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Golden Saint Resources Ltd : Exploration and Diamond Shipment Update

02/06/2014 | 06:46am US/Eastern
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Golden Saint Resources Ltd



6 February 2014

Golden Saint Resources Ltd

("Golden Saint" or the "Company")

Exploration and Diamond Shipment Update

Golden Saint Resources Ltd (AIM: GSR), a Sierra Leone focused diamond and gold exploration company, is pleased to provide an update on the progress of exploration activities on its three projects (Tongo ("Tongo Project"), Baja ("Baja Project") and Moa ("Moa Project")) in eastern Sierra Leone.  An update on the state of the first diamond shipment from Sierra Leone is also included for shareholder interest.

Highlights                                                                                                                                                        

·      Acquisition of fixed wing airborne magnetic and radiometric survey data over the three project areas.

·      Initial interpretation of the processed data from the Tongo Project and Baja Project has identified a number of strong ENE- WSW trending structural trends beneath the transported cover, consistent with the regional structures hosting kimberlite dykes and known diamond resources located within neighbouring tenements.

·      Later stage regional WNW trending structures identified at the Moa Project, crosscutting the NE trending Kambui Hills greenstone belt and granite/gneiss fabric, considered highly prospective for gold mineralisation focus and kimberlite intrusion.

·      Geophysical consultant, Core Geophysics, commissioned to finalise a detailed structural analysis for prioritising diamond and gold targets.

·      Completion of first phase geochemical sampling and mapping of the Tongo Project with program identifying previously unmapped lithologies and structural trends.

·      Results from indicator mineral sorting of the late 2012-early 2013 preliminary sampling at the Tongo Project recovered kimberlitic indicator minerals in panned concentrates from three sites.

Overview

Golden Saint commissioned a high resolution airborne magnetic and radiometric AMAG survey over the Company's three exploration licence areas in eastern Sierra Leone, by Canadian geophysical contractors, Geotech Airborne Limited ("Geotech"), to provide focus in both identification and prioritisation of structural gold and kimberlite targets for ongoing and future exploration programs.

The 5,405 line kilometer ("Km")geophysical survey completed over an area of approximately 340 km² covering the Company's core holdings at Tongo, Moa and Baja, on 100 metre line spacing and at a mean terrain clearance of 100 metres. Final processed data was received at the end of January 2014 and has undergone initial interpretation.

Field exploration is underway at the three project areas and is a continuation of the very limited program undertaken last field season and includes regional mapping, rock chip sampling, pitting and regional stream sediment sampling .

Tongo Project

Processing and initial interpretation of the airborne magnetic data has identified strong structural complexity within the project with (1) the ENE- WSW trending structural trends beneath the transported cover, consistent with the regional structures hosting kimberlite dykes in the Tongo region, and (2) offset by later NW trending structure.

Detailed structural analysis by Core Geophysics is currently underway to prioritise targets in the Tongo Project area.

Field surface mapping and interpretation of satellite imagery has also verified the prospectivity of this project with location of previously unidentified remnant amphibolites and pyroxenites within the granite/gneiss terrain.

First phase field exploration activities on the Tongo Project have been completed with the exploration team moving onto the Baja Project and the Moa Project. This Tongo program has involved stream sediment sampling, mapping and also continuation of the regional pit sampling program (1km x 1km), initially started in early 2013, and covers the area not previously tested. Details of the program and samples collected are listed below;

·      66 HM stream sediment samples on first and second order drainages

·      2 trenches

·      54 regional pit samples (1km x 1km spacing)

·      Mapping

·      Acquisition of satellite imagery

Analysis of these samples will be prioritised following review of data and earlier preliminary sampling for efficiency. The collected exploration samples are being forwarded to Diatech Laboratories, a well renowned diamond laboratory located in Perth, Australia, for processing and indicator analysis.

Indicator mineral sorting results from the preliminary and restricted pit sampling program (13 pits) undertaken in early 2013 have finally been received from SGS Laboratories ("SGS") /The MSA Group ("MSA) in South Africa, with indicator minerals recovered from four pits within the northern portion of the tenement. Kimberlitic ilmenite was recovered from one site and this area will be one focus of future exploration.

These stream sediment samples were jigged in the field to create approximately 100g of heavy mineral concentrate, sent to SGS of Johannesburg, South Africa for heavy liquid separation and picked by MSA, experienced mineralogists with more than 10 years industry experience.

