassi West (four holes) and Gourbassi West North (3 holes) zones (see Figure 1 for locations). The Barani East and Gourbassi West zones contain, oxide and transition measured and indicated mineral resources of 131,000 ounces* of gold grading 1.41 g/t Au and inferred mineral resources of 55,000 ounces* of gold grading 1.22 g/t Au. A resource estimate will be prepared for the 1.6 km-long Gourbassi West North zone. An image of recent core from the mineralized zone at Gourbassi West North is presented in Image 1. Oxide and transition resources at all three zones will be part of the PEA, which is currently in progress.

With the completion of the PEA portion of the drill program, the drill has now commenced drilling of the first of four exploration holes at the Mogoyafara South and Frikidi Zones.

The Mogoyafara South target contains open pit constrained inferred mineral resources 412,800 ounces* of gold grading 1.05 g/t Au making it the largest known gold deposit on the SMSZ Project to date. This deposit is open along strike and to depth and lies within a 2 km by 3 km area of structural rotation, which is a feature deemed positive for the gold deposition in most structurally-related gold camps.

The Frikidi gold target returned 61 rock samples containing more than 5 g/t Au, five of which returned 100 g/t Au or greater**. Frikidi represents an area of numerous artisanal mine workings within a 5 km by 2.5 km, cross-cutting, magnetic anomaly.

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Image 1. Metallurgical core hole sample is from just below an intercept of 1.10 g/t Au over 37 m at Gourbassi West North. The rock is strongly altered, quartz veined and partially oxidized (transition-type mineralization). The hole ended in altered rock at 50 m depth. Whole core of this zone will be sent to a metallurgical lab to test for gold content and gold recoveries using conventional methods. Desert Gold’s plan is to both estimate the mineral resources for this zone and to determine the amenability of heap leaching of the oxide and transition part of the zone.

To view an enhanced version of this graphic, please visit:
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This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

* Desert Gold news releases January 17, 2022 and March 3, 2022
** Desert Gold news release March 25, 2019

ON BEHALF OF THE BOARD

“Jared Scharf”
___________________________
Jared Scharf
President & CEO

ABOUT DESERT GOLD

Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.sedarplus.ca under the company’s profile. Website: www.desertgold.ca.

CONTACT

Jared Scharf, President & CEO

Email: [email protected]

This news release contains forward-looking statements respecting the Company’s ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company’s business are more fully discussed in the company’s disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States securities act of 1933, as amended, and may not be offered 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 such act.

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Figure 1. Property Compilation Map

To view an enhanced version of this graphic, please visit:
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201677





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