This announcement confirms the exciting potential for an extremely large gold resource for PIR. From a quick read of the announcement I can glean 4 exciting points to highlight cut and pasted as follows:
1- "It is now evident that the structural corridor, (named the Fekola Corridor) may extend the length of the Medinandi licence and encompass both the Fadougou North East (FNE) Zone and the emerging Fekola area (Figure 3 and Figure 4: Medinandi Project Fekola Mineralised Corridor). Whilst drilling remains at an early stage, the results to date point to significant exploration potential along this >8km long trend.
2- Note that intercepts have been reported at 1.0g/t cut-off, consistent with previous announcements. However Papillon believes that a broad mineralized envelope exists at lower cut-offs (e.g. 0.5g/t) suggesting substantial tonnage potential within this corridor. As an example, if a lower grade cut-off was applied the intercept 15m @ 2.04 g/t Au in FKCR_016 (at 1.0g/t bottom cut) would increase to 22m @ 1.74 g/t Au in FKCR_016 (at 0.5g/t bottom cut).
3- DRILL RESULTS FSE AND OTHER AREAS
Potentially significant results were also obtained on reconnaissance drill traverses outside the Fekola to FNE corridor, including a RAB result of 10m @ 1.48g/t Au in FKWA_078 and an RC result of 3m @ 7.13g/t Au in FKCR_030 that may reflect a new high-grade mineralised surface.
4- At Fadougou South East (FSE) a series of RAB results to 10m @ 1.09g/t Au in FESA_087 and 7m @ 2.79g/t Au in FESA_099 were returned, potentially extending the northern strike of FSE for an additional 600m to over 1.3km."
As with most of PIR announcements the share price may take a few days to react to this good news, but react I think it will.
PIR Price at posting:
91.5¢ Sentiment: Buy Disclosure: Held
