Sanu Gold Announces New Drilling Results from its Bantabaye Permit

July 10, 2024

Vancouver, B.C., July 10, 2024. Sanu Gold Corporation (CSE: SANU; OTCQB: SNGCF) (“Sanu Gold” or the “Company”) is pleased to announce new drilling results from its Bantabaye project (“Bantabaye” or the “Permit”) in Guinea, West Africa. The Permit, which lies on the western margin of Guinea’s prolific Siguiri Basin, is located approximately 50 km¹ south of the multi-million once Lefa Gold Mine and 80 km north of the multi-million-ounce Bankan Gold Project².

Highlights:

  • Significant Gold intercepts obtained including:
    • 14 m of 1.94 g/t Au including 1m of 29.89 g/t Au in BANT-RC–048
    • 14 m of 1.50 g/t Au in BANT–RC–031
    • 3m of 9.86 g/t Au including 1m of 26.35 g/t Au in BANT–RC–036
    • 12 m of 1.00 g/t Au in BANT–RC–033
    • 11 m of 1.20 g/t Au in BANT–RC–035
  • A total of 6,060m in 47 RC drill holes completed across four targets
  • At Target 2, the felsic rock hosting the gold mineralization has been intercepted over 500 m strike length and to a vertical depth of up to 120m.
  • Target 2 gold mineralization is open both downdip and laterally to the east and west of the drilled area.
  • New high-priority targets are being developed at Daina and Diguifara to be drill tested in H2 of 2024.

Martin Pawlitschek, President and CEO commented: “Drilling at Bantabaye confirmed that the mineralization at Target 2 is consistent along at least 500m of strike, where it remains open laterally and down dip. With the wet season now underway the Company will focus on testing highly prospective new targets at its Daina and Diguifara projects, which are more accessible during this time.  The results and data obtained from the drilling at Bantabaye will be evaluated and interpreted for further follow-up work.”

Program details

Target 2

A total of 3,330m was drilled in 29 RC holes on eight 50m spaced lines at Target 2 (Figures 1 to 3, Table 1), with the objective of testing the downdip and lateral extension of high-grade gold mineralization intercepted in previous drill holes including 15m of 11.4 g/t Au in BANT-RC-002 (See Sanu Gold news release dated May 17, 2023).

Drilling has delineated an east-west trending moderately south dipping gold mineralized structure at Target 2. Highlights from the new drilling results include:

  • BANT-RC-048: 14 m of 1.94 g/t Au from 18 m including 1 m of 29.89 g/t Au from 29 m
  • BANT-RC-031: 14 m of 1.5 g/t Au from 74 m including 1 m of 8.12 g/t Au from 74 m
  • BANT-RC-033: 12 m of 1.00 g/t Au from 20 m
  • BANT-RC-035: 11 m of 1.20 g/t Au from 52 m
  • BANT-RC-036: 3m of 9,86 g/t Au from 105m
  • BANT-RC-037: 9 m of 1.02 g/t Au from 99 m
  • BANT-RC-039: 31 m of 0.61 g/t Au from 82 m
  • BANT-RC-050: 8 m of 1.35 g/t Au from 56 m including 1 m of 9.05 g/t Au from 63 m  
  • BANT-RC-036: 3 m of 9.86 g/t Au from 105 m including 1 m of 26.35 g/t Au from 105 m
  • BANT-RC-034: 2 m of 7.11 g/t Au from 29 m Including 1 m of 13.12 g/t Au from 30 m
  • BANT-RC-052: 1 m of 25.19 g/t Au from 103 m

The gold mineralization at Target 2 is controlled by the east-west striking and moderately south dipping Bantabaye Thrust Fault (Figures 1, and 3) and entirely hosted withing a felsic unit. This fault can be traced over 6 km of strike length. The hanging wall of the fault is occupied by a volcaniclastic sequence and the footwall sedimentary unit. A deformed and altered felsic and mafic unit with a well-developed shear fabric occupy the fault zone between the volcaniclastic sequence and the sedimentary unit.

Interpretation of the geological and structural data, with the gold mineralization intercepted in the RC drilling, suggest that the gold mineralization at Target 2 is associated with the strongly silicified and hydrothermally altered felsic intrusive at the sheared contact with a foliated mafic unit. The altered felsic intrusive is deformed by the Bantabaye Thrust Fault and contains quartz vein stockworks and breccias, along with pervasive disseminated pyrite and arsenopyrite. The felsic intrusive rock is the main host of the gold mineralization (Figures 2 and 3). Key alteration associated with the mineralization consists of silicification and associated pyrite and arsenopyrite. Drilling shows that oxidation extends to a vertical depth of approximately 25m.

Both the felsic intrusive and mafic unit, as well as the higher-grade mineralization below the sheared felsic intrusive contact, have been extensively mined by artisanal workers, with free gold recovered from both oxidized and unoxidized rocks. The IP survey completed prior to drilling traces this structure from Target 1 in the west to Target 2, 3,7 and Target 8 in the east, a distance of over 4km.

The drilling program has traced the gold mineralization at Target 2 for at least 500m (Figures 1 and 2) where previous intercepts included 15m of 11.4 g/t Au in BANT-RC-002 (See Sanu Gold news release dated May 17, 2023). Results demonstrate that the gold mineralization is open to the east and the west and can be traced from the resistivity/ chargeability anomaly for over 1.2 km (Figures 3 and 4). This mineralization is also open downdip.

