Concordia generates more strong results at the Kerboulé Project, including a one metre intercept of 188 g/t gold (6 ounces per tonne) within a broader intersection of 29 metres grading 7.4 g/t goldConcordia Resource Corp. (TSX-V:CCN) ("Concordia" or the "Company") is pleased to report the generation of further positive results from ongoing reverse circulation ("RC") drilling at its 100% owned Kerboulé Project in northern Burkina Faso, including a high-grade intercept of 188 g/t gold over one metre within a broad zone returning 7.4 g/t over 29m (hole KBS_RC_010). Other highlights include 9m at 3.7 g/t and 11m at 2.7 g/t (KBS_RC_001); and 20m at 2.4 g/t (KBS_RC_005).
Assay results are now available for 10 out of 23 RC holes drilled on the Kerboulé South target area, part of the larger Kerboulé Project where gold mineralization has to date been identified over a strike length of at least four kilometres.
Highlights of the latest results from Kerboulé South include the following intersections.
Note: Intervals do not represent true thickness.
"We are encouraged by the ongoing results from our Kerboulé exploration program, where we continue to identify broad zones of gold mineralization with some exceptionally high grade intersections of up to 188 g/t gold; and we are equally encouraged by the positive implications that these bonanza grades have for the strength of the overall system. While we do not see these bonanza intercepts as specific targets for detailed drilling at this stage of the development, they do make great headlines," reported Edward Flood, Concordia CEO.
These and previous results confirm wide zones of mineralization at Kerboulé South. Previous RC and core drilling in this season's program has also encountered wide intersections at Kerboulé Main, over 2.5 km further north along the Kerboulé/Yalema trend. This provides additional evidence for extensive, wide, disseminated gold mineralization over at least four kilometres.
The first stage of drilling, which forms part of a program to extend the zone of mineralization and define a Mineral Resource at Kerboulé, has been completed. Assays are being received and interpreted along with a recent induced polarization (IP) survey and a number of trench and auger samples. A second phase of drilling will be implemented once all outstanding results have been received and interpreted, with the plan to complete a further 10,000 metres of RC drilling later this quarter and into early 3Q 2012.
Concordia has so far received results from 25 (out of 70) RC holes and 2 (out of 12) core holes at the Kerboulé Project. Additional results will be released as they are received.
KERBOULÉ PROJECT DETAILS
The project area covers 400 km² of which approximately 80 percent has been mapped and sampled with numerous additional targets identified for follow-up work. The Phase 1 program of trenching, RC and core drilling confirm a favorable north-northeast structural vein control with numerous folds and offsets with broad zones of oxide mineralization over at least four kilometres, and similar in style to that found at the Inata Mine (operated successfully by Avocet Mining plc. (AIM:AVM), and lying approximately 20 km south of Kerboulé). Concordia has 100% ownership of the Kerboulé project, subject to a 3% NSR, which can be reduced to 1.5% with the payment of US$1.5 million.
Mr. Barry Bayly, is a member of the South African Council for National Scientific Professionals (SACNSP), South Africa and is a qualified person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). He is responsible for the exploration program on Kerboulé. He has verified the data disclosed in this news release. Drill samples were submitted to the Bigs Global Laboratory in Ouagadougou, Burkina Faso for preparation and assaying using the bottle-roll 'leachwell' flame-AAS technique. In order to ensure the Quality Control of the samples, check and repeat assays were submitted on a regular basis, 4% of the samples were standards, 3% were blanks and 3% were duplicates. Mr. Bayly is the chief operating officer of Swala Resources Inc., a 100%-owned subsidiary of Concordia, and is therefore not independent within the meaning of NI 43-101.
Concordia is a well-financed junior exploration company with an emphasis on developing mineral deposits in Africa and South America. Concordia has an extensive exploration portfolio in the resource-endowed regions of Burkina Faso, Gabon, the Democratic Republic of Congo (the "DRC") and Zimbabwe, with a land package in Africa totalling over 12,400 km2. In addition, Concordia has acquired an option to purchase 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 14,000 ha Cerro Amarillo-Cajon Grande copper-gold-molybdenum property located in the Malargüe District of Argentina. The Company has an experienced management team and board of directors with extensive expertise across the globe.
On behalf of the Board of
Concordia Resource Corp.
"R. Edward Flood"
R. Edward Flood, Chairman
Concordia Resource Corp.
Toby Mayo, President
Telephone: +1 (604) 331-9853; +1 (778) 668-0107
Karl Cahill, VP, Investor Relations
Telephone: +1 (858) 531-6100
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the British Columbia Securities Act. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions, identify forward-looking information. The forward-looking information relate to, among other things, the receipt of necessary permits to conduct exploration and construction, timing of anticipated exploration program and results of current exploration program, the number of the holes and metres to be drilled and future plans of the Company. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of metals; appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update the forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such information, other than as required by applicable law. Accordingly, readers are advised not to place undue reliance on forward-looking information.
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
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