VANCOUVER, BRITISH COLUMBIA, CANADA: 11 April 2023, KALO GOLD CORP. (“Kalo”, “Kalo Gold” or the “Company”) is pleased to provide an update on the exploration program at its flagship Vatu Aurum Gold Project (the “Project”) located in the Republic of Fiji.
The controlled-source audio-frequency magnetotellurics (“CSAMT”) geophysical survey commenced on the 6 April 2023 by Fender Geophysics Pty Ltd from Australia. The survey will cover approximately 12.5 square kilometers (“km2”) covering the Qiriyaga Hill Prospect, which includes the high-grade epithermal gold mineralization of the Qiriyaga Hill and Vuinubu Ridge Gold Deposits. The Qiriyaga Hill Prospect is one of fourteen other prospects that are at various stages of exploration found on the Project. The CSAMT survey and interpretation will take approximately 1.5 months to complete and upon completion, further details on diamond drilling at Qiriyaga Hill Prospect (see Figure 1) will be reported.
Diamond Drilling Program
On the 7 April 2023, improvement of a 2.5 km long historical access road commenced to allow access for one of two of the Company’s diamond drill rigs to the Mouta Prospect (“Mouta”). Mouta is located approximately 9 km northwest of the Qiriyaga Hill Prospect on the flank of the Mouta Caldera (see Figure 1).
The Mouta Prospect is a 330 m long NE-trending soil anomaly characterized by coincident Au-Ag-As-Sb-Hg-Cu-Pb-Zn. Kalo confirmed the presence of gold-silver-copper mineralization at the Mouta Prospect, including: 6.2g/t Au, 645g/t Ag and 3.12% Cu from rock chip outcrop sampling and 3.06g/t Au, 819g/t Ag and 1.63% Cu from a stockpile grab sample.
Geological, Geochemical and Alteration Modelling
The Company’s geological team has been working diligently since mid-February to complete a thorough compilation of some 40 plus years of exploration data that has been collected on the Project. This work is critical to guide the Company’s next steps of exploration and drilling. Work includes relogging of portions of the 11,423 meters (m) of drill core and an assessment of the results of 15,155 m of trenching, 8,270 soil sample data points and airborne and ground geophysical surveys that were completed previously. Detailed reviews of hyperspectral alteration and petrographic data is also being conducted and incorporated into a new geological, geochemical, alteration model of the Qiriyaga Hill Prospect to delineate vectors to guide exploration both laterally and at depth.
BLEG and Stream Sediment Sampling Programs
A bulk leach extractable gold (“BLEG”) sampling program, focussed on regional targets and previously unsampled drainages distinct from the Qiriyaga Hill and Mouta Prospects, has been completed and a total of seventeen (17) samples have been sent to ALS Perth in Australia for analysis. A regional scale infill stream sediment sampling program was also completed and a total of fifty-two (52) samples have been sent to ALS in Brisbane Australia for analysis and Kalo is awaiting results.
About Kalo Gold Corp.
Kalo Gold Corp, a gold exploration company, is focused on exploration for low sulphidation epithermal gold deposits of the Vatu Aurum Gold Project on the island of Vanua Levu (North Island) in the Republic of Fiji. Kalo holds a 100% interest in two Special Prospecting Licenses, covering 367 km2 that hosts a minimum of seven volcanic arc related calderas ranging between 1 km to 10 km in diameter in a geological setting that could be analogous to the alkaline related low sulphidation epithermal gold deposits of both the neighbouring Vatukoula Gold Mine and the Lion One Metals’ Tuvatu Alkaline Gold Project.
Historical exploration work concentrated on the Qiriyaga Hill and Vuinubu Ridge Gold Deposits and resulted in the identification of over fourteen priority epithermal gold exploration targets.
Both Viti Levu, (South Island), and Vanua Levu are on the prolific Pacific “Ring of Fire”, a trend that has produced numerous large deposits, including Porgera, Lihir and Grasberg and on Viti Levu, the exceptional Vatukoula Gold Mine. The Vatukoula Gold Mine has produced more than 7M ounces of gold since 1937. The island of Viti Levu also hosts the fully permitted Tuvatu Alkaline Gold Project, where Lion One Metals is fast tracking a high-grade underground gold mining operation that contemplates a 300 tpd operation.
The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo. a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
On behalf of the Board of Directors of Kalo Gold Corp.
Terry L. Tucker, P.Geo
President and Chief Executive Officer
Kevin Ma, CPA, CA
Executive Vice President, Capital Markets and Director
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Forward Looking Statements Disclaimer
Certain statements in this release are forward-looking statements, which are statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include statements relating to the Company’s proposed drilling timeline and the proposed expansion of the exploration program, and the Company’s plans for future exploration on the Vatu Aurum Gold Project. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements included in this news release, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, the Company’s inability to raise the necessary capital to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company’s filing statement dated February 9, 2021 and latest interim Management Discussion and Analysis filed with certain securities commissions in Canada.
The reader is cautioned that assumptions used in the preparation of any forward-looking statements herein may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.