VANCOUVER, BC / ACCESSWIRE / January 12, 2022 / KALO GOLD CORP. (TSXV:KALO) ("Kalo," "Kalo Gold," or the "Company"), is pleased to announce that, this week, it has commenced its Phase 2 drill and surface exploration program at its 100% owned, 36,700 hectare Vatu Aurum Gold Project, in Fiji. The program will be focused on the Qiriyaga Zone, which has delivered promising results from its Phase 1 Program, including:
- KGD 01: 101m @ 0.94g/t gold from 0-101m including 2m @ 6.00g/t gold from 6m-8m; 2m @ 5.36g/t gold from 69m-71m;
- KGD 03: 24m @ 1.01g/t gold from 21m-45m, including 2m @ 6.27g/t gold from 37m-39m; and
- KGD 04: 69m @ 0.96g/t gold from 21m-90m including 2m @ 5.11g/t gold from 34m-38m.
Lengths presented are down-hole length and not true width.
In preparation for the exploration program, Kalo Gold has undertaken road upgrades and camp improvements. The Company-owned drill rig is on site and a second drill rig was recently purchased in anticipation of drilling in the Qiriyaga Zone.
Importantly, the Phase 2 program is leveraging the airborne IP and ground magnetic geophysical survey results, in addition to soil geochemistry, trenching, diamond drilling that have shown that the Qiriyaga Zone has the potential to be a much larger system, representing a potential 3.3 km x 1.7 km potential gold mineralized area. Geophysical results also indicate that past drilling was too shallow and missed an extensive IP geophysical anomaly, which has a coincidental surface expression that includes the Qiriyaga Hill and Vuinubu Ridge deposits. Qiriyaga Hill and Vuinubu Ridge may be the tip of the iceberg for the system and host a combined historical Inferred mineral resource of 158,831 gold ounces (see page 4 of report titled, "Independent NI 43-101 Technical Report on the Vatu Aurum Gold Project", amended September 9, 2021 and filed on SEDAR).
Additionally, the results of the recent magnetic survey indicate a potential copper-gold porphyry system underlying the previously defined, large IP chargeability anomalies which is further supported by petrographic analysis of deeper core samples. For more information on the IP/geophysical survey results, please see the Company's news releases dated July 21, 2021 and October 20, 2021.
As a result of the Phase 1 Program, three high priority targets have been identified for testing, with Phase 2 drilling now underway. The Phase 2 Exploration program plans to focus on the following:
- Drill the high-priority targets identified by IP/geophysical survey, a precursor to more impactful drilling if results are positive;
- Continue to confirm the lateral and vertical mineralization of Qiriyaga Hill and Vuinubu Ridge;
- Continue to expand the footprint of Qiriyaga Zone with additional IP/geophysical survey, soil geochemical sampling and mapping; and
- Advance Mouta, Coqeloa and other selected prospects with IP/geophysical survey, soil geochemistry, mapping and trenching to develop a pipeline of drill-ready exploration targets.
Health & Safety Update
Kalo Gold is pleased to report that the government of Fiji, effective November 11, 2021, relaxed travel restrictions to Fiji and also to the northern island Vanua Levu, where the Vatu Aurum project is located. For more information, please visit https://www.mcttt.gov.fj/home/traveltofiji/international-travel and https://www.health.gov.fj/movement-outer-islands/.
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 Fijian 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 Corp.
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 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 main target of the Vatu Aurum Gold Project is volcanic-hosted epithermal gold mineralization. Historical work includes over 9,000 meters of diamond drilling, 50% was done by Placer Pacific concentrated in the resource area at Qiriyaga Hill. The Vatu Aurum project has multiple gold and copper-gold prospects with favorable geology.
Qiriyaga Zone, where Kalo Gold plans to initially focus its work is a 3.3 km long northeast trending zone. Drilling on Qiriyaga Hill located on the southern end of this zone confirmed the presence of several high-grade zones with selective drill intersections including 8.75 m @ 36.02 g/t Au (61.25 to 80m) and 10 m @ 27.18 g/t Au (76-86 m) including 120 g/t Au between 80-83 m in drill hole KCD-17.
Mineralization in Qiriyaga Zone is considered to be epithermal type as with the rest of the targets in the property. Outside of Qiriyaga Zone there are at least 14 gold targets that have been identified by the previous operator, some exhibiting copper mineralization. These targets, as with Qiriyaga Zone, are located within or around two calderas that are present in the property.
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 Corp.
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 the closing of the Offering, the proposed size of the Offering, the 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 Corp.