Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwire – Feb. 14, 2012) – Legend Gold Corp. (the “Company” or “Legend Gold”) (TSX VENTURE:LGN) is pleased to release an enhanced representation of the new Zone 4 gold discovery that reflects the Company’s increased understanding of the mineralization in the zone. This diagram shows the spatial and geological relationship between the initial discovery grab sample and successful follow-up trenching and diamond drilling. Legend’s Lakanfla Zone 4 is 4 km southeast of the Sadiola Gold Mine’s satellite pits in the prolific western Mali gold belt.
To view the Map associated with this release, please visit the following link: http://media3.marketwire.com/docs/LakanflaZone4.pdf.
Two diamond drill holes were drilled in the area in late December 2011 (“Legend gold discovers new mineralized zone 13 meters of 3.42 gpt at Lakanfla”, Press Release January 30, 2012), subsequent to trenching earlier in the month (“Legend Gold’s initial trench results Lakanfla Zone 4”, Press Release February 7, 2012). This trenching and drilling was a follow-up to an encouraging initial grab sample from June 2011 (“Outcrop grab sampling at Lakanfla uncovers 31.71 gpt au at new Zone 4”, Press Release August 18, 2011).
The Company is currently undergoing a comprehensive review of all new and historic data in Lakanfla’s Zone 4 to produce a synthesis of the structural controls on gold mineralization. This increased knowledge is being used as exploration continues in the area and towards Trench 11LKF_TR_04 which showed similar mineralization to Trench 11LKF_TR_1B, but 800m to the northeast.
“It is important for the market to visualize the relationship between our last two press releases and the significance of the new discovery at Zone 4. We are currently planning our next phase of exploration on this permit and specifically on Zone 4,” explained President & CEO, Douglas Perkins.
Note 1: Intersections are calculated along the trench sample line using a 0.2 gram per tonne (gpt) or 200 part per billion (ppb) assay cut-off and allowing a maximum of 2 metres of internal waste. Assays immediately following the internal waste must carry the waste interval to be included in a particular intersection. “Includes” is calculated using a 1.0 gpt or 1000 ppb assay cut-off with the same internal waste criteria. 0.2 gpt or 200 ppb was chosen as a cut-off to show the wide continuity of the mineralization and to reflect the potential bulk mining of the entire zone.
To ensure reliable sample results Legend Gold has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. RC chips are logged and a representative sample is retained in a secured facility for verification purposes. DDH core is logged, photographed and sawn in half where one half of the core is submitted for analysis and the other half retained as a representative sample in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent local laboratory. Prepared samples are direct-shipped to a local independent laboratory; SGS in Kayes, Mali for analysis using a FA50-AAS (Fire Assay on 50 gram sample with an Atomic Absorption finish).
Qualified Person
This news release has been reviewed and verified by H. Andrew Daniels, P. Geo, a Qualified Person as defined by National Instrument 43-101. Mr. Daniels has over 25 years of mineral exploration and mining experience, is a Licensed Professional Geologist in the Province of Ontario and a member in good standing.
About The Company
Legend Gold is a mineral exploration and development company focused on exploring for gold in the Republic Of Mali, West Africa. Our five main projects are the Lakanfla, Mougnina, Tiekoumala, Kata, and Mogoyafara projects. In recent years, we have made significant gold discoveries on the Tiekoumala project located in Southern Mali, and the Lakanfla project located in Western Mali. Legend Gold has 74,431,324 common shares issued and outstanding (84,691,324 shares on a fully diluted basis). Please visit our website www.legendgold.com to view project details and planned exploration programs.
This press release has been prepared by Legend Gold Corp.
This news release may contain forward‐looking statements that are based Legend Gold Corp.’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward‐looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
