VANCOUVER, BC / ACCESSWIRE / JULY 13, 2021 / KALO GOLD HOLDINGS CORP. (TSX.V: KALO) ("Kalo Gold," or the "Company"), is pleased to announce the results from two additional drill holes which both intersected thick, near surface, gold mineralization at Qiriyaga Hill at Kalo Gold's 100% owned, large 36sqkm, Vatu Aurum gold project in the South Pacific's Ring of Fire, in Fiji. The drill holes are part of the Phase 1 Program, where a total of 4 holes have now been reported of the 8 hole, 1,800m program.
- Drill Hole KGD-04, an in-fill drill hole to the northeast of Qiriyaga Hill, recorded multiple thick, near surface high-grade gold intersections, over an interval of 69m averaging 0.96 g/t Au, starting at 21m, including 4m of 5.11g/t Au.
- Drill Hole KGD-03, a step-out drill hole to the northwest of Qiriyaga Hill, located 40m to the northwest of closest hole (TDD-02), recorded multiple thick intersections, over an interval of 24m averaging 1.01 g/t Au, starting at 21m, including 2m of 6.27g/t Au.
- Results provide further confirmation of the continuity of epithermal-type mineralization, with the deposit open in multiple directions.
Fred Tejada, Kalo Gold Chief Executive Officer, commented: "The results from the first four holes of the Phase 1 Drill Program and property-wide exploration campaign have been highly encouraging. Step-out drilling has continued to intersect wide near-surface gold mineralization in Qiriyaga Hill, and remains open in multiple directions, highlighting the potential for further expansion. While conducting the drilling at Qiriyaga Hill, a large focus has also been on geochemical sampling and geophysical surveys regionally and around Qiriyaga Hill. Initial results have shown significant regional target potential, particularly the Mouta target which reported, 2g/t Au, 645g/t Ag and 3.12% Cu (19.3g/t AuEq) from rock chip outcrop sampling and 3.06g/t Au, 819g/t Ag and 1.63% Cu (16.6g/t AuEq) from a historical stockpile grab sample(1). We look forward to reporting additional survey results focused on the Qiriyaga Zone near-term."
Note (1): See May 26, 2021 Press Release, Kalo Gold Reports High-Grade Gold-Silver-Copper Mineralization at Mouta Prospect, IP Survey Results Expand Qiriyaga Hill Target Size and Exploration Activities Update
The latest drilling results are from two drill holes, KGD-03 and KGD-04, which both intersected thick, near-surface, gold mineralization from the Phase 1 (8 hole, 1,800m) Drill Program at Qiriyaga Hill. KGD-04 intersected 69m (down-hole length) of gold mineralization, averaging 0.96 g/t Au, including multiple intersections of higher grade 4m (34m to 38m) at 5.11g/t Au and 1m at 4.53g/t Au at 83m to 84m. The gold mineralization is characterized by the presence of an alternating sequence of pervasively silica-clay alteration containing hairline-wide quartz veinlets and ±fine pyrite disseminations in the fiamme breccia and mudstone. Gold mineralization occurs in both the oxide and primary zones (base of oxidation at 33.2m down-hole depth) and is open to the northeast. An increase in carbonate alteration (calcite veins), interpreted to be a post-gold mineralization event, accompanies lower gold mineralization in the primary zone, particularly in the hydrothermal breccia. Hole KGD-03 recorded multiple gold intersections, from an overall intersection of 21m to 45m interval (down-hole length), averaging 1.01g/t Au including 2m @ 6.27g/t Au from 37m to 39m.
Results of the first two holes were previously released, and included KGD-01, which recorded multiple thick gold intersections starting at surface, recording an average intersection of 101 m averaging 0.94 g/t Au with several higher-grade intervals, including 16 m at 2.08 g/t Au (refer to news release dated March 29, 2021 -- "Vatu Aurum Gold Project Confirming Multiple Thick, Near-Surface Gold Intersections").
Significant Intervals include:
Grade (g/t) Au
*Insufficient data to determine true width. No cut-off grade or internal dilution was applied in the calculation.
Figure 1. Drill hole location map of Qiriyaga Hill
Figure 2. Section along KGD-01 and KGD-03 showing gold assays and those of adjoining drill holes.
Figure 3. Section along KGD-04 showing gold assays and those of adjoining drill holes.
Sampling, Analysis and QAQC
The Company sends its samples to ALS Minerals laboratory in Brisbane, Australia ("ALS") for sample preparation and analysis. The drill core was sampled at 1m intervals and cut into half with an electric-powered core saw at the at the Company's exploration camp. Gold was analyzed using Au-AA24 method (50g split). Multi-element analysis was also carried out using ME-ICP61m and Hg-MS42 methods. Au-AA24 and ME-ICP61 are also used for rock chips or grab samples. Kalo's Quality Control and Quality Assurance (QAQC) protocol for drill core samples includes: 1) field measurement of half core sample weights,;2) insertion of certified reference materials at 1 in 20 frequency; 3) insertion of Certified Reference Materials (CRM) or blank sample at 1 in 20 frequency; and 3) insertion of duplicate core samples. ALS has internal QAQC protocols that include analysis and results monitoring for certified reference materials, blank samples, and duplicate core samples.
Health & Safety Update
Fiji has been under COVID-19 inter-island travel restrictions since mid-April 2021. Drilling in Qiriyaga Hill and Vuinubu Ridge will resume when restrictions on inter-island travels are lifted to allow the Company's drillers to return to site. Meantime, the Company will continue with the review of surface and core geology and expand soil sampling in Qiriyaga Zone, mapping of Mouta following the completion of soil sampling and visit to the other prospects.
Kalo Gold operates solely on the northern Fijian island of Vanua Levu, where there are currently no confirmed community cases of COVID-19. The Company has implemented additional safety controls to ensure the health and safety of all employees, contractors, and communities. These measures are in line with the Fiji Ministry of Commerce, Trade, Tourism and Transport Protocols for COVID Safe Business Operations. Such measures include employee temperature checks, the implementation of the CareFiji App, ongoing hygiene training, social distancing, and frequent handwashing.
About Kalo Gold
Kalo Gold is a mineral exploration company focused on the Vatu Aurum gold project on Fiji's north island, Vanua Levu. Kalo holds two mineral exploration licenses covering over 36,700 hectares of land and on trend with many of the largest gold deposits in the world in the Southwest Pacific Ring of Fire.
The technical information in this news release was reviewed by Fred Tejada, P.Geo, a director and officer of Kalo Gold, a qualified person as defined by National Instrument 43-101 (NI 43-101).
On behalf of Kalo Gold
Chief Executive Officer and Director
For more information contact, please contact Kevin Ma, President and Director, at [email protected] or +1-604-363-0411.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements Disclaimer
Certain statements in this release are forward-looking statements, which are statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include statements relating to proposed drilling timeline and the proposed expansion of the exploration program. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements, other than statements of historical fact, included in this release, including statements regarding the proposed drilling timeline and the proposed expansion of the exploration program, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to raise the necessary capital to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's filing statement dated February 9, 2021 and latest interim Management Discussion and Analysis filed with certain securities commissions in Canada.
The reader is cautioned that assumptions used in the preparation of any forward-looking statements herein may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
SOURCE: Kalo Gold Holdings Corp.