November 18, 2011 11:47 ET
Mahdia Gold Corp.: Omai Update
TORONTO, ONTARIO--(Marketwire - Nov. 18, 2011) - Mahdia Gold Corp (CSNX:MGD) is a publicly listed on the Canadian National Stock Exchange (CNSX) under the symbol MGD. The company's website is: www.mahdiagold.com. The website of the CNSX exchange is www.cnsx.ca.
The management and operating team of Mahdia Gold Corp is pleased to announce ongoing developments in advancement of its key projects in Guyana, with emphasis on the Flagship Omai Prospecting License area.
With thanks to the staff of the Guyana Geology and Mines Commission the operating team has copied all available digital data and has scanned all available logs, assays, maps and files. The work includes more than 60,000 meters of diamond drilling and an extensive database of shallow auger and BANKA drill holes, compilations and assays. The most recent work, dedicated to the deep Fennell target, was completed during the period 2006 to 2008 and is readily subject to verification and use in NI 43-101 disclosures. The other data must be reconciled with mining records to support emphasis on mineralized material which was discovered but not mined during the Cambior/ Iamgold phase of production. This includes the West and East Wenot Targets, mineralized intercepts below the bottom of the 2 km long Wenot Pit, shallow intercepts north and west of the Fennell Pit, and geochemical target areas north of Wenot which attracted some exploration attention and are currently the focus of artisanal mining activity. The phase I work program contemplated by Mahdia and the Engineers of AMEC will be supported by a geological compilation and geological report with emphasis on verification of the drill intercepts in Wenot West, Wenot Deep, and Fennel Deep.
The drillholes were selected as representative of the priority geological targets to verified in order to develop a NI-43-101 compliant geological and resource model and form a sound foundation for ongoing geological and engineering work. The company is planning a diamond drilling program with a cumulative total of 10,000 meters, with 2500 meters in shallow holes dedicated Wenot West, 4000 – 4500 meters in deeper holes in selected sections below the Wenot Pit, and the remainder dedicated to drilling from the Fennell pit margin to verify the deep Fennell Target.
The drilling results representing these targets are summarized in this table. These are historic results from work performed by well qualified professionals in Golden Star Resources, Cambior and IAMGold. They will be the focus of evaluation work including verification holes to confirm the reliability of the historic data and form the basis of ongoing NI 43-101 compliant resource evaluation and disclosures. As of this time these data have not been verified and must be regarded as non NI 43-101 compliant and therefore not to be relied upon in evaluation of this prospect.
| Mahdia Gold Corp. | |||||||||
| HISTORIC DIAMOND DRILLHOLES IN AREAS NOT MINED FOR VERIFICATION DRILLING AND FOLLOW UP 2011 PROGRAM | |||||||||
| DRILL HOLE | HOLE FINAL | (Meters | ) | Est | |||||
| NUMBER | DEPTH | From | To | Width | True width | Au | Comment | ||
| WENOT DEEP | Drillholes from Wenot Ore Zone including Deep Extension Exploration Target | ||||||||
| 0M-704 | 91.00 | 201.00 | 239.00 | 38.00 | 38.00 | 2.57 | Deep Undeveloped Target | ||
| 0M-708 | 239.00 | 5.80 | 16.50 | 10.70 | 9.00 | 3.33 | Mined out Wenot Ore Zone | ||
| 36.00 | 91.50 | 55.50 | 50.00 | 2.44 | |||||
| OM-642 | 250.00 | 45.00 | 52.50 | 8.00 | 8.00 | 1.20 | |||
| 75.00 | 84.00 | 9.00 | 9.00 | 1.40 | |||||
| 190.50 | 214.40 | 23.90 | 23.90 | 7.47 | Deep Undeveloped Target | ||||
| OM-324 | 192.00 | 159.00 | 177.00 | 18.00 | 18.00 | 0.92 | Deep Undeveloped Target | ||
| FENNEL DEEP | Drillholes for verification plan | ||||||||
| OMU-01 | 215.0 | 236.0 | 21.00 | 1.67 | Intercept to twin | ||||
| OMU-02 | 170.00 | 272.00 | 98.00 | 3.24 | Intercept to twin | ||||
| 271.00 | 293.00 | 22.00 | 1.14 | ||||||
| OMU-04 | 182.00 | 218.00 | 36.00 | 3.35 | Intercept to Twin | ||||
| 280.00 | 298.00 | 36.00 | 1.42 | ||||||
| 315.00 | 329.00 | 14.00 | 13.64 | ||||||
| 334.00 | 357.00 | 23.00 | 1.51 | ||||||
| 361.00 | 396.00 | 35.00 | 4.12 | ||||||
| OMU-05 | 185.00 | 215.00 | 30.00 | 1.43 | |||||
| 219.00 | 252.00 | 33.00 | 1.05 | ||||||
| 255.00 | 301.00 | 46.00 | 2.50 | ||||||
| 304.00 | 341.00 | 37.00 | 1.82 | ||||||
| 346.00 | 377.00 | 31.00 | 1.80 | ||||||
| 514.00 | 531.00 | 17.00 | 2.61 | ||||||
| WENOT WEST | Drillholes from Undeveloped Target | ||||||||
| 0m-361 | 154.00 | 0.00 | 9.00 | 9.00 | 8.00 | 1.30 | Intercept to twin | ||
| OM-0505 | 50.00 | 3.00 | 24.00 | 21.00 | 19.00 | 2.05 | Intercept to twin | ||
| Including | 3.00 | 15.00 | 12.00 | 12.00 | 3.60 | ||||
| 0M-0301 | 84.00 | 0.00 | 24.00 | 24.00 | 20.00 | 1.02 | Intercept to Twin | ||
| 0M-0312 | 40.00 | 0.00 | 36.00 | 36.00 | 32.00 | 1.07 | Intercept to Twin | ||
| 0M-0324 | 192.00 | 159.00 | 177.00 | 18.00 | 16.00 | 0.92 | Maps resource envelope | ||
| 0M-0361 | 154.00 | 0.00 | 9.00 | 9.00 | 8.00 | 1.30 | Intercept to Twin | ||
| 105.00 | 138.00 | 33.00 | 30.00 | 1.08 | |||||
| 0m-440 | 65.50 | 9.00 | 30.00 | 21.00 | 20.00 | 4.71 | Intercept to twin | ||
| 0M-0646 | 121.00 | 40.50 | 63.00 | 22.50 | 20.00 | 0.80 | Maps resource envelope | ||
| OM-0838 | 7.50 | 26.50 | 19.0 | 19.0 | 0.62 | ||||
Mahdia Gold Corp currently has 102,654,020 shares outstanding.
NO SECURITIES REGULATORY AUTHORITY OR STOCK EXCHANGE HAS APPROVED OR DISAPPROVED OF THE INFORMATION CONTAINED IN THIS PRESS RELEASE.
