Buffalo to spend $11.4-million on Mt. Kare this year
2007-03-13 09:42 MT - News Release
Mr. Damien Reynolds reports
BUFFALO GOLD CORP. EXPLORATION UPDATE
In addition to acquiring new projects, Buffalo Gold Ltd. will continue its exploration activities at the Mt. Kare and Australian properties. Highlights for exploration activities from 2006 and plans for 2007 include:
* new targets defined near the Mt. Kare deposit from recent detailed aeromagnetic survey;
* a planned $11.4-million exploration program at Mt. Kare for 2007;
* two new strong surface gold anomalies identified at Corridors gold project; and
* strong conductive and radiometric responses from airborne electromagnetic at the Murphy Ridge uranium project.
Mt. Kare gold project, Papua New Guinea
In 2006, Buffalo completed an infill drilling program including 64 diamond drill holes for a total of approximately 9,000 metres. The resulting data have been used to update the geological model and resource estimate, as part of the type 2 economic prefeasibility study required for Buffalo's earn-in to a 49-per-cent interest of the Mt. Kare property. The modelling and estimate were completed by Longview Technical and are being validated by Snowden Mining Consultants as the qualified person and author of the previous National Instrument 43-101 report released in March, 2006.
Buffalo Gold has initiated its 2007 exploration program estimated at $11.4-million. This will include up to 12,000 metres of drilling in 60 holes, detailed geophysics, surface sampling and an assortment of other studies.
A detailed aeromagnetic survey has been completed over the Mt. Kare property and the contiguous 100-per-cent-owned property. The initial survey interpretations are very encouraging, identifying prominent structures, alteration and possible clusters of intrusions (which are the drivers of mineralization at the Mt. Kare and Porgera deposits) on both properties.
Several new drill targets have been identified by combining the aeromagnetic data with detailed geology and structural interpretations provided by Stuart Munroe of SRK Consulting. These targets include an interpreted blind extension of the Western Roscoelite zone to the north of recent drilling and potential downplunge continuation of the Black zone toward the C9 zone. In addition, while drilling to date at the Western Roscoelite zone has been limited to depths of approximately 200 metres, geological interpretations indicate the possibility of a separate, high-grade phase of quartz roscoelite mineralization at depth.
There are currently three drill rigs operating on site, with a fourth standing by to be used as required once additional drill sites have been constructed. Due to backlog and an extended Christmas break at the analytical facilities, very few drill results have been returned to date this year. Results from the first two drill holes at Red Hill have been received, but drilling did not intersect any significant mineralization. Due to the large size of the target at Red Hill, Buffalo plans to review the area in more detail using the new geophysical data prior to continuing to drill the target.
Australian exploration projects
Corridors gold project, Queensland
Situated in the Drummond basin that hosts multiple gold deposits and operating mines, the Corridors gold project has been the subject of a detailed surface sampling program. The program has identified two strong gold anomalies that will be followed up by a shallow drill program to be conducted over the next couple of months, pending availability of a drill rig.
Hannah project, Western Australia
Buffalo completed a single, deep diamond drill hole at the Hanna base metal prospect. The hole intersected disseminated sulphides at the target depth of 425 metres, with the zone continuing for more than 200 metres. Assay results from the core were not anomalous even with the presence of pyrite. Petrographic work on the samples is now being conducted to determine whether the environment could also host nickel, platinum group metals or other base metals of economic interests. Once this is complete, a decision to drill another hole will be made.
Murphy Ridge uranium project, Northern Territory
Buffalo has completed an airborne electromagnetic (EM) survey over the Murphy Ridge uranium property. The survey results identify numerous strong conductive and radiometric signatures. Buffalo plans to follow up these results with a detailed surface sampling program.
Brian McEwen, PGeol, president and chief operating officer, Buffalo Gold, is the qualified person for Buffalo projects and has approved the contents of this news release.
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