Data and results from this phase of exploration will be compiled for analysis and review prior to the proposed second phase follow-up work.

Baja Project

Processing and initial interpretation of the airborne magnetic data has identified a number of  strong ENE- WSW trending structural trends beneath the transported cover, consistent with the regional structures hosting kimberlite dykes and known diamond resources located within neighbouring tenements.

First phase field exploration activities on the Baja Project is ongoing with the exploration team undertaking regional stream sediment sampling, mapping and geochemical sampling within priority areas defined by these interpreted structures.

Results of the indicator mineral analysis from minor pit testing at 2 localities, conducted in late 2012-early 2013, were negative however the prospectivity of the Baja Project has been enhanced with the acquisition of the airborne survey data and an appropriate exploration program to locate kimberlitic structures.

Detailed structural analysis by Core Geophysics is currently underway to prioritise targets in the large landholding.

Moa Project

The Moa Project covers a portion of the NE trending Kambui Hills greenstone belt and surrounding granite/gneiss terrain, and is considered highly prospective for gold mineralisation located in structural settings within the greenstone belt.

Initial interpretation of the airborne magnetic data has identified strong WNW trending structures beneath the transported cover that crosscut the greenstone and gneissic lithologies to form potential sites for gold mineralisation as well as kimberlite intrusion. These structures appear to be part of a regional trend that extends from the known diamondiferous kimberlite region of Grand Cape of Liberia through to the Zimmi diamond fields of Sierra Leone.

The forthcoming Moa program will involve stream sediment sampling, mapping and soil sampling for gold within the Kambui Hills schist belt.

Chief Executive Officer, Nick Burn stated, "We are very pleased with the progress to date and are extremely enthusiastic about the initial results from the airborne survey and preliminary sampling at our Tongo Project although investigations remain at an early stage. Exploration targeting at all of the Golden Saint projects, including the Baja Project and Moa Project, have been greatly enhanced by the acquisition of the airborne data and the new structural data.

Field exploration is progressing well at all projects and we have spent a considerable amount of effort establishing the in-country management, workforce and infrastructure in Sierra Leone."

Diamond shipment update

As previously reported on 19 November 2013, Golden Saint's first shipment of approximately 400 carats of uncut, gem quality diamonds was exported from Sierra Leone to Solid Gold Jewellers Pty Ltd ("Solid Gold") in Perth. The uncut diamonds within the shipment vary in size from 1 carat up to 13.9 carats and comprise white diamonds, brown diamonds and yellow diamonds.

Solid Gold has advised that 94 Diamonds from this first shipment are currently under manufacturing with a scheduled time frame to completion by the end of February 2014. Following completion of the cutting the finished polished diamonds are to be shipped to GIA for diamond grading and laser inscription. GIA are currently taking approximately 3 weeks to complete the grading and produce their diamond grading report.

All stones will have 'GSR' lasered on the girdle of the stones with a serial number to identify the chain of custody of all diamonds manufactured for Golden Saint.

The balance of the first shipment will be treated in two parts with the larger coloured stones going to Antwerp this week for assessment and the small "melle" rough to be retained until Golden Saint has a larger quantity to make the manufacturing more cost effective.

The information in this release that relates to Exploration results is based on information compiled by Chief Executive Officer Nick Burn (BSc (Hons)).  Mr Burn is a member of the Australian Institute of Geoscientists, is a Competent person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and consents to the inclusion in the report of the matters based on the information and context in which it appears.

This press release and the Geotech geophysical report can be downloaded from the Golden Saint website at www.goldensaintresources.com.

GLOSSARY OF TECHNICAL TERMS

The following glossary of terms applies throughout this announcement, unless the context otherwise requires:

alluvial

detrital material which is transported by a river and deposited at points along the flood plain of a river

amphibolites

a metamorphic rock composed mainly of amphibole (a silicate mineral)

AMAG

proprietary name for Geotech airborne system



bedrock

mining/geological term for the un-weathered rock below the soil



diamond

a precious stone consisting of a clear and typically colourless crystalline form of pure carbon; the hardest naturally occurring substance

diamond field

a zone of concentration of diamond occurrences

diamondiferous

containing diamonds

E

East direction

feldspar

most important group of rock forming silicate minerals, with end-members, alkali feldspar KalSi2O8, sodium feldspar NaAlSi2O8 and calcium feldspar CaAlSi2O8

ferromagnesian

containing iron and magnesium as major components

geochemical

prospecting techniques that measure the content of specified metals in soils and rocks; sampling defines anomalies for further testing

gneiss

metamorphic rock with gneissic cleavage; commonly formed by metamorphism of granite

