Cassidy Gold Corp.: Latest Drilling Results at Kouroussa
KAMLOOPS, BRITISH COLUMBIA--(CCNMatthews - Mar 23, 2004) - Cassidy Gold Corp. (CDY-TSX-V) is pleased to announce high-grade gold intercepts from ongoing diamond drilling on its Kouroussa Property in Guinea, West Africa, including six additional drill holes through the Sanu Filanan Vein structure. A total of 3741 metres in 26 diamond drillholes, KD-28 to KD-54, tested several areas of artisanal working in the Koe Koe Area. Two holes, SD-1 and SD-2, totalling 196.5 metres, tested the eastern margin of the Sodyanfe Area and one hole totalling 151 metres tested the Marie Structure. To date, 56 diamond drill holes totalling 6984 metres have been completed on the property. Cassidy has the right to earn 100% interest in the property, subject to a 15% state participation.
Four of the six holes through the Sanu Filanan Vein structure extend a thick zone of high-grade gold mineralization discovered in KD-12 (5.92 g/t gold over 23.33 metres true thickness) down a moderate to steep plunge to the northwest. Highlights include 6.41 g/t gold over 7.67 metres true thickness in KD-47, 46.87 g/t gold over 2.47 metres true thickness in KD-48, 8.03 g/t gold over 17.43 metres true thickness including 12.93 g/t gold over 9.90 metres true thickness in KD-49B, and 9.42 g/t gold over 8.27 metres true thickness in KD-52. Two holes, KD-53 and KD-54, extend strong mineralization discovered in KD-10 (4.94 g/t gold over 16.97 metres true thickness) to the northwest and southeast. Highlights include 7.29 g/t gold over 3.32 metres true thickness in KD-53 and 13.00 g/t gold over 5.34 metres true thickness in KD-54.
Two diamond drill holes investigated the structural controls on the east side of the Sodyanfe soil anomaly. Highlights from Sodyanfe include 1.00 g/t gold over 16.50 metres, 5.3 metres below the surface, in the oxidized saprolite. All significant results are included in Tables 1 - 6. For a complete plan and sections of drilling to date, please refer to our web site: www.cassidygold.com.
Ongoing Exploration Program
Diamond drilling is scheduled to resume on the Kouroussa Property in mid-April. The next phase of drilling will focus on extending high-grade gold mineralization in the Sanu Filanan structure along strike and down-plunge to begin defining a resource. Drilling is also planned for the JJ Vein to better define the limits and structure in preparation for in-fill drilling.
The addition of a bulldozer and water truck to our available equipment will allow access and water to a number of targets further afield on the Kouroussa and Tambiko concessions, where a number of areas of concentrated artisanal workings have been identified including Sodyanfe, Benegba to the north, Bokoro to the northwest, and Bandjounani to the west. Regional geochemical sampling including termite mound sampling is ongoing.
Sanu Filanan Vein Trend
The four drill holes completed around KD-12 are beginning to define the geometry of a very significant zone of thickening discovered in KD-12. That zone appears to plunge moderately to steeply to the northwest. KD-47 intersected the zone 40-45 metres below surface, between KD-4 and KD-12. KD-48 extended the strike 28 metres northwest from KD-12. KD-49 tested approximately 30 metres down dip of KD-12, confirming both grade and thickness. KD-52 stepped 44 metres northwest of KD-12 and to a depth of 155 metres below surface.
KD-53 and KD-54 tested below KD-10 at the southeast end of the defined structure, 30 metres to the northwest and 22 metres to the southeast, respectively. Both holes suggest that a thickened zone of mineralization plunges steeply in the vicinity of KD-10. KD-54 extended the strong gold mineralization discovered in KD-10 to the limits of artisanal workings on the Sanu Filanan structure. The deposit is open to the northwest, southeast, and to depth.
SD-1 and 2 are the first two diamond drillholes collared on the Sodyanfe Zone. Sodyanfe is defined by a strong gold in soil geochemical anomaly located 2 kilometre west-northwest of the Koe Koe target area. A total of 213 samples collected on a 25x50 metre spaced grid, returned an average gold grade of 0.49 g/t. In addition, artisanal miners were very active over most of the Sodyanfe anomaly. Both drill holes show significant gold in the upper portions of the laterite-saprolite oxide zone. Gold is also highly anomalous in the underlying bedrock.
A series of diamond drill holes tested a number of east-west trending artisanal workings immediately north of the Sanu Folo Vein Trend. A number of thin but persistent gold-bearing structures were intersected. This drilling has allowed company geologists to gain a better understanding of the structural setting and the character and intensity of alteration and mineralization for the entire Koe Koe area and to use that understanding to enhance targeting in untested areas such as Sodyanfe and Bokoro/Tambiko.
DDH KD-43 to 46 tested a series of artisanal diggings in the vicinity of KD-1 on the east side of the Koe Koe geochemical anomaly. KD-1 had intersected 3.67 g/t gold over 2.70 metres core length in skarn. All four holes intersected very anomalous gold values in the upper portion of the laterite-saprolite but penetration into the bedrock was limited by its depth.
Two holes followed up on previous drilling on the Sanu Folo Vein Trend. KD-39 scissored KD-19 to improve the structural interpretation of the zone. KD-50 tested the vein approximately 50 metres below KD-3, but failed to intersect significant mineralization. KD-3 had intersected 7.07 g/t gold over 1.93 metres true thickness.
One drill hole, KD-51 was completed on the Marie Structure, a well-defined trend of quartz vein material in laterite, parallel to and approximately 1,100 metres southwest of Sanu Filanan. Chip sampling of exposed quartz vein material from the Marie Structure returned values of up to 1.90 g/t gold over 1.0 metre. KD-51 intersected anomalous gold values in the upper portion of the laterite-saprolite.
Table 6: Marie Structure - Summary of Results ------------------------------------------------------------ Gold DDH Azimuth Dip Depth From To Length (g/t) ------------------------------------------------------------ metres metres metres metres ------------------------------------------------------------ KD-51 270 -45 151.00 1.50 25.35 23.85 0.11 ------------------------------------------------------------
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Conclusion
All drill core was split and samples were sent to ABILAB Afrique de l'Ouest in Bamako, Mali for fire assay using a 50 gram subsample. High results were checked by reassaying the same pulp and a gravimetric finish was used on all samples assaying over 10 g/t Au and some assaying over 4 g/t Au. Several high values were checked by taking another split from the sample rejects and fire assaying with both an AAS and gravimetric finish.
The exploration team in Africa consists of Project Manager Jean-Jacques Lefebvre, M.Sc., Marthe Archambault, M.Sc., P.Geo, the company's Qualified Person on site, and Thomas Hasek, P.Eng. Christopher J. Wild, P.Eng, Cassidy Gold's Vice-President of Exploration and Qualified Person as defined by National Instrument 43-101, oversaw the preparation of this news release.
On behalf of the Board of Directors
Cassidy Gold Corp.
James T. Gillis, President
This press release may be accessed at Cassidy Gold Corp.'s website: www.cassidygold.com and at SEDAR-CDY.
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FOR FURTHER INFORMATION PLEASE CONTACT: Cassidy Gold Corp. Jim Gillis President (250) 372-8222 (250) 828-2269 (FAX) Email: cassidygold@telus.net Website: www.cassidygold.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.