Figure 1: Bantabaye 2024 Drill collars, 2023 Drill Collars, surface gold anomalies, interpreted structures and artisanal gold workings over IP chargeability map.
Figure 2:  Target 2 drill collars, traces, key intercepts and geology interpreted from drilling and projected to surface.
Figure 3: Bantabaye Target 2 cross section A-A’ showing geological and structural features, RC drill hole traces and gold mineralization.
Figure 4: Bantabaye Target 2 cross section B-B’ showing geological and structural features, RC drill hole traces and gold mineralization.

Target 7

A total of 2530m in sixteen RC holes have been drilled at Target 7. The program tested an 800m strike segment of the Bantabaye Thrust at Targets 3 and 7, as traced by the IP responses and surface geochemistry. Immediately to the north of the structure recent trenching returned results of 80m of 1.46 g/t Au, including 7m of 4.1 g/t Au and 3m of 8.43 g/t Au in Trench BANT-TR05 (see Sanu March 07, 2024 News Release) from a south dipping felsic unit, adjacent to a large artisanal mining area.   

The RC drill holes intercepted the same structure and lithology as the drilling at Target 2, but the mafic unit was absent. The hanging wall is occupied by the volcaniclastic unit that overlies a felsic unit which in turn locally alternates with meter-thick layers of the sedimentary unit. The footwall rock is composed of the sedimentary unit. The felsic intrusive at this location shows weaker deformation and hydrothermal alteration compared to the felsic intrusive that hosts the gold mineralization at Target 2. Pyrite is locally present and arsenopyrite is typically absent. At Target 2 arsenopyrite shows a strong correlation with the gold mineralization.

A review and re-interpretation of the available data and latest drilling is underway by the Company’s geologists to evaluate the next steps at Targets 3 and 7.

Target 1

A total of 100m in one RC hole was drilled at Target 1 to test an east-west trending resistivity/ chargeability anomaly obtained from the IP geophysical survey. This anomaly is interpreted as the western extension of the gold structure intercepted at Target 2. The single hole completed at Target 1 returned no significant values. The felsic intrusive was not intercepted. This target is under review for future follow-up.

Target 8

A total of 100m in one RC hole was drilled at Target 8 to test an east-west trending resistivity/ chargeability anomaly obtained from the IP geophysical survey and large gold anomaly in an auger hole previously drilled by the Company. This anomaly is interpreted as the eastern extension of the gold structure intercepted at Target 7. The single hole completed at Target 8 returned no significant values. The felsic intrusive was not intercepted. This target is under review for future follow-up.

Discussion and Next Steps

Bantabaye – Evaluation of drill results

The 2024 drill program at Bantabaye Target 2 returned encouraging gold grades and widths along the tested strike length and depths. The gold mineralization is hosted within a sheared felsic unit that has been intercepted along a strike of over 500m and is open laterally and downdip. Additional step out drilling is required to fully evaluate the mineralized structure. The Company will interpret and assess the drill results over the wet season to determine a follow up program at Bantabaye for H1 2025 when the site will be easily accessible again for heavy machinery and drill rigs.

Daina and Diguifara – Extension of IP program and Air Core programs planned for H2 2024

The Company is planning additional IP geophysics at untested targets at Daina and Diguifara from late September onwards, when the wet season is coming to an end, prior to potential drill testing.  Focus will be on initial testing at its untested targets on Daina and Diguifara as well as follow up drilling on potential extensions to previously discovered mineralization at Daina.

Table 1: Bantabaye 2024 RC drill hole drill intercepts (Targets 2).

Quality Assurance / Quality Control (“QA/QC”)

Sampling was completed following industry best practices, conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. An appropriate number and type of certified reference materials (standards) and blanks totaling 5% of the total number of samples shipped to the laboratory was inserted approximately every 20th sample to ensure an effective QA/QC program was carried out. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. Samples from Target 2 were analyzed using ‘‘Fire Assay FA450’’ at the Bureau Veritas Mineral Laboratories in Bamako, Mali (“BVML”). BVML is an internationally recognized and commercially certified laboratory and is independent of Sanu Gold. Samples From Targets 3, 4 and 7 were analyzed using Fire Assay FAA505 at the SGS Laboratory in Bamako, Mali (“SGS”). SGS is an internationally recognized and commercially certified laboratory and is independent of Sanu Gold.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Serigne Dieng, Ph.D., M.Sc., a Member (MAIG) of the Australian Institute of Geoscientists (AIG), Exploration Manager of the Company and a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sanu Gold

Located within Guinea’s Siguiri Basin, a world class gold district that is host to several operating mines and major new discoveries, Sanu Gold is exploring three high quality gold exploration permits. The Company is targeting multi-million-ounce gold deposits and has discovered high grade gold mineralization in the inaugural drill programs at both Bantabaye and Daina. Sanu is operated by a highly experienced team, with successful records of discovery, resource development and mine permitting in West Africa.

Martin Pawlitschek
President & CEO, Sanu Gold Corp.

For further information regarding Sanu Gold, please visit the Company’s website at www.sanugoldcorp.com or contact:

Anthony Simone
Simone Capital
416-881-5154
asimone@simonecapital.ca

¹ kilometres (“km”), metres (“m”), reverse circulation (“RC”), grams of gold per tonne (“g/t Au”).
² Reference to nearby properties are for information purposes only and there are no assurances the Company’s properties will achieve similar results.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Sanu Gold believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s plans for exploration on its properties and ability to execute on plans, ability to raise sufficient capital to fund its obligations under its property agreements going forward, ability to maintain its material property agreements, mineral tenures and concessions in good standing, to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of gold and other metals, changes in general economic conditions and local risks in the jurisdiction (Guinea) in which it operates, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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