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Toronto, ON - January 13, 2009 - Volta Resources Inc. ("Volta"
or the "Company") (TSX:VTR) is pleased to report more
significant copper-gold intercepts from the last drill holes of its 2008
diamond and reverse circulation ("RC") drilling program at
Volta's Gaoua copper-gold porphyry project in southern Burkina Faso, West Africa.
The latest drilling significantly expands the mineralized envelope towards
the west at its Gongondy target, considerably increasing the mineral
potential of the area.
The latest results are from two diamond drill holes (S63GON and S64GON) and
four RC holes (GRC2-08 to GRC5-08) drilled on the southernmost part of the
Gongondy target. Previous results from this program included 23 holes
drilled at Gongondy and 15 holes drilled at Dienemera, which were reported
in news releases dated October 30, 2008, November 06, 2008 and December 02,
2008 respectively. The Gongondy and Dienemera targets occur along a
north-south oriented structural corridor, approximately 7km apart and are
characterized by the presence of highly anomalous copper-gold
mineralization hosted by hydrothermal breccia, which show porphyry copper
characteristics.
Highlights from the logging and assay results from the latest drilling are:
- The confirmation of the presence of
wide, high-grade, intercepts reported by historical holes such as 124m
@ 0.56% Cu and 0.34 g/t Au (S63GON), including 12m @ 1.18% Cu and 0.81
g/t Au,
- the extension of the mineralized
envelope to the west of the gabbro which intrudes the mineralized
breccia in southern Gongondy. This area is underlain by transported
alluvium and therefore had no surface geochemical response in order to
target drilling. A highlight from this RC program includes 27m @
0.71%Cu and 1.23g/t Au (GRC4-08).
The better copper-gold drill intersections
from the latest drilling are listed in the Table below.
Table 1: Cu-Au Intersection Highlights.
HOLE ID
|
FROM* (m)
|
TO*
(m)
|
INTERVAL* (m)
|
Cu
(%)
|
Au
(g/t)
|
MID*
(m)
|
S63GON
|
10
|
134
|
124
|
0.56
|
0.34
|
4
|
INCL. 33
|
45
|
12
|
1.18
|
0.81
|
0
|
S64GON
|
28
|
38
|
10
|
0.38
|
0.32
|
1
|
222
|
234
|
12
|
0.25
|
0.47
|
4
|
GRC2-08
|
21
|
28
|
7
|
0.26
|
0.42
|
1
|
GRC4-08
|
8
|
35
|
27
|
0.72
|
1.23
|
1
|
GRC5-08
|
49
|
55
|
6
|
0.28
|
0,30
|
3
|
66
|
71
|
5
|
0.29
|
0.39
|
2
|
* drill length-not true width
Table
Notes:
- The Cu-Au
intersections above are based on a 0.3% Cu cut-off with no top cut
applied, except for the interval listed for GRC2-08 where a 0.2% Cu
cut-off was exceptionally applied.
- Internal dilution
(less than 0.3 % Cu except for GRC2-08 where 0.2% has been used) has
been carried out to a maximum of 4m (the "maximum internal
dilution" or MID).
- The above assay
results for holes S63GON and S64GON were obtained on HQ and some NQ
sized core sampled at one metre intervals and cut in half using a
diamond saw. One-half of the core was archived at the core storage
facility on site while the other half was sent to ALS Chemex Burkina
S.A.R.L, Ouagadougou/Burkina Faso for standard preparation (crushing,
pulverization, split) and gold fire assay on 50g charge. Copper was
assayed by atomic absorption spectrometry at the ALS facilities in
Vancouver/Canada.
- The results for the
reverse circulation holes GRC2-08 to GRC5-08 were obtained from dry
1m-interval samples that were riffle-split to provide 2 kg samples sent to
the laboratory for the same processing and assaying as described above
for the core samples. Wet samples were dried in the field, then
riffle-split in the same way.
- The accuracy of the
results was tested through the systematic inclusion of Cu-Au standards
(Ore Research and Exploration, Australia - OREAS) and field blanks. Standards
were inserted every 15 samples and blanks approximately every 25
samples. The results for the reported holes have passed the Company's
QA/QC protocols.