GIA

Gemological Institute of America Inc

granite

coarse-grained igneous rock dominated by light-coloured minerals, consisting of about 50% orthoclase, 25% quartz, and balance of plagioclase feldspars and ferromagnesian silicates

heavy mineral concentrate

concentration of minerals such as zircon, limonite, garnet, precious minerals, diamonds, garnets collected by reducing lighter impurities

igneous

said of a rock or mineral that solidified from molten or partly molten material, i.e., from a magma

indicator minerals

a mineral that occurs in association with ore minerals, or a specific type of rock; can be used to identify exploration targets

intrusive

of or pertaining to intrusion, both the processes and the rock so formed

kimberlite

a rare, blue-tinged, coarse-grained potassic intrusive igneous rock sometimes containing diamonds

kimberlite pipe/dyke/blowout

a vertical "carrot-shaped" intrusive volcanic structure which hosts kimberlites

magnetics

a geophysical technique used to measure the magnetic susceptibility of rocks

mineralisation

process of formation and concentration of elements and their chemical compounds within a mass or body of rock

N

North direction

ore

mineral deposit that can be extracted and marketed profitably

plagioclase

series of sodium/calcium feldspars, plagioclase feldspars are common rock-forming minerals

orthoclase

series of potassium feldspars

potassic

containing potassium

pitting

geochemical technique used to collect soil samples and provide geological information

prospect

an area of land suitable for mineral exploration

pyroxenite

rock composed of primarily magnesium-iron minerals

radiometrics

a geophysical technique used to detect and map the presence of naturally occurring radioactive minerals in the soil.

reconnaissance mapping

initial mapping to understand basic geology, topography and geomorphological features

resources

Measured : a mineral resource intersected and tested by drill holes, underground openings or other sampling procedures at locations which are spaced closely enough to confirm continuity and where geoscientific data are reliably known. A measured mineral resource estimate will be based on a substantial amount of reliable data, interpretation and evaluation which allows a clear determination to be made of shapes, sizes, densities and grades   

Indicated : a mineral resource sampled by drill holes, underground openings or other sampling procedures at locations too widely spaced to ensure continuity but close enough to give a reasonable indication of continuity and where geoscientific data are known with a reasonable degree of reliability. An indicated resource will be based on more data, and therefore will be more reliable than an inferred resource estimate                                                               

Inferred : a mineral resource inferred from geoscientific evidence, underground openings or other sampling procedures where the lack of data is such that continuity cannot be predicted with confidence and where geoscientific data may not be known with a reasonable level of reliability

rock chip

a chip sample taken from one or more points within a restricted area

S

South direction

satellite imagery

photographs of Earth made by means of orbiting satellites and used for exploration purposes to identify lineaments and alteration features

schist

metamorphic rock dominated by fibrous or platy minerals

sedimentary

rocks formed from material derived from pre-existing rocks by processes of denudation

shield

a shield is generally a large area of exposed Precambrian crystalline igneous and high-grade metamorphic rocks that form tectonically stable areas

soil sampling

testing of soil for mineral content from samples selected at strategic points over the sampled areas; usually in a grid pattern

stream sediment sampling

testing of stream sediments for mineral content from samples selected at strategic points over the stream drainage

structure

term used to describe the relationship between rock masses, implying structure feature

target

area of the deposit which is the focus of exploration

transported cover

alluvial material or sediments that have been transported to their present location and cover bedrock

W

West direction

For further information please contact:

Golden Saint Resources Ltd

Cyril D'Silva, Executive Chairman

Nick Burn, CEO

+618 64677778

+61 (0) 407711496

Beaumont Cornish Limited

Roland Cornish / Emily Staples

+44 (0) 20 7628 3396

Optiva Securities

Jeremy King

+44 (0)20 3137 1904

Newgate Threadneedle

Graham Herring/Robyn McConnachie

+44 (0)20 7653 9850


This information is provided by RNS
The company news service from the London Stock Exchange
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