Kalo Gold Commences 2023 Exploration Program at Vatu Aurum Gold Project in Fiji
The Company owns two diamond drill rigs and drill crews have been mobilized to site. A full maintenance program is being completed on one of the drills which will be used to diamond drill test targets that have been identified at both Qiriyaga and Mouta. Exploration work will consist of a bulk leach extractable gold ("BLEG") and stream sediment sampling program. The Company has engaged with a geophysical contactor to complete a controlled-source audio-frequency magnetotellurics ("CSAMT") geophysical survey over the Qiriyaga Prospect, and surrounding area and is planned to commence after the rainy season, in April 2023.
Terry Tucker, President & CEO of Kalo Gold, stated "We are excited to embark on our 2023 exploration program at Vatu Aurum, as we anticipate building on the high-grade historical results at Qiriyaga and Mouta while uncovering new mineral discoveries on our land package. This program will represent a significant step forward for our company, and we are confident that it will generate exciting results and aide in our understanding of this alkaline system."
The Qiriyaga Hill Prospect sits on the boundary of the Qiriyaga Caldera (see Figure 1) in an analogous geological setting as the alkaline related, low sulphidation, epithermal Vatukoula Gold Deposit which has produced over 7 million ounces of gold since 1937. Work to date has identified a large argillic alteration zone associated with high grade epithermal gold mineralization yielding historical drill results highlighted by 8.75 m averaging 36.02 g/t Au in hole KCD17 and will be the focus of continued exploration and follow up diamond drilling.
The Mouta Prospect is located on the flank of the Mouta Caldera approximately 9km north of Qiriyaga Hill (see Figure 1). The mineralization at Mouta is characterized by the presence of massive black chalcedonic quartz veining with chalcopyrite and disseminated pyrite on fresh surfaces and with copper oxide minerals on weathered sections. Select grab samples at Mouta have yielded 9.8 g/t Au, 190 g/t Ag and 11.3% Cu and separately 6.2 g/t Au, 645 g/t Ag and 3.12% Cu. Following the completion of the rainy season an old access road to Mouta will be refurbished to allow access for the diamond drill rig.
Granting of Deferred Share Units (DSUs)
Pursuant to the Company's Long Term Incentive Plan, the Company announces it has issued an aggregate of 5,000,000 Deferred Share Units (DSUs) to certain officers, directors, and advisors of the Company. The DSUs will vest on January 16, 2024. Each DSU represents the right to receive one common share in the share capital of the Company.
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. Historical exploration work includes 11,423 m of diamond drilling, concentrated on the Qiriyaga Hill and Vuinubu Ridge Gold Deposits and 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 Tuvatu Project, where Lion One Metals has identified an Indicated Resources of 1.00M tonnes at 8.48 g/t Au (274,600 ounces Au) and an Inferred Resource of 1.33M tonnes at 9.0 g/t Au (384,000 ounces Au) (reported at a 3.0 g/t Au lower cut-off).
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.
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Figure 1 - Vatu Aurum Gold Property - caldera features associated with alteration and rock and soil geochemistry results
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