At Gongondy, twenty-nine drill holes have now been completed for a total of
7,297.4 metres
during the 2008 drilling campaign. Based on this drilling, two mineralized
centers are recognized along a north striking breccia body, (the
"northern" and the "southern" blocks), separated by a
post-mineralization intrusive gabbro body. The latest drilling indicates
that the westward dipping gabbro is intrusive in the southern block. The
mineralized envelope in the southern block clearly extends further west
than previously thought and may connect to the northern block west of the
gabbro. Copper and gold mineralization has now been defined by reverse
circulation and diamond drilling in a J-shape around the gabbro in the
southern block, significantly increasing the tonnage potential of the
mineralized envelope at Gongondy (see Figure 1).
Management is encouraged by this drilling success. Further drilling is
currently being planned to better delineate the extension of mineralization
west of the gabbro. In addition, drilling using the Company's recently
acquired tractor-mounted powered auger rig is to commence shortly along the
7km porphyry corridor between Gongondy and Dienemera where alluvium and
transported laterite regolith cover may have similarly masked the
geochemical response of further copper and gold mineralization.
Table 2: Locations of the reported Holes Drilled at Gongondy.
HOLE ID
|
LOCATION*
|
AZIMUTH (�)
|
DIP (�)
|
Drill Hole Length (m)
|
EASTING
|
NORTHING
|
S63GON/08
|
499219
|
1139246
|
90
|
55
|
197
|
S64GON-08
|
498929
|
1139149
|
90
|
55
|
254.8
|
GRC2-08
|
498930
|
1139450
|
90
|
55
|
84
|
GRC3-08
|
498880
|
1139450
|
90
|
55
|
84
|
GRC4-08
|
498930
|
1139550
|
90
|
55
|
48
|
GRC5-08
|
498880
|
1139550
|
90
|
55
|
84
|
Over 23,000 metres
of, mainly, diamond drilling have now been completed by Volta on the Gaoua
project. The results from this phase of drilling, along with previous
results, will be incorporated into an initial NI 43-101 resource estimate
planned to be completed during the first quarter of 2009.
Under the guidelines of National Instrument 43-101, the qualified person
for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President,
Exploration for the Company. Mr. Franceschi is a member of the European
Federation of Geologists and has reviewed and approved the contents of this
news release.
Volta is a mineral exploration company focused on becoming the leader in
the identification, acquisition and exploration of gold properties in West
Africa. The Company is committed to West African exploration and is
Canadian-based with its head office in Toronto, Ontario and operations
offices in Accra, Ghana and Ouagadougou, Burkina Faso. The Company
currently has cash and short-term investments totaling $5.8 million,
marketable securities with a quoted market value of approximately $3.5
million and 53.2 million common shares issued and outstanding.
For further information, please refer to our website www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
The Toronto
Stock Exchange does not accept responsibility for the adequacy or accuracy
of this news release.
Forward Looking Information Caution:
This press release presents
"forward-looking statements" within the meaning of Canadian
securities legislation that involve inherent risks and uncertainties.
Forward-looking statements include, but are not limited to, statements with
respect to the future price of gold and other minerals and metals, the
estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the capital expenditures, costs and timing of the
resources, the realization of mineral reserve estimates, the capital
expenditures, costs and timing of the development of new deposits, success
of exploration activities, permitting time lines, currency exchange rate
fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage. Generally,
these forward-looking statements can be identified by the use of forward
looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be
taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance
or achievements of Volta to be materially different from those expressed or
implied by such forward looking statements, including but not limited to:
risks related to international operations, risks related to the integration
of acquisitions; risks related to joint venture operations; actual results
of current exploration activities; actual results of current or future
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold
and other minerals and metals; possible variations in ore reserves, grade
or recovery rates; failure of equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining
industry; and delays in obtaining governmental approvals or financing or in
the completion of development or construction activities. Although the
management and officers of Volta believe that the expectations reflected in
such forward-looking statements are based upon reasonable assumptions and
have attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Volta Resources does not undertake to update any
forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
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