TORONTO, ONTARIO — (Marketwire) — 03/20/12 — Detour Gold Corporation (TSX: DGC) („Detour Gold“ or the „Company“) reports the assay results for the last 75 holes totaling 45,485 metres (including 15 holes abandoned for 2,566 metres) from its 2011 drilling campaign at the Detour Lake gold project in northern Ontario. The 2011 drilling program totaled 86,644 metres and covered the western extension of the Detour Lake open pit deposit up to section 17,220E and the north wall of the open pit up to section 18,760E.
Approximately 30% of the holes being reported today (mainly holes DG-11-1185 to DG-11-1202) were excluded from the 2011 year-end global mineral resources, of which approximately 1,930 metres weren-t included in the open pit reserves of 15.6 million ounces (refer to press release dated January 25, 2012).
All the holes being reported today were targeting the north wall of the open pit at the western end to complete the infill drilling on a 40 metre by 40 metre spacing between sections 17,420E and 18,760E. Significant gold mineralization continued to be encountered to the west of the current open pit and at depth mainly within a folded sequence of pillow flows. Highlights of the drill program are as follows.
Hole DG-11-1160 (section 18,260E) intersected 1.06 g/t over 92.0 metres and hole DG-11-1167 (section 17,940E) intersected 2.30 g/t over 35.0 metres, 3.23 g/t (uncut) or 2.99 g/t (cut) over 23.3 metres, and 2.42 g/t (uncut) or 1.38 g/t (cut) over 53 metres. On section 17,860E, hole DG-11-1169 intersected 2.40 g/t over 25 metres and 1.81 g/t over 46.2 metres and hole DG-1178A intersected 3.42 g/t (uncut) or 2.96 g/t (cut) over 25 metres and 6.21 g/t (uncut) or 3.13 g/t (cut) over 23.7 metres.
Assay results from drill holes west of the current pit outline are confirming the potential of eventually extending the pit westward. Hole DG-11-1183 (section 17,660E) encountered 4.15 g/t (uncut) or 2.75 g/t (cut) over 54.0 metres approximately 200 metres below the current pit; hole DG-11-1187 (section 17,580E) intersected 2.19 g/t (uncut) or 1.65 g/t (cut) over 81.2 metres approximately 250 metres below the pit or 500 metres from surface; hole DG-11-1186A (section 17,540E) intersected 1.70 g/t over 57 metres and 2.01 g/t (uncut) or 1.77 g/t (cut) over 85 metres; hole DG-11-1191A (section 17,460E) intersected 2.46 g/t (uncut) or 2.12 (cut) over 67.0 metres.
Significant gold mineralized (uncut) intervals encountered are shown below.
The Company has initiated a pre-feasibility study on the Block A near-surface gold deposit located to the northwest of the Detour Lake open pit. The 50,000 metre drilling program on a 40 by 40 metre spacing is focusing between section 15,200E and 16,780E to advance the definition drilling of a potential small open pit around the M Zone. To date, the Company has completed 38 holes for a total of 11,068 metres.
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company-s website under Projects/Detour Lake Exploration or .
Detour Gold-s drilling programs are being managed by its Exploration Manager, Guy MacGillivray, P.Geo., a Qualified Person within the meaning of National Instrument 43-101. Mr. MacGillivray has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Samples are now prepared at both SGS Minerals Services in Garson and Don Mills, Ontario, Canada and assayed at the Don Mills location. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold (greater than 5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control („QA/QC“), refer to the Technical Report filed in June 2010.
Note: All values above 20 g/t in the composite are reported in the table. True width is estimated to be 65 to 75% of the drilled length.
Forward-Looking Information
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as „forward-looking statements“). Specifically, this press release contains forward-looking statements regarding the Company conducting a pre-feasibility study on Block A. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold-s ability to predict or control and may cause Detour Gold-s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled „Risk Factors“ in Detour Gold-s February 7, 2012 short form prospectus and in the continuous disclosure documents filed by Detour Gold on and available at . Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the supply and demand for gold, and the level and volatility of the price of gold; the availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the expected mine life; anticipated gold production; gold recovery; the development schedule; cash operating costs and other costs; the financial analysis for the project; capital costs; sensitivity to metal prices and other sensitivities; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
Contacts: Detour Gold Corporation Gerald Panneton President and CEO (416) 304.0800
Detour Gold Corporation Laurie Gaborit Director Investor Relations (416) 304.0581
Detour Gold Corporation Royal Bank Plaza, South Tower 200 Bay Street, Suite 2200 Toronto, Ontario M5J 2J1
Only registered users can comment.
