THE BOURSE WHISPERER: Canyon Resources has entered into an agreement with a Burkina Faso vendor to purchase the Pinarello project, which comprises six granted exploration permits located in the southwest of the African nation.
The company said the new acquisition is consistent with its strategy to selectively grow its exploration portfolio in Burkina Faso whilst continuing to actively explore its existing projects.
Location of the Pinarello project. Source: Company announcement
“Since first entering Burkina Faso 12 months ago with the acquisition of our flagship Tao and Taparko North projects, Canyon has spent significant time in-country developing the key relationships required to grow a successful West African gold business,” Canyon Resources managing director Phillip Gallagher said in the company’s announcement to the Australian Securities Exchange.
“The addition of the Derosa project (April 2011), the Wilier project (August 2011) and now the Pinarello project, and consolidation of tenements around our existing projects has established a footprint of over 4,000 square kilometres in Burkina Faso on highly prospective tenements that the Company will continue to aggressively explore.
“We look forward to re-commencing drilling in the coming weeks to follow-up our highly successful maiden RC drilling program, which returned wide and high grade intercepts such as 20 metres at 11 grams per tonne gold at the Tao project, and also to undertake the first round of drill testing on these new project areas.”
The company has commenced logistical planning and plans to initiate a first pass exploration program on the Pinarello project in December.
The Pinarello project comprises six granted exploration permits, Sokorani, Noifera, Konkolikan, Baniera, Sokorani 2 and Soukoura 2 with a combined area of 1,104sqkm.
The addition of the Pinarello project, takes Canyon’s exploration permits to 4,114sqkm in five separate project areas; Taparko North, Tao, Derosa, Wilier and Pinarello projects.
The Pinarello permits are located approximately 260 kilometres to the southwest of the country’s capital city, Ouagadougou, and occur within the Hounde Greenstone Belt.
The Hounde Greenstone Belt hosts a number of significant gold deposits including the 3.3 million ounce Mana gold mine and the 400,000 ounce Bondi project.
Canyon is planning a comprehensive first pass exploration program to test the prospectivity of the Pinarello project.
Activities undertaken in this program will include extensive auger drilling, rotary air blast drilling, field reconnaissance mapping and rock chip sampling.