Roscan Gold Corp. [ROSI-TSXV, RCGCF-OTC] said Thursday October 22 it has made a major new gold discovery at the Walia target zone located on recently acquired ground adjoining its Kandiole Project in Mali, West Africa.
The company said its regional exploration program led to the discovery of a new mineralized trend that extends for an estimated 1,500 metres and returned high-grades of 21.4 g/t gold over 8.0 metres, including 77.8 g/t gold over 2.0 metres very close to surface. This new discovery is open in all directions.
Roscan shares rallied on the news, rising 10% or $0.035 to 38.5 cents on active volume of 940,931. The shares are trading in a 52-week range of 55 cents and 10 cents.
Roscan has been working to assemble a sizeable land position in the Biriminian Rocks of West Mali, one of the most productive greenstone belts on the African continent. It signed option agreements with Touba Mining SARL, allowing Roscan to earn a 100% interest in the 56 km2 Kandiole-North permit and the 27 km2 Kandiole-West permit. It also has the option to acquire a 100% stake in the 16 km2 Mankouke permit. In addition, RosCan has an option to earn 100% interest in the 65 km2 Segando-South and 32 km2 Moussala North permits.
Walia is one of the high priority targets located on the Dabia Sud Project, which covers 35 km2 of concessions that directly adjoin the Kandiole Property.
“This new discovery on our recently acquired ground validates our strategic thinking and highlights the positive potential of our entire land package,” said Roscan President and CEO Nana Sangmuah. “Follow up diamond drilling and RC (reverse circulation) drilling will commence on this target to establish depth and boundaries of the mineralization applying a similar strategy being undertaken at Kandiole North and Mankouke South targets.’’