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Volume 200.0K
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savary gold corp (SCA) Snapshot

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06/14/13 - C$0.14
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savary gold corp (SCA) Details

Savary Gold Corp., a junior exploration company, is engaged in the exploration and development of gold properties in West Africa. It has interests in Houndé South property that consists of two exploration licenses, Diosso and Mandiasso, totalling 375 square kilometres and two exploration concession applications totalling 125 square kilometres, and is located in the Birimian age Houndé Greenstone Belt of West Africa. Savary Gold Corp. was formerly known as Savary Capital Corp. and changed its name to Savary Gold Corp. in September 2012. The company was incorporated in 2008 and is headquartered in Toronto, Canada with an additional office in Johannesburg, South Africa.

Founded in 2008

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savary gold corp (SCA) Key Developments

Savary Gold and Sarama Resources to Create a Premier Exploration 'Blue Sky' Project in the Prolific Hounde Gold Belt in Burkina Faso

Savary Gold Corp. and Sarama Resources Ltd. announced that they have signed a Heads of Agreement (HoA) in respect of a proposed joint venture arrangement between Sarama and Savary which will unify the operatorship of Savary's 500 square kilometre Houndé South property and Sarama's 250 square kilometre Serakoro 1 property. The proposed JV company will be 65% owned by Savary and 35% owned by Sarama. The combined properties host a 50 kilometre and a 24 kilometre long, mining camp scale, gold-in-soil anomalies, which when tested, have returned numerous gold-bearing intercepts that will require follow-up. Drilling has commenced at the Karangosso zone where previous intercepts, hosted by a fractured felsic intrusion, returned 10.18 g/t Au over 10.0 metres, 5.77 g/t Au over 8.0 metres and 1.82 g/t Au over 7.0 metres, in two holes. The HoA includes the following indicative terms: Sarama will contribute its right and interest in its option to acquire the Serakoro 1 permit to the Joint Venture Company, once Savary has earned a 100% interest in its South Houndé permits; Savary will contribute its Houndé South permits to the Joint Venture Company once Savary has earned a 100% interest in the property from Endeavour Mining Corporation ("EDV"). Upon Savary earning its interest in the Houndé South permits and the parties executing final binding documentation, Sarama shall pay its pro-rata share, 35%, of the current, maximum USD 1,000,000 exploration program, which will result in Savary completing its remaining earn-in commitments to Endeavour. Savary will receive 65% of the shares in the Joint Venture Company and Sarama will receive 35% of the shares in the Joint Venture Company. The proposed joint venture arrangement remains subject to various conditions, including without limitation, satisfactory due diligence, formal binding documentation and regulatory approval.

Savary Gold Corp. Provides Exploration and Operations Update

Savary Gold Corp. provided an update on its Houndé South property, located in south-western Burkina Faso. Exploration has returned economic grade intercepts from each of the four areas that have been drilled: Karangosso - 10.14 g/t Au over 10.0 metres and 5.82 g/t Au over 8.0 metres, Kien - 7.36 g/t Au over 8.0 metres and 2.00 g/t over 21.0 metres, Kueredougou - 21.13 g/t Au over 3.9 metres, Diosso South - 3.44 g/t Au over 14.0 metres. The gold zones in each of these areas are open both along strike and to depth. An updated table presenting the results of the 2013 drill program. The Karangosso zone represents a separate mineralized trend and an exciting new type of mineralization in the project area. At Karangosso, drilling returned intercepts of 10.14 g/t Au over 10.0 metres, 5.82 g/t Au over 8.0 metres and 1.82 g/t Au over 7.0 metres in two holes that clipped the northern end of the interpreted intrusive body. The mineralization is hosted by a deeply weathered, sericite-altered, quartz porphyry felsic intrusion that magnetic data suggests is approximately 1,200 metres by approximately 350 metres in size. The combination of a large target area, good grades and deep weathering, makes this new occurrence high priority target on the property. Several other magnetic lows occur along this contact suggesting other felsic intrusions and new target areas. This contact zone has seen limited to no exploration in the past even though Semafo's Mana deposit appears to occur in a similar structural position as does Endeavour's Grand Espoir zone. Savary's other zones Kien, Kueredougou and Diosso South lie along a well-defined gold enriched structural corridor, as shown in the compiled soil geochemical data, that extends at least 40 kilometres southward from the Kien zone onto Sarama's Serakoro 1 property. Management believes that it is highly likely that not only can these current zones be extended along strike and to depth, but, that other zones will be discovered along this trend as well. Recent drilling at Kien zone displayed gold values associated with strong sericite, pyrite and fuschite altered, quartz veined mafic volcanic rocks that are visually similar to the mineralization style at Endeavour's Vindaloo zone. Drilling has returned intercepts of 2.0 g/t Au over 21.0 metres and 7.35 g/t Au over 7.9 metres along 800 metres of a minimum 1,000 meter long Au-in-soil anomaly which appear to extend to the north and south. New holes at the northern end of the Kueredougou zone extended the mineralized zone for 1,000 metres to 2,500 metres along strike with good grade intercepts of 2.51 g/t Au over 18.0 metres including 7.52 g/t Au over 5.0 metres, in hole HS-RC-13-54. The Kueredougou zone is still open to the north where a high quality structural target needs drill testing along with follow-up of high grade drill intercepts.

Savary Gold Corp. Announces Executive Changes

Savary Gold Corp. announced the appointment of Mr. Don Dudek, as President & CEO and a member of the company's board of directors. Mr. Dudek has held various roles with junior to senior exploration and mining companies over the past 30 years. Mr. Dudek recently served as Senior Vice President, Technical Services for Endeavour Mining Corporation while managing a feasibility study for the Hound gold project in Burkina Faso. The appointment follows the resignation of Mr. Charles Mostert as President & CEO. Mr. Mostert will continue to serve on the company's board of directors.


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