SEMAFO has resumed drilling on the Banfora JV gold project in Burkina Faso. The first stage consisted of 9,200 auger holes drilled to a depth of 6.5m on 400m fences (total 61,100m) and identified extensive gold anomalies on 6 prospects (all of the prospects host multiple and parallel gold systems) that (potentially) extent for up to 60kms in length.
The second stage of the program will add 150,000m of auger drilling to identified targets (or about 23,000 auger holes to a depth of 6.5m) and be followed by 39,00m of rotary core drilling (or about 520 holes (assumed) to a depth of 75m).
Cost of the program is up to US$5.6M and is one of the biggest single project exploration programs currently underway in West Africa.
The massive spend by a proven developer such as SEMAFCO (TSX listed, capitalised at $1B and owns 5M ounces of gold) with gold exploration effort of $18M for 2015, of which 1/3rd is directed at Banfora, and currently running 8 auger rigs and 4 rotary core rigs.
IMHO early indications, and massively increased spend rate is clearly indicating that they are on to something major at Banfora. Good luck to all longs.
AQD Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
