TSX and ASX-listed PMI Gold‘s regional air core drilling programme at its 100% owned Kubi gold project in Ghana has been completed and all assay results have been received.An extensive regional air core drilling programme undertaken at Kubi was aimed at generating new prospects by testing high priority targets along the length of the Ashanti and Kubi shears identified from historical drill intercepts; favourable structural settings interpreted from airborne and ground geophysical surveys; and gold anomalism delineated from auger drilling. “The results from the regional air core drilling programme over the Kubi project will allow us to further prioritize targets for follow-up reverse circulation (RC) drilling planned for 2013. Exciting targets have been generated south of the 513 Prospect (Block 2) and along the Ashanti shear in the areas outlined from drilling in Blocks 1, 2 & 4,” said PMI Gold‘s MD and CEO Collin Ellison. The Ashanti and Kubi shears are the bounding structures of the Ashanti Shear Zone, which extend for the length of the project.
A total of 549 air core holes were drilled for 24 818 m, broadly testing a 10 km strike of the Ashanti shear and 2 km strike of the Kubi shear holes were drilled on a variable traverse spacing, 20m apart to a maximum depth of 81 m. Samples were submitted to MinAnalytical Laboratory in Perth, Western Australia.The Kubi project is the second project that PMI is currently developing in Ghana, along with the Obotan project where the results of a feasibility study forecast an annual gold production of 221 500 oz of gold over the first five years. The Kubi main deposit was mined by the previous tenement holder up until 2005, yielding 59 000 oz of gold at an average grade of 3.65g/t gold. The Kubi gold project is located 65 km east of the Obotan project and 15 km south and along strike from AngloGold Ashanti‘s 60 Moz Obuasi gold mine, the largest underground mine in West Africa. Kubi also lies 12 km north east of Perseus Mining‘s Edikan gold mine.