Cluff Gold, a west Africa-focused gold miner, has confirmed the potential for a large, moderate grade sulphide deposit underlying the previously mined oxide resources at its Yaoure Project in Cote d'Ivoire.
Since January 19th, all of the 53 holes drilled have encountered mineralisation, with the most significant intercepts including 11.47 metres (m) at 2.45g per tonne (g/t) from 135.65m, 7.05m at 3.15 g/t from 106.78m and 10.34m at 5.58 g/t from 542.75m.
Peter Spivey, Chief Executive Officer of Cluff Gold, said: "The expansion of our third phase of drilling at Yaoure is testament to our confidence in the project's potential. We expect the remaining 20 holes to be completed by late October and we are aiming to update our sulphide resources at Yaoure in the fourth quarter of 2012.
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"The location of the project, situated close to existing infrastructure, an abundant water supply and with the opportunity for cheap and reliable hydro-electric power, means that the resource hurdle that the Company has to overcome is much lower. Furthermore, by defining a sizeable resource at Yaoure, Cluff Gold will achieve greater flexibility in its portfolio of assets and will be one step closer to achieving its goal of becoming a mid-tier producer."
The current measured and indicated sulphide resources at Yaoure Central, where the drilling has been focused, totals 292,000 ounces (5.6Mt at 1.6g/t).
The current phase of drilling, covering 16 holes, is expected to be completed in late October.
The share price rose 1.83% to 55.75p by 09:22.
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