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» 08.12.2010 - Graft pauses Mali health aid
» 23.11.2010 - Mali's Sahel Highway moving forward
» 16.06.2010 - Gold reaches 80% of Mali exports
» 04.02.2010 - Mali approved for more IMF disbursements
» 02.12.2009 - Mali’s rural poor boosted with $25.04 million for microfinance
» 27.11.2009 - French national abducted in Mali
» 14.01.2004 - New gold discovery made in Mali
» 10.11.2003 - Termites and humans searching more gold in Mali

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Economy - Development

New gold zone found in Mali

afrol News, 25 June - The Canadian mining company Etruscan today announced it has found an new gold zone in southern Mali, close to an ancient gold mining zone. Analyses of drilling results indicate the Finkolo area could be commercially exploitable.

Etruscan Resources Inc. announced today results from a 3,000 meter reconnaissance-drilling program on the Finkolo Permit in southern Mali in which "a new gold zone was intersected along the contact of a large intrusive porphyry," according to a release by the Canadian company.

Etruscan's Finkolo Permit covers 319 km2 and is situated close to Mali's border with Côte d'Ivoire, 15 kilometres south-west of the Syama gold deposit and mine. The Syama gold deposits, which have been mined industrially since 2001, are in a site of ancient gold workings.

Widely spaced drill holes along the porphyry zone intersected "gold mineralisation over down-the-hole widths of 18-36 meters with average grades of up to 2.42 grams per tonne gold," Estruscan said. Individual samples were even assaying "up to 8.30 grams per tonne gold."

The Etruscan drill programme had primarily been focused on determining the potential to discover new deposits at Finkolo associated with the intrusive porphyry.

- The results have demonstrated that the eastern contact of the porphyry is well mineralised and holds the potential to develop a large tonnage disseminated gold deposit along strike and at depth, according to Etruscan. "A follow-up program utilising reverse circulation drilling will be undertaken to determine the size, grade and characteristics of the newly discovered zone."

The Finkolo permit was originally held by BHP International as part of the Syama exploration lease. In 1989, BHP had drilled 21 holes in this zone and found "significant gold in every hole but never reached the porphyry target," Etruscan says.

Etruscan Resources is a Canadian junior mining company focused on the development of gold mines in West Africa, and diamond mines in South Africa. The company also holds three properties in western Mali (at the Senegalese border) and holds a 40 percent interest in the Samira Hill Gold Project in Niger. It is further involved in gold mining projects in Burkina Faso and Côte d'Ivoire.

The company further emphasises on what it calls it "excellent reputation as a socially responsible mining company in Africa." Etruscan has constructed schools and medical clinics in the areas where it operates and "strives to develop sustainable social programmes through partnerships with non-governmental organizations, charitable organisations ... and the Canadian government